Business owners in Washington may be able to avoid personal bankruptcy by structuring their company in a specific way. In many instances, executives and shareholders are not held personally responsible for business bankruptcy when a company cannot pay its debts. Experts say that this overarching rule may protect the estates of the executives and owners at Freedom Industries, the West Virginia company that is accused of releasing toxic chemicals into that state's water supply.
Former Nickelodeon star Drake Bell seeks debt relief
One might think that a child star who earns a high salary might be financially secure for life. However, younger actors who find themselves flush with cash can still end up suffering financial hardships that require debt relief, just like those of us who are not celebrities. A prime example of this situation involves the news that a former Nickelodeon star is seeking bankruptcy protection in connection with his own financial woes.
Washington homeowners seek debt relief after big tax bills
As tax season approaches for Washington residents, many are expecting a hefty tax returns. Others, however, may be stuck with a nasty and unexpected tax bill because certain financial policies have expired. A tax exemption that kept many from bankruptcy expired at the end of 2013, leaving many homeowners with massive tax bills because of debt forgiveness.
Medical debt could be affected by transparency requirements
Medical costs can play a significant role in Washington residents' bankruptcy proceedings. With the implementation of the Affordable Care Act, many may be expecting that situation to change, but experts say that cost-transparency failures could still lead Washingtonians into medical debt. Hospitals and medical facilities rarely share the true costs of their services up-front, which deceives consumers and prevents them from getting the best deal. Now, some state lawmakers are pushing for change that would lead to better consumer protection.
