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Posts tagged "filing for bankruptcy"

Struggling with debt? Our law firm can help you

Some Washington residents who are facing extreme financial problems can seek relief through filing for bankruptcy. Often a foreclosure can be halted and the family home saved. However, even when that is no longer a realistic possibility, filing for consumer bankruptcy can eliminate the possibility of creditors pursuing collection efforts after a property is lost to foreclosure.

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.

Your property may be exempt from seizure during bankruptcy

If you are considering filing for Chapter 7 or liquidation bankruptcy, you may be concerned about the future of your property holdings. The truth is that debt relief often comes at a cost -- meaning that you must forfeit some of your property if the conditions are right. Bankruptcy can be an incredibly beneficial financial move, but those pursuing such actions should realize that there could be very real consequences for the future of their assets. An understanding of exempt and non-exempt assets may help you decide whether filing for bankruptcy is truly your best option.

What documents do I need to obtain debt relief?

Those who are thinking about filing for bankruptcy are probably aware that this is not a minor financial matter with negligible consequences. Bankruptcy in Washington is a big decision that can affect your daily life by making borrowing more difficult. However, debt relief through bankruptcy can be the best financial option for some Washington residents.

1 in 3 Americans may need debt relief from collections accounts

If you are one of the many Americans who are facing calls from collections agencies, you are not alone. Would you believe that more than one out of every three Americans has a debt or unpaid bill that has been sent to collections? Consumers fall behind on medical costs, credit cards and even student loans or gym memberships, prompting the need for comprehensive debt relief. In too many cases, though, consumers do not receive the financial help they need.

Can your IRA be taken in a bankruptcy? Protect your assets

In most cases, creditors shy away when they hear the words "individual retirement account." After all, an IRA is automatically protected during a bankruptcy proceeding, right? Not so fast. There are some situations in which your Washington IRA may not be as safe as you think.

Ashamed of your credit card debt? You're not alone

Did you know that most Americans are more embarrassed about their credit card debt than their weight? A new poll from the National Foundation for Credit Counseling suggests that many Washington residents are bashful about their credit score. In fact, about one in three people say their amount of credit card debt is more embarrassing than their weight, bank balance or credit score. To be fair, there may be a good reason; nationwide, the average household carries about $15,000 in credit card debt.

Debt relief may be slow in coming for Washington slide victims

What would your finances look like in the wake of a serious natural disaster? That is the question that scores of Washington residents are now facing, after they suffered major property losses because of the Snohomish County mudslide. Although one community bank is offering debt relief by canceling uninsured debts, larger financial institutions are not being so generous. The Coastal Community Bank has pledged to help patrons whose insurance will not help with their property loss woes. Questions still abound for others who did not use Coastal as their lending institution.

Supreme Court to decide inherited IRA fate in bankruptcy

Bankruptcy attorneys in Washington know that certain assets are exempt from creditors' claims. One particular type of asset is being considered by the nation's highest court, however, as creditors attempt to gain access to certain types of retirement accounts during individual bankruptcy. The decision in the case could have wide-reaching effects for people who inherit retirement accounts from other family members.

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