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Posts tagged "liquidation"

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.

Consider payoff time when choosing Chapter 7

How long would it take you to pay off your Washington consumer debt? Experts say that those who are facing financial difficulties may benefit from Chapter 7 bankruptcy if debt repayment is anticipated to take five years or more. Although it is critical to consider the impact that bankruptcy could have on your credit score, experts say that liquidation bankruptcy could be a viable option for those who are facing serious, immediate financial troubles.

Politicians file for personal bankruptcy, too: Medical debt looms

Would you trust a politician who has filed for bankruptcy? Although your first instinct might be a judgmental one, wait just one minute -- politicians and public figures suffer misfortune just like the rest of us Washington residents. The fact remains that bankruptcy can be precipitated by a variety of unfortunate events, as demonstrated by one nearby Oregon politician.

Hispanic Chamber shutters doors, seeks Chapter 7 protection

The Hispanic Chamber of Commerce in Yakima County, Washington, is filing for bankruptcy and is almost certainly headed for dissolution. The organization is seeking protection under Chapter 7 bankruptcy protections after it lost a major lawsuit. News reports show that the man received nearly $15,000 from the chamber. The chamber was sent into bankruptcy because it had only about $500 in listed assets, with the lawsuit award as an outstanding liability.

Bankruptcy as the 'nuclear option' for debt

If you are one of the many Washington residents who is facing a debt judgment, you may be considering bankruptcy as one of your financial options. Experts say that bankruptcy is often referred to as the "nuclear option," which means that it completely wipes out your debt and effectively ends creditor harassment. Although this may sound like a process that would benefit nearly anyone, bankruptcy does come with some challenges. Washington residents are encouraged to carefully consider whether Chapter 7 or liquidation bankruptcy would truly benefit their finances.

CNET founder an example of how not to file for bankruptcy

A Chapter 7 bankruptcy filing can be very beneficial for an in-debt party. Many Seattle residents have gone through bankruptcy; and though the initial stages may be a bit painful and trying, many people who go through bankruptcy enjoy prosperous lives after the filing is complete.

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