Rarely do Washington residents make the decision to file for bankruptcy easily. However, as bills accrue and harassing calls are received throughout the day, a discussion about bankruptcy may become necessary. Fortunately, we understand that deciding how to handle personal debt requires considerable thought. For that reason, we will take the time to ensure that you have the information that you need before choosing bankruptcy as a debt relief solution.
Bankruptcy is often a person's last chance at settling or clearing away debt and resuming a normal life that isn't haunted by the belligerent calls of creditors demanding money that debtors simply don't have. However, when bankruptcy reform passed, it created a serious road bump for individuals who need help the most. Many people in Washington and across the nation are now facing a troubling dilemma -- they are actually too poor to even file for the bankruptcy protection that they need.
When surveying a Washington individual's financial state, personal debt can be a tricky factor. For some people it can be a creeping progression that inches up week by week or paycheck by paycheck, as in some places the cost of living skyrockets while income remains stagnant. For others, a single emergency or catastrophe can plunge an otherwise financially literate person into the depths of debt. In some instances, bankruptcy can be the most appropriate path to debt relief.
A 2014 survey regarding the average debt load found that a typical family carries approximately $5,700 in debt. The majority of that debt is comprised of credit card debt and excludes car loans, mortgages and education loans. Many Washington families are struggling to support heavy debt and may be seeking a solution for their own financial burdens.
People who find themselves mired in debt do have some resolutions to consider. Consumers who are struggling to manage debt while fearing wage garnishments or other collection actions may benefit from researching how bankruptcy protection might ease their worries. There are a number of Washington families who have benefited from these important financial protection options.
Most people in Washington and across the United States are probably already aware of the burgeoning problem of student loan debt that many college-age adults and teens may be facing. Since student loans can't be discharged through bankruptcy, they may not be a driving force that causes students to file for bankruptcy. Instead, credit cards may play a more prominent role in that decision.
When a family is mired in overwhelming debt, it may be tempting to look for a possible solution no matter the source. However, there are some ill-reputable debt relief companies that seek only to profit from the financial woes of others. Washington families that are struggling with debt may have heard about the company that was recently temporarily closed down.
The frequently dubbed "Great Recession" was declared over by mid-2009. However, while some segments of the nation are starting to show signs of rebounding, over one-third of American households are struggling to find debt relief. There may be families in Washington that are likewise looking for solutions for credit collection stress.
A recent study was undertaken to discover what may lead people to carry over balances on their bank cards from month-to-month. The two types of demographics used for the study, those with credit card debt and those without, were composed of middle and lower-income card holders. The researchers were surprised by some information regarding revolving debt. Washington residents may also be interested in what the study revealed.
The ongoing problems in the economy may be continuing to strain the financial resources of some Washington families. The temptation to reach for credit cards may sometimes seem like the best choice when making financial decisions. However, in order to avoid incurring more credit card debt, there are certain times when credit cards may best be avoided.
- Next »