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How State Laws Affect Debt Management Programs in Washington

Washington State Debt: The Basics

Drowning in debt? You’re not alone, but it’s important to understand the state rules and options in your state. Each state also has different laws regarding debt and the bankruptcy process.  This makes debt management in Washington different from, say, South Carolina. Other factors that may influence the average amount of debt in each state includes the median household income and the unemployment rate.

The unemployment rate in Washington state is lower than the national unemployment rate, however the amount of debt held by a consumer in Washington is slightly higher than the national average. There are still many who need debt relief in Washington State.  A debt relief agency, such as Debt Quest USA, can help you to become debt free through programs such as debt consolidation, consumer credit counseling, bankruptcy and debt settlement in Washington.

 

Debt Collection in Washington State

It’s important to know about some laws when seeking debt relief in Washington. The state adheres to a set of federal laws called the Fair Debt Collection Practices Act, Or FDCPA. These laws deal with collection agencies and the law firms that collect debt.

In addition to the federal laws, Washington State imposes a maximum interest rate that a collection agency may charge. This maximum rate is 12%.

Washington also has wage protection for 75% of disposable weekly income, or 40 times the federal minimum wage.

To learn more about the laws regarding debt collection in Washington State, it is recommended that you seek legal advice from an attorney or a company that offers debt management services in Washington.

Statute of Limitations in Washington State

The statue of limitation in Washington for debt relief are based on a maximum period of time in which legal actions may be taken against the debtor. These statutes of Washington are based on a period of time after the debtor has become delinquent on their payments. Statute of limitation laws vary from state to state, so it’s important to seek help from a trusted company that offers debt management in Washington.

Statute of Limitations in Washington State

The statue of limitation in Washington for debt relief are based on a maximum period of time in which legal actions may be taken against the debtor. These statutes of Washington are based on a period of time after the debtor has become delinquent on their payments. Statute of limitation laws vary from state to state, so it’s important to seek help from a trusted company that offers debt management in Washington.

Types of Debt Management Services in Washington State

There are several options available to help you become debt free in Washington. After examining your personal debt situation, a trained professional from a debt relief agency will be able to help you decide which course of action is best for you, whether that is debt settlement, a debt consolidation loan in Washington or another option. The good news is, several of these debt relief programs can help save you money in the long-run.

Debt Consolidation in Washington

One option for debt management in Washington State is debt consolidation. A debt consolidation loan in Washington is when all of your debts are consolidated into a single loan that generally has a lower interest rate. This makes payment of your debts more affordable. Washington debt consolidation programs are perhaps the most utilized form of debt management to help consumers become debt free in the state. When working with a debt consolidation company in Washington, that agency will negotiate the terms of the consolidated loan on your behalf with your creditors.

There are a few other things to note when using debt consolidation loans in Washington to become debt free. In some cases, once you have paid down enough of your debts through a Washington debt consolidation program, some debt consolidation companies in Washington may choose to move to debt settlement in Washington with your creditors. Unfortunately, not everyone will qualify for debt settlement. It is also important to know that debt consolidation loans in Washington State do not lower the total amount of debts owed, just the interest rate on your debt. To better understand which debt management program in Washington is best for you, consult with a trusted debt relief agency.

Debt Settlement in Washington State

This particular option for debt management in Washington is when a debt relief agency negotiates with your creditors on your behalf to lower the principal amount of debts owed. The agency may also be able to lower the interest rate on those debts. Because this type of debt relief eliminates some of the debt you owe through debt forgiveness, this option can be very appealing. However, not everyone will qualify for this type of debt relief. More often than not, debtors will qualify for debt consolidation in Washington State. By working with a trusted debt relief agency, you will be able to learn if debt settlement or debt consolidation in Washington is the best course of action for you.

 

 

Bankruptcy in Washington

Filing for bankruptcy in Washington State should be considered your last resort after having exhausted all other forms of debt relief in Washington. This is because the bankruptcy process can have long-lasting negative effects on your credit score.

Filing for bankruptcy in Washington includes three core options: bankruptcy chapter 7, bankruptcy chapter 11 and bankruptcy chapter 13. Before filing for bankruptcy in Washington, it is best to consult with a trusted agency that provides debt management in Washington or a bankruptcy attorney to make sure there are no other options available to you.

Getting mounting debt under control can be very stressful. Before taking any action, it is best to consult with a trusted company that provides debt relief in Washington State, such as Debt Quest USA. By speaking with a licensed debt program official, they will be able to understand your unique circumstance. Once they have analyzed your personal debt situation, they will be able to recommend the best option for debt management that you should take, whether that is a debt consolidation loan in Washington, credit counseling, bankruptcy or debt settlement in Washington. It is possible to find freedom from debt in Washington!

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How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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