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June 2014 Archives

Are you required to pay your parents' debt after their death?

Are you responsible for the debts of your parents? For many adult children who inherit their parents' estates, this can be a real concern. Financial experts say that there may be less danger than you think -- in most cases, a Washington estate is responsible for paying its own debt. In other words, it is rare for the debt to be passed on to the next generation; that only happens when certain conditions are met.

Can your IRA be taken in a bankruptcy? Protect your assets

In most cases, creditors shy away when they hear the words "individual retirement account." After all, an IRA is automatically protected during a bankruptcy proceeding, right? Not so fast. There are some situations in which your Washington IRA may not be as safe as you think.

Politicians file for personal bankruptcy, too: Medical debt looms

Would you trust a politician who has filed for bankruptcy? Although your first instinct might be a judgmental one, wait just one minute -- politicians and public figures suffer misfortune just like the rest of us Washington residents. The fact remains that bankruptcy can be precipitated by a variety of unfortunate events, as demonstrated by one nearby Oregon politician.

Ashamed of your credit card debt? You're not alone

Did you know that most Americans are more embarrassed about their credit card debt than their weight? A new poll from the National Foundation for Credit Counseling suggests that many Washington residents are bashful about their credit score. In fact, about one in three people say their amount of credit card debt is more embarrassing than their weight, bank balance or credit score. To be fair, there may be a good reason; nationwide, the average household carries about $15,000 in credit card debt.

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