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June 2017 Archives

Why people seek bankruptcy protection during retirement

Ask 100 people what their plans are for their retirement, and it is likely that they will give 100 different answers. Few people, however, would say that seeking bankruptcy protection is on their list of goals to accomplish during their retirement. Unfortunately, that will be the outcome for some older people in Washington, and the reasons behind that choice will sometimes be out of their control. The following are some of the more common reasons why older Americans face bankruptcy.

Homeowners who were trying to avoid foreclosure were ill-served

According to the Consumer Financial Protection Bureau (CFPB,) a company that promised to assist homeowners who were at risk of losing their homes failed to meet that obligation. An investigation into the matter found numerous violations of loan servicing regulations, and resulted in a fine of more than $1 million. The move should serve as a cautionary tale for Washington homeowners who are facing serious financial strain, and looking for ways to avoid losing their home to foreclosure.

Understanding credit utilization after Chapter 7 bankruptcy

Once a Washington consumer has taken charge of his or her financial future by seeking the elimination of unsecured debts, the next step is to begin rebuilding a solid credit score. Many people believe that completing a Chapter 7 bankruptcy will lead to a permanent black mark on their credit, and an inability to secure new lines of credit in the years to come. In reality, however, there are many ways to raise a credit score after a successful bankruptcy.

When will Chapter 7 bankruptcy drop off of credit reports?

When looking into debt relief options, many Washington residents will cast a wide net. Chapter 7 bankruptcy is a common choice, and one that can lead to the permanent discharge of many types of unsecured debt. However, many consumers are concerned about how long a personal bankruptcy will remain on their credit reports. A newly published article delves into the matter, and finds that a great many Americans will soon see their bankruptcy drop off of their credit histories.

Consumers must be wary of the threat of debt relief scams

A college education can prepare an individual for a great many challenges, but few students are prepared for the heavy load of debt that they will face shortly after graduation. In some cases, they will struggle for years to learn to manage that debt, and some will experience stress and anxiety as they try to make their student loan payments every month. Faced with a serious need for debt relief, many Washington residents are at risk of falling victim to debt relief scams.