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.
Some consumers in Washington might say that the worst part of having overwhelming debts is the constant harassment of creditors who call at all hours. They may not realize that filing for Chapter 7 bankruptcy can put an immediate end to those calls. Under the bankruptcy law, an automatic stay comes into effect that prohibits creditors from asking for payments. Consumers may also find comfort in learning that it is a myth that they will lose their homes and cars when they file for personal bankruptcy.
Many Washington residents will encounter a period of financial strain. Whether that span of time lasts for a few weeks or a few years, it can be incredibly stressful to deal with mounting bills and expenses while income and savings dwindle. Personal bankruptcy is a tool that can help individuals and families regain their financial footing and work toward a more stable future. However, it is important to avoid errors in the paperwork surrounding a bankruptcy case; failure to do so can result in accusations of bankruptcy fraud.
At one point or another, virtually every Washington resident will encounter some level of financial strain. When that happens, bills tend to go unpaid, and credit card debt mounts. Knowing how to respond to mounting credit card debt during a financial shortfall can have a big impact on how things will ultimately be resolved.
There are a multitude of reasons that lead Washington residents to seek bankruptcy protection. One of the lesser known motivations involves estate planning. When an individual is expected to receive a substantial inheritance, filing for Chapter 7 bankruptcy may be a wise financial decision. As with so many financial matters, timing is everything when it comes to bankruptcy and estate planning.
When searching for debt relief options, many Washington residents consider debt settlement. The process of debt settlement involves negotiating directly with creditors to reduce the total amount of an outstanding debt. While debt settlement can result in the forgiveness of a large portion of consumer debt, there are many cases where Chapter 7 bankruptcy offers a better path out of financial turmoil.
Reaching the decision to seek bankruptcy protection is never a simple or easy matter. For many in Washington, there are a number of considerations that come into play, including how a Chapter 7 bankruptcy will impact their retirement savings. The following information is offered in the hopes of clarifying how these retirement savings vehicles will be affected by the decision to seek debt relief through bankruptcy.
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.
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 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.