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Is it true that bankruptcies have dropped by 50 percent?

Personal bankruptcies have fallen by a whopping 50 percent. Less and less Americans are filing for bankruptcy, with half as many people filing for bankruptcy in 2017 compared to 2010. What's the reason? Many experts are pointing to the Affordable Care Act (ACA), which has helped numerous Americans obtain health insurance who didn't have insurance before.

Chapter 7 bankruptcy: Should it be your first choice?

Most people look at Chapter 7 bankruptcy as an embarrassing process that they should avoid at all costs. In fact, most bankruptcy filers wait until the last possible moment before filing for bankruptcy because they feel it's a "last resort" option that indicates failure and "giving up." This perspective couldn't be any further from the truth. In fact, if you can qualify for Chapter 7 bankruptcy, the sooner you start the process, the better off you'll be.

Bankruptcy exemptions: Where is your domicile?

Every Washington resident should know that there are both federal bankruptcy laws and state bankruptcy laws. These laws will determine the exemption rules that apply to your situation. Depending on the state you reside in, you might have the right to select whether you will use state or federal bankruptcy exemptions.

Bankruptcy exemptions: What's exempt and what's not?

Most bankruptcy filers are aware that much of their property will be exempt from liquidation in Chapter 7 proceedings. In fact, it will be your bankruptcy lawyer's job to prevent as much of your property from being liquidated as possible. Your lawyer will also strive to determine, before you file, what property is potentially exempt from liquidation in your case before you choose to file.

What's pre-bankruptcy credit counseling?

If you want to complete your bankruptcy process, you'll need to complete pre-bankruptcy credit counseling and pre-discharge debtor education. The pre-bankruptcy counseling must be completed before you can file your bankruptcy and the pre-discharge education must be completed before you receive your discharge approval.

The status of student loan debts in the United States

If you've been reading the news lately, it appears that out-of-control student loan debt is the dirge of American society. In fact, many are worried that unpaid student loans in default could bring down the American economy in a way that's much worse than the real estate market collapse of 2008.

What's the most predominant reason for bankruptcy filings?

If you're facing the threat of bankruptcy, you might be curious how you got into your current debt circumstances, or you might know exactly the reason why. Interestingly, the predominant reason why Americans end up filing for bankruptcy is due to medical debt. The fact is, when faced with a life-threatening medical condition, the decision to go into debt is easy to make when it's a question of life and death.

Are you being harassed by creditors about unpaid debts?

You would think they'd go away eventually, but when your credit card company sells your debt to a debt collection agency, they can be relentless. They'll call your family members, and even embarrass you at your work. You might try to change your phone number and other details, but they'll still find you.

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Law Office of Ruth Nelson
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