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Discharge dates differ with Chapter 7, 13 bankruptcies

Washington residents who have filed for bankruptcy are probably waiting with bated breath to find out when their official discharge date will arrive. The discharge is the final settlement, or formal forgiveness, of qualifying debts that occur after a bankruptcy petition has been fully processed. So, how do you know when your discharge date is set to occur? The answer can be different for Chapter 7 bankruptcy and Chapter 13 filers.

Why the decline in nationwide bankruptcy filings?

Bankruptcy rates have been falling in Washington and other states during the past four years, but experts say they are not entirely sure what is causing the phenomenon. Personal bankruptcy is certainly in a lull, though the reason might not be what you think; gurus believe that tightened regulation, not more dedicated saving, may actually be preventing people from filing for financial protection. Nationwide bankruptcy filings have dropped by 14 percent since 2009, according to some estimates.

Loan agency accused of creditor harassment, bankruptcy abuse

Washington residents with student loans: beware. Loan monitors throughout the nation are reportedly using unscrupulous tactics in an effort to collect overdue balances on student loans, many of which cannot be discharged during personal bankruptcy proceedings. An investigation into the agency that monitors student loan administration throughout the nation reveals widespread abuse of student loan borrowers, many of whom are suffering from extreme financial hardship.

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