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September 2014 Archives

A primer for bankruptcy in Washington State

Bankruptcy is a major financial step that should never be taken lightly. If you have found yourself in dire financial straits, however, you may benefit from the provisions included in Washington's bankruptcy law. Understanding the rules about bankruptcy can be rather tricky, so we will provide you with a quick primer about the process.

Should you choose a debt consolidation mortgage?

If you are considering consolidating your credit cards and related debt into another mortgage, you might want to think twice. Experts say that although credit card debt may be addressed by debt consolidation mortgages, the terms have become far more conservative in recent years. Washington residents should know that lenders are now requiring homeowners to maintain as much as 20 percent of the equity in their homes before cashing out the mortgage.

Are you dealing with a fake debt collector?

When it comes to financial collections, things are not always what they seem. All too often, consumers in Washington suffer at the hands of debt collection scams, some of which may lead to very real financial consequences, especially for those near bankruptcy. Although a variety of creditor protection measures exist during the collections process, borrowers also have rights. Today, we help you determine whether you are dealing with a legitimate -- or ethical -- collections representative. Make sure that you are talking to an actual collections agent before handing over any money, especially during a bankruptcy proceeding.

Your property may be exempt from seizure during bankruptcy

If you are considering filing for Chapter 7 or liquidation bankruptcy, you may be concerned about the future of your property holdings. The truth is that debt relief often comes at a cost -- meaning that you must forfeit some of your property if the conditions are right. Bankruptcy can be an incredibly beneficial financial move, but those pursuing such actions should realize that there could be very real consequences for the future of their assets. An understanding of exempt and non-exempt assets may help you decide whether filing for bankruptcy is truly your best option.

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Law Office of Ruth Nelson
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