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June 2015 Archives

Bankruptcy could be option for Melissa Gilbert

The middle class was not the only group of people hit hard by the recent recession. People of all income groups suffered from a sudden collapse of property value and an absence of well-paying jobs while unemployment in Washington seemed to steadily climb. Even celebrities were not immune to the financial devastation that so many experienced, as evidenced by the overwhelming debt with which Melissa Gilbert is struggling. It is possible that she might come to the conclusion that, with that much debt and little comparative income, filing for bankruptcy might be the most appropriate course of action. 

Tags: Chapter 7

Protecting your retirement funds with bankruptcy

Retirement might conjure images of time spent traveling, freedom from work obligations and few worries. For a growing number of retired individuals in Washington, however, this may simply not be true. Unplanned expenses and medical bills can eat away at retirement accounts and leave retirees without the necessary funds to provide for themselves. Instead of fruitlessly emptying a retirement account for a bill that will likely never be fully paid off, some experts advise that filing for bankruptcy could be a far more productive course of action to take.

Tags: Chapter 7

Medical debt out of control? It may not be your fault

Even with health insurance, for many people, getting sick means plunging into a serious amount of debt. The required publication of health care and procedure costs that was implemented with the new health care law has shed light on one of the possible reasons why medical debt is continuing to skyrocket for patients in Washington and across the United States. Many for-profit hospitals charge patients much more than the standard Medicare reimbursement rate, placing an unnecessary burden on already at-risk patients.

Tags: Medical Debt

Supreme Court changes the game for Chapter 7 bankruptcy

Chapter 7 bankruptcy is undergoing a significant change following a ruling from the United States Supreme Court. The decision followed a case involving the prominent lender, Bank of America, and is believed to benefit lenders and those who are in debt. While news of this change might be less than pleasant, it only affects second liens of underwater properties, making Chapter 7 bankruptcy still a viable and appropriate option for Washington debtors who are unable to pay.

Tags: Chapter 13