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What are self-help debt remedies, and what comes after them?

If you purchase something using a store credit card or receive services that you don't pay for, then it's likely that the Washington company that you did business with will call you or send you invoices in the mail to try to get you to pay up. If you don't bring your account current, then your creditor will likely turn your account over to a collection agency to try to collect what you owe. These are both examples of self-help remedies that creditors pursue.

As you may suspect, self-help remedies are most any debt collection practices that don't involve the courts. Creditors generally file a lawsuit to collect on debts that they're owed after they've unsuccessfully tried to collect what they're due.

What items are exempt under the bankruptcy code in Washington?

If you're preparing to or have already filed for bankruptcy, then you may assume that all of your property is subject to being inventoried and liquidated to pay off your creditors. This isn't the case though. Certain items qualify for bankruptcy exemptions under Washington state law. If you have any of these personal property items, then you may be allowed to keep them.

The Revised Code of Washington (RCW) 6.15.010 spells out what type of personal property is exempt from garnishment, attachment or execution here in this state.

What is the average credit card interest rate?

The interest rate is incredibly important when choosing a credit card. If you cannot pay the balance off every month, you're going to need to pay for that loan -- which is all a credit card is, really -- and the interest rate determines how much it costs. Many people who run into problems with credit card debt get trapped in a cycle where they can only afford to pay the interest and they never make any headway on the balance.

While the rate does vary from card to card, you should know that the average interest rate is 19.02%. That is if you are applying for a new card. If you have an account that already exists, the average rate is a bit lower, at 15.10%.

What are my debt relief options?

Facing significant debts can be stressful and emotional. It may blur your vision and mean that you find it difficult to see possible solutions for your situation. Ignoring the problem, however, will only make your financial situation worse. Therefore, you should make sure you learn more about your options.

There are several ways that you take action to tackle your debts. The following are some of the options you should consider first when you start to experience financial difficulties.

Tips for debt prioritization

Being in debt can make even the most focused people lose their perspective. A common reaction to overwhelming debt is to avoid the problem completely and to continue spending as usual. This reaction is so common because facing the situation is painful. It's important to remember that the problem will only get worse if you ignore it. Therefore, the sooner you take control of your finances, the sooner you will feel better.

One of the first things you should do is to consider whether you can start to pay off the debt over time. To do this successfully, you will need to prioritize your debts. The following are some tips for doing this.

Will I be left with nothing after a Chapter 7 bankruptcy?

Chapter 7 bankruptcy offers hope to people across the country who are experiencing financial difficulties. It is one of the most popular forms of bankruptcies because, in the majority of cases, it results in the clearing of all debt. In addition to this, it is possible to complete the entire bankruptcy process in a matter of months, making it the fastest way to file for bankruptcy.

However, many people are hesitant to file for Chapter 7 bankruptcy because they believe that they will lose all of their assets and come out of the process penniless. If you are experiencing these concerns, you should read on.

Tackle credit card debts with Chapter 7 bankruptcy

Chapter 7 bankruptcy is perhaps the most common form of bankruptcy because it makes it possible for a person in debt to gain a fresh financial start. Over the holiday period, many people rely solely on their credit cards to make purchases, and as a result, they can find themselves in huge amounts of debt in the new year. Filing for Chapter 7 bankruptcy can quickly clear these debts in many cases.

If you are worried about the credit card debts that you have accumulated, you should consider whether you are eligible for Chapter 7 bankruptcy.

How debt consolidation could help you

After the holiday period, many people find themselves in considerable amounts of debt. It may be that you have been ignoring your credit card bills in the last couple of months, and now that the new year has come around, you are regretting the decisions that you made.

While you may feel that your situation is hopeless, there are many ways that you can address the situation. One of them is through debt consolidation. This is the act of combining your debts into one debt that is ideally subject to lower interest rates.

Should I file for bankruptcy due to credit card debt?

Credit card debt is a common issue for many Americans, especially during the holiday period. You may feel that you need to spend more than what you have in your bank account so that you can buy food and gifts for family and friends. While it's nice to express love through these material things, you mustn't sabotage your financial situation in doing so.

If you have found yourself in this situation, one of the best things you can do is start the new year by taking action in regard to your financial situation. If you believe that no amount of budgeting will help you to pay off your debts, you may want to consider filing for Chapter 7 bankruptcy. The following are some things you should consider before doing so.

How am I protected from creditor harassment?

Being in debt can be an extremely stressful position to be in, and for many, it can lead to a vicious cycle. This vicious cycle is perpetuated by fines and interest that is accumulated over time. Many debtors also experience harassment from creditors, which can make it even harder to deal with the situation that they are in.

If you are struggling with debts, and you are feeling overwhelmed by constant communication from your creditors, you should make yourself aware of the protections you have a right to under the law.

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Law Office of Ruth Nelson
7742 14th Avenue NW
Seattle, WA 98117
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