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Chapter 7 Archives

No, luxury coffee does not lead to bankruptcy

The news, media, TV shows and even movies love to blame debt on the same, small item -- a cup of coffee. Growing consumer debt is often blamed on out-of-control spenders who are intent on grabbing a cup of designer coffee multiple times a day, but most experts refute that idea. Realistically, a daily coffee or other non-essential items is not what usually leads to bankruptcy.

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Actress Tisha Campbell-Martin seeks bankruptcy protection

Overwhelming amounts of consumer debt can affect virtually anyone in Washington. No matter a person's income or one's best efforts to stay on top of monthly payments, consumer debt can become an insurmountable beast. Actress Tisha Campbell-Martin is perhaps an appropriate example of how debt can affect anyone at any time. She recently filed for bankruptcy, citing millions of dollars in debt.

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Tori Spelling apparently headed toward bankruptcy

A number of people in Washington still hold on to the myth that bankruptcy is only something that other people need, and that is only necessary for those who do not want to succeed in life. Not only is this pervasive myth untrue, but it can easily be dispelled by considering the circumstances surrounding a person's life prior to them filing for bankruptcy. Actress Tori Spelling is a prime example of how the need for debt relief can arise in virtually anyone's life.

Filer successfully discharges student loans in bankruptcy

College is rarely seen as an option, and is instead is typically considered a necessity for anyone in Washington who hopes to obtain a successful and well-paying career. Unfortunately, a high salary as a result of a college degree might not actually go that far when there are mountains of student loans that must be repaid. Student loans are not exactly known for their ability to be discharged during bankruptcy, but one graduate recently joined the ranks of those who have succeeded in doing so.

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Bankruptcy filing is best decided with professional support

A recurrent issue in Washington state and elsewhere is the potential impact that a bankruptcy may have on one's post-bankruptcy credit record and credit scores. A Chapter 7 bankruptcy provides extraordinary debt relief solutions, but it may have a negative impact on credit scores and the availability of credit for a limited time into the future. Nonetheless, the impact of a Chapter 7 discharge is so beneficial that it is said that the debtors have obtained a "fresh start" after completing the bankruptcy.

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How to find legal help in Washington for bankruptcy issues

Many Washington families find themselves struggling through years of overwhelming debt and grave financial concerns due to any number of extenuating circumstances in their daily lives. Some are searching for a way to be free of all unsecured debt in an effort to start over and create financial stability anew. Filing a Chapter 7 bankruptcy claim may provide the solution for those facing such circumstances.

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Working with a budget might avoid too much credit card debt

Some Washington consumers manage to live life comfortably without creating a budget. However, if circumstances change for the worse, living without a budget can be detrimental. Drawing up a budget is never an easy task and may only be successful if a thorough study is made of all money spent over the previous year. This must include all credit card debt and other expenses.

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Chapter 7 bankruptcy gives mother new outlook on life

Even for individuals who have surpassed living paycheck to paycheck, a single tragedy or financial disaster can be enough to plunge them into unthinkable debt. Medical bills are a prime example for people in Washington, as even those who have health care insurance often face costly co-pays for necessary surgeries and procedures. After taking on thousands in debt following a medical emergency, one mother filed for Chapter 7 bankruptcy and found a bright new future down the road.

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Social media complicates former business owner's bankruptcy

Washington residents following the news might have noticed that social media seems to pop up in a surprising number of articles and news stories. Although not necessarily at fault for any of the incidents social media is mentioned alongside, the integrating of technology and popular social media platforms like Facebook and Twitter into daily life is constantly reflected in these types of stories. However, the more integrated social media becomes, the quicker laws concerning bankruptcy and asset forfeiture must evolve to keep up. 

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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