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Can debt relief strategies make my finances worse?

The various options that you have as a person suffering from significant debts can be confusing. You may have been approached by companies who offer debt relief schemes to help you out of your situation, but these schemes may seem riddled in mystery.

It is important that you are cautious before committing to any debt relief scheme, because scammers operate within the industry and because the best strategy for you will depend on your individual circumstances. The following are some things to think about when considering your options to tackle debt.

What does 'presumption of abuse' mean in bankruptcy?

If you are considering filing for bankruptcy in Washington, it is likely that you have come across some terminology that you find confusing. When reading through papers and articles about Chapter 7 bankruptcy, in particular, many prospective filers are confused by the term "presumption of abuse."

It is important that you make sure you are clear on all terms and phrases when you are approaching bankruptcy. This will not only help you make empowered decisions, but it will also help you move forward in the process with confidence.

Avoid these mistakes when tackling credit card debt

Credit card debt can have an overwhelming impact on a person's life. Those who feel that they cannot pay their debt may constantly worry about the possible implications that could occur in the future.

Ignoring your financial problems will only cause them to worsen. Therefore, it is important that you take action to tackle your issues by first researching into the matter. There are many effective strategies for dealing with credit card debt. However, many people, unfortunately, suffer unnecessarily because they make naive or misinformed decisions. Following are some common mistakes that you should make sure to avoid when tackling credit card debt.

Can bankruptcy stop wage garnishment?

Being subject to wage garnishment can be very demotivating. It's likely that you will feel that you are no longer in control of your life and your finances because you work hard only to have a portion of your wages taken away from you before you receive them.

Luckily, there are ways to put a stop to wage garnishment in some circumstances. Filing for Chapter 7 bankruptcy is one of the most effective ways to end wage garnishment, and in addition to this, it can help you gain a fresh financial start.

Can I keep my car in Chapter 7 bankruptcy?

Chapter 7 bankruptcy is one of the most popular choices for individuals and families who are facing overwhelming debts. However, not everyone can qualify for Chapter 7 bankruptcy. In order to be eligible, you must be able to show that your current income and assets, when measured against your expenses, are not sufficient to realistically pay off your debts without assistance.

If you qualify for Chapter 7 bankruptcy, you will benefit from significant debt discharges, which is why this chapter is such a popular option. However, you will also have to liquidate the vast majority of your assets in order to pay off your debts.

Avoid these mistakes when seeking relief from debt

Those who are facing significant debts can start to feel a sense of desperation and stress. In desperate situations, we do not always act logically. Instead, it's common for people to take impulsive actions that seem to be the quickest fix. Unfortunately, these impulsive actions taken in a desperate state can lead to further financial issues in the long run.

This is why it is so important to take a strategic approach to debt relief. By keeping calm and thinking logically, you will be able to address your debts with maximum efficiency. The following are some of the most common mistakes that debtors make when trying to gain debt relief.

What does straight bankruptcy involve?

Those who are looking into their debt repayment options are often confused by the term "straight bankruptcy" and wonder what it means. Straight bankruptcy is another term for Chapter 7 bankruptcy. This is one of the most popular and desirable bankruptcy options for individual debtors and those with families.

If you are facing debts that you are struggling to repay, it is wise to consider all of the possible options, including straight bankruptcy. By doing so, you will be able to apply the pros and cons of each option to your individual situation and find the best solution.

What regulations are credit card companies subject to?

Credit cards are seen as a convenience for many consumers, allowing them to make purchases without their own spending money immediately. Using credit cards to pay for purchases can provide a safety net against scams and helps mitigate cash flow issues. Additionally, they can provide protection when prepaid purchases such as flights are canceled.

However, credit cards can also be financially risky. This is because it can be very easy for people to build up huge amounts of credit card debt without having the means to pay it back. This can lead to high-interest rates and a downward spiral of debt. There are regulations in place to prevent credit card companies from taking advantage of consumers in debt. If you are struggling with credit card debts, it is important to understand your rights.

How can I maximize bankruptcy exemptions in Washington?

Going through a bankruptcy can put a lot of strain on the entire family. In addition to facing significant debts and needing to change your lifestyle, going through extreme changes such as the loss of home, cars and clothes can feel like too much to bear for many families.

If you are worried about the possessions that you may have to give up due to bankruptcy, it is important to understand how the law works in Washington. There are many ways that you can act to maximize the bankruptcy exemptions that you will be entitled to.

Dealing with the threat of wage garnishment

Unfortunately, unpaid debts are becoming extremely common, especially when businesses do not require immediate payment for a service that they provide. If you are a debtor who is facing a threat of wage garnishment from creditors, it is important to understand the law.

One of the possible options that creditors have is the pursuing of wage garnishment. Wage garnishment is a process that can only be ordered by the courts. It involves the debtor's employer diverting a portion of their salary to the creditor before they receive their paycheck.

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Law Office of Ruth Nelson
7742 14th Avenue NW
Seattle, WA 98117
Phone: 206-633-2517
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