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.
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.
Many consumers in Washington state are looking at their finances now that the hectic holiday season is over. For some, the toll was steep, and it may have added to an already precarious debt load problem. Those who have a clear overload of debt and cannot pay even all of the minimum payments due on all accounts, must take some kind of debt relief action. According to experts, there are several debt relief paths to resolving such problems.
Residents of Washington state, like those in other states, are experiencing a spike in credit card debt. Balances and the gross amount of debt collectively accumulated are now being compared to what existed in 2007, just before the financial collapse and beginning of the recession. These trends may be signs that the country is headed again for trouble with a glut of unpaid debt, which generally also is evidenced by an increase in bankruptcy filings.
The holiday season in Washington state and everywhere else is a joy for most people due to their relaxing encounters with family and friends and the joyful reigniting of the values of love, charity and gift-giving. The time is short, however, and within a few days a flood of credit card debt will appear in some people's mailboxes, knocking them out of their reverie. It is that post-holiday rush of financial obligations that may make the season slightly depressing overall for some people.
Residents of Washington state who are pressured by burdensome debt must often make decisions on how to get debt relief and resolve the problem. When making that decision, some people also become concerned with the impact of the decision on their credit score. Sometimes overwhelming debt tends to rule out worrying about credit ratings, especially because credit scores and ratings are something that can be improved later. This is true even with respect to the bankruptcy remedy.
In Washington state, is there relief for a senior couple who are near 80 years old, the wife suffers from a heart condition requiring recent surgery, and they have amassed a credit-card tab of $70,000? The medical bills for the surgery and hospitalization will surpass the available coverage under Medicare, so that the couple's debt load will undoubtedly be overwhelming and unmanageable. Barring a lottery windfall or some other unexpected resource, the circumstances reasonably and realistically call for a Chapter 7 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.
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.
Faced with mounting levels of debt, many Washington residents are in search of effective and lasting relief. Debt relief comes in many forms, ranging from restructuring of debt all the way to filing for personal bankruptcy. For many consumers, taking on a personal loan can be an effective way to achieve debt relief.