Many Washington residents who receive Social Security benefits may be wondering whether those financial resources can be spared from collections during a debt relief proceeding. Although it would be great to be able to provide a clear-cut answer, the fact remains that certain Social Security benefits could be fair game for wage garnishment, depending on the type of benefits and the type of debts in question. The difference in this case between Social Security Income, Social Security retirement benefits and Social Security Disability Insurance is absolutely critical to understanding your creditor protection.
Hispanic Chamber shutters doors, seeks Chapter 7 protection
The Hispanic Chamber of Commerce in Yakima County, Washington, is filing for bankruptcy and is almost certainly headed for dissolution. The organization is seeking protection under Chapter 7 bankruptcy protections after it lost a major lawsuit. News reports show that the man received nearly $15,000 from the chamber. The chamber was sent into bankruptcy because it had only about $500 in listed assets, with the lawsuit award as an outstanding liability.
Can your old accounts come back to haunt you during debt relief?
Have you ever had an old debt that you simply could not pay -- and you forgot about it or just left it alone? A surprising number of Washington residents find themselves in just this situation, with debt that is years old still floating around on their credit report. In some cases, the debt is so old that creditors do not even attempt to collect since a statute of limitations has passed. However, some people seeking debt relief may find that these unpaid accounts come back to haunt them.
Bankruptcy as the 'nuclear option' for debt
If you are one of the many Washington residents who is facing a debt judgment, you may be considering bankruptcy as one of your financial options. Experts say that bankruptcy is often referred to as the "nuclear option," which means that it completely wipes out your debt and effectively ends creditor harassment. Although this may sound like a process that would benefit nearly anyone, bankruptcy does come with some challenges. Washington residents are encouraged to carefully consider whether Chapter 7 or liquidation bankruptcy would truly benefit their finances.
Avoiding debt problems because of shifty landlords
An increasing number of Washington landlords now have access to credit reports, and their actions can do serious harm. When a landlord acts in a malicious manner or sends balances to collections agencies, individuals' credit histories can be severely damaged. Unscrupulous landlords have even been known to push residents so far into debt that they suffer from wage garnishment and other unpleasant outcomes. Today, we discuss methods for protecting yourself from unscrupulous landlords who attempt to fleece their former and current tenants.
