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November 2017 Archives

High medical bills are leading the elderly to file bankruptcy

In Washington State and throughout the country, there is a steady flow of people age 65 and over who are filing bankruptcy to obtain debt relief. The biggest cause of this trend is medical bills that older individuals cannot afford to pay. In fact, medical debt is now the biggest single source of bankruptcy filings in the country.

Medical debt need not lead to permanent financial crisis

Washington residents are just like everyone else when it comes to predicting their futures: They are not able to do it. One of the most unpredictable aspects of daily life has to do with physical health. If one makes healthy lifestyle and eating choices, chances are good that one will enjoy many years of good health, although there is no guarantee. When an unexpected health crisis arrives, it can result in tremendous medical debt that those affected are completely unprepared to meet.

Bankruptcy is not the easy way out, but might provide fresh start

When money problems become overwhelming, consumers in Washington will likely consider their options. While bankruptcy can help to resolve money problems, it could have an adverse effect on a person's future because it will stay on his or her record for several years. However, if bankruptcy is determined to be the only option, professional legal advice can ease the process.

Chapter 7 bankruptcy for some home-based online clothing sellers

It appears that many women who own and operate home-based businesses selling Lularoe apparel and accessories are seeking bankruptcy protection. A review of 24 Chapter 7 bankruptcy cases in which the company was named found that many women experienced a steep decline in sales over recent years. That has left some with little option but to seek aggressive debt relief. For those in Washington who own and operate their own online retail venture, this story may serve as a cautionary tale.

Medical bills can lead to need for debt relief

It is absolutely possible for a Washington resident to do everything right in preparation for retirement, yet still encounter significant financial difficulties. For many, medical bills present a huge challenge -- one that can eventually lead to the need to file for bankruptcy protection. A recent article looks at the example of one retiree.