King County residents who are hounded by debt collectors may worry that they could have their vehicle seized if they are unable to pay off their debts.
What is the bankruptcy wild card exemption?
Exemptions are given out when you file for bankruptcy in Washington, and anything that is exempt cannot be liquidated to satisfy your debt. This isn't done to give you a loophole, but to keep a bankruptcy filing from ruining your life and causing destitution. For example, homes and cars are often exempt since they are seen as necessary items.
Is increased credit card debt good for the economy?
Washington residents may be surprised to learn that, on average, credit card debt for American households is $15,611 for those households who have debt, while the Federal Reserve and other government sources indicate statistics show a balance of $7,283 for the average household's credit card indebtedness.
Medical debt can force Washington bankruptcy filings
Despite the passage of the Affordable Care Act, many Washington residents are still mired in medical debt that threatens to bankrupt families who were blindsided by sudden illnesses or catastrophic injuries. Unpaid medical debts were the primary cause of the majority of personal bankruptcies in 2013.
