Before making an appointment with a physician or scheduling a procedure, the first thing that most patients do is inquire if that institution accepts their health insurance. However, loopholes in health insurance rules can result in consumers being confronted by sky-high bills for procedures that they believed were covered. Unfortunately, medical debt can be tremendously difficult to conquer for Washington residents.
People in Washington who are struggling to keep up with even the minimum payment on their smallest monthly bills have likely already been subjected to a barrage of advice about what they "should" do. Pay that debt off first, increase principal payments, find a job that pays more -- but are any of these really that doable? For some, maybe, but the vast majority of debtors likely cannot benefit from this type of advice. Unfortunately, many people who actually need the financial security that bankruptcy can provide may still try these options, thus putting off filing and worsening their financial state.
The recession is over and the economy is on the mend -- politicians and other government officials seem to love repeating this, but its long-lasting financial impact still seems to be largely ignored by policy makers. During this turbulent time, bread winners lost jobs, wages stagnated, and the cost of everything from a gallon of milk to necessary medical care seemed to skyrocket. We understand how the impact of that troubling time can still be felt throughout much of Washington today, and despite some individuals' best efforts, they may have reached the tipping point of their debt. Despite unfair stigma surrounding the process, Chapter 7 bankruptcy could be one of the most appropriate decisions to make in the wake of financial devastation.
Whether it is a friend with leukemia or an aunt with breast cancer, most people in Washington have been touched by the devastating effects of cancer at some point in their lives. The treatment for cancer can be long and arduous, but for victims and their families, it can be well worth it. However, many victims have another adversary to deal with even after going into remission -- medical debt. Even cancer patients with otherwise good health insurance coverage often find that the dark cloud of debt from their treatment can loom for years after recovering.
Some tragedies in life are simply unavoidable, no matter how many safety precautions a person may take. Unfortunately, emergencies can push people in Washington into mountains of debt that don't have any foreseeable end. Medical debt in particular can be especially devastating to those who are struggling to pay off their debt.
The online currency Bitcoin may not be exactly mainstream yet, but its popularity has apparently been growing among some populations of online users in Washington and across the world. With the rise in use of Bitcoin, so-called mining companies began forming to manufacture and distribute application-specific integrated circuits -- ASIC -- to Bitcoin users. However, the popular mining company Cointerra Inc. recently filed for bankruptcy amid customer complaints about its product.
In many instances a car is much more than a luxury -- it is a necessity. Little to no access to public transportation may mean that, without a vehicle, an individual has no way to get to work or to go grocery shopping for his or her family. For this reason, it is understandable that people in Washington pursuing Chapter 7 bankruptcy for personal debt often need to retain ownership of their vehicles.
Washington consumers who are experiencing financial instability because they have no stable employment may benefit from the protection of personal bankruptcy. Chapter 7 bankruptcy may also be referred to as a liquidation bankruptcy, and while it will discharge most unsecured debts, non-exempt assets will be liquidated, and the proceeds distributed to creditors. However, some debts will not be discharged, and creditors may claim that a particular debt is non-dischargeable.
Consumer spending tendencies are measured by analysis of credit card debts, and the latest figures apparently show a rapidly improving economy. However, the analysis indicates that a significant percentage of consumer spending is done with credit cards. While this fuels economic growth, it may lead to more consumers in Washington and other states considering Chapter 7 or Chapter 13 bankruptcy due to overwhelming credit card debt.
The cost of medical care has been a hotly debated topic in the United States over the past few years. Although lawmakers have taken steps to attempt to lower medical costs for consumers, it turns out that many people may still being charged high prices for medical care in Washington and other states in the nation. This has caused many to seek lasting relief from medical debt collectors.