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.
Very often, Washington residents take an overly narrow focus in regard to managing their debt. Once the decision is made to seek debt relief, attention turns to the steps required to complete that process. While this is certainly a worthwhile endeavor, consumers may also want to consider addressing credit repair at the same time.
Faced with serious debt issues, many Washington residents are uncertain how to proceed. They may be acutely aware that they need to embark on a path toward debt management, but knowing where to begin is another matter entirely. When considering various options, one of the most important things for people with student loans to consider is how to prioritize those debts in relation to credit card debt.
Receiving calls from debt collection agencies is not something that anyone looks forward to. By the time debt collectors come calling, Washington residents are usually deeply mired in debt. As they struggle to regain control of their finances, dealing with aggressive or misleading debt collection agencies over credit card debt is just one more source of stress. When interacting with debt collectors, it is important to understand the consumer protections that are in place.
Living with high levels of debt is difficult, and can impact many different areas of a person's life. For some people, excessive debt can even have a negative impact on their ability to find love and build a lasting relationship. Most Washington residents know that money management is one of the top causes of contention between partners. What many fail to recognize is that a lack of debt relief can mark someone as a "bad bet" when it comes to choosing a mate.
Struggling under a mountain of debt is a difficult way to live and is a major source of stress for many Washington Millennials. Young people often find that they have accumulated a large volume of debt through borrowing to fund an education, addressing medical emergencies or simply overspending and relying too heavily on credit. Once the situation becomes untenable, many will search for ways to find lasting debt relief. The following tips are offered in the hopes of building habits that will relieve financial pressure and promote stability.
When a Washington family faces the need for bankruptcy relief, the immediate concern of everyone involved is to find a way to put an end to the unbearable mountain of debt. Very often, little thought is given to how life will look after personal bankruptcy, although many people worry about how their lives might change. In reality, there are many ways that life can improve once a personal bankruptcy is complete. Understanding how to alter one's spending and saving habits is one way to make the most out of this fresh start, and to find a lifetime of new horizons.