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February 2018 Archives

Attorneys find several defenses to stop foreclosure actions

Consumer bankruptcy attorneys in the state of Washington are experienced in representing homeowners in mortgage foreclosure proceedings. Many different defenses can be asserted to stop foreclosure proceedings on a temporary and sometimes permanent basis. This can be done in the state courts right after the foreclosure is first filed, or it can be done in a  bankruptcy court if appropriate under the circumstances.

Efforts continue for student loan debt relief in bankruptcy

In Washington state and nationwide, student loan debt remains a critical problem to a significant percentage of the population. Debt relief measures, including bankruptcy, have not been effective in alleviating the seriousness of the problem. Bankruptcy at one time was an effective tool in reducing student loan debts for filers, but that relief was all but stopped when the current bankruptcy laws underwent revisions that required "undue hardship" be proved before a student loan could be discharged in a bankruptcy.

Bankruptcy does not mandate bad credit for years to come

A bankruptcy discharge in Washington state is a great relief to persons who have been struggling with overwhelming unsecured debt pressures for years. The debt is erased, a new start is assured, and the stifling, fear-generating calls from bill collectors are banished. The only drawback that some people fear is the difficulty in getting credit in the future with a bankruptcy on one's credit report.

Bankruptcy filing stops all creditor collection activities

Many people in the state of Washington have modest debt loads, and some of them may have difficulties in keeping up with the payments. Those kinds of moderate financial struggles are common, and people usually find a way to stay on top of their financial challenges. For some individuals and families, however, there may be a variety of setbacks that have caused them to have insurmountable debt loads that cannot be handled on their present income. Those persons may find the federal bankruptcy remedy to be a life-saving chance to get back on the road to financial independence.

Chapter 13 still offers a few ways to modify or erase mortgages

In Washington state, bankruptcy law must follow federal law in many respects. In a Chapter 13, for example, it is no longer allowed for a debtor to modify the terms of the mortgage on the debtor's residence. The U.S. Supreme Court has set forth reasons why this cannot be done, mainly based of the need to give first mortgage lenders on residential properties some assurance that their loan terms will not later be changed in a bankruptcy.