Personal debt is no joke in Washington. In fact, some studies have shown that the average household in the United States -- when eliminating homes where no credit cards are used -- has about $15,950 in debt on those cards. It was also found that the interest rates on those cards tended to be in the teens. This study was done in 2012.
Rebuilding credit after declaring bankruptcy in Washington
When you declare bankruptcy in Washington -- or anywhere else, for that matter -- it may have a large impact on your credit score. The impact is going to be different for all people, depending on factors like the amount of debt that they had and what type of bankruptcy they used, but it is common for a credit score to fall dramatically. Fortunately, it is also possible to build it back up again.
What can you keep if you file for Chapter 7 bankruptcy?
If you're thinking about filing for bankruptcy in Washington, it is important to know exactly what this is going to mean for you in a financial sense. Are you going to have to sell your assets in order to pay off what you can of your debts? What types of things are you allowed to keep? You may know about the future impact of filing for bankruptcy, such as being able to put the debt behind you, but you also need to know what it will mean in the more immediate future.
Why Chapter 7 bankruptcy might be the right choice for you
Do you think Chapter 7 bankruptcy could change your life? If you are currently struggling to make just the minimum payments on your debts, the answer could be a resounding "yes." Chapter 7, or liquidation bankruptcy, allows filers to wipe clean their financial slates, providing them with the opportunity to start over again without financial hindrances. Consumer bankruptcy might just be the right choice for you.
News shows that debt relief is good for your health
Do you think that bankruptcy law is only relevant to your financial future? Think again. A new study shows that bankruptcy protection actually leads to longer lives for those who are afforded additional help. Washington residents who are denied the benefits of bankruptcy protection may live shorter, less-fulfilling lives; all the more reason for our government representatives to push for increased measures to provide debt relief for those who need it.
