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How a stay is used duing bankruptcy

When someone is thinking about filing for bankruptcy in Washington, he or she is almost certainly having trouble paying the bills -- even the significant ones like his or her mortgage and electricity. While filing for bankruptcy can have a long-term impact, it's also important to note that it can significantly change things in the short term since it means an automatic stay will be used until the case is completed.

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.

Medical debt could be affected by transparency requirements

Medical costs can play a significant role in Washington residents' bankruptcy proceedings. With the implementation of the Affordable Care Act, many may be expecting that situation to change, but experts say that cost-transparency failures could still lead Washingtonians into medical debt. Hospitals and medical facilities rarely share the true costs of their services up-front, which deceives consumers and prevents them from getting the best deal. Now, some state lawmakers are pushing for change that would lead to better consumer protection.

Prior to bankruptcy, there was debtors' prison - now it's back

It used to be that financially insolvent individuals were put into "debtors' prison" when they could not pay their bills. Luckily, that archaic system has gone by the wayside in favor of the more humane and dignified American bankruptcy program. Now, though, critics are decrying the actions of many states as de facto "debtors' prisons," where individuals are held until they can pay overdue court fines and fees.

Dishonesty over debt leads to bankruptcy rejection

For most people filing personal and business bankruptcy, a general court proceeding is all they need to discharge years of damaging debt and begin rebuilding their credit. In some cases, though, debt is not so easily excused, especially if the filer is accused of criminal financial acts. One Illinois man is facing a bleak situation after his bankruptcy was effectively negated to promote creditor protection in his case.

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