If you are like others in Eugene who are struggling with debt, then you may have considered filing for Chapter 7 bankruptcy. While this option can help you regain control of your finances, it may require you to forfeit certain assets. These assets, known as non-exempt property, are generally liquidated to help pay off all, or a portion, of your debts. Therefore, it can be important to understand which of your assets may not be exempt to ensure filing for Chapter 7 is the right option for you.
May 2015 Archives
The loss of a job, a change in your wages or any other number of factors can cause you to experience financial difficulties. If you are like others in Lane County who have been faced with such difficulties, you may have considered debt relief options, such as bankruptcy, to help you regain control of your finances. While chapter 7 filings are generally the most common, filing for chapter 13 bankruptcy may be better suited for your situation and needs.
Due, in large part, to the ever growing costs of medical treatment and care, many in Oregon, and throughout the U.S., are dealing with medical debt. According to a Consumer Financial Protection Bureau report, about one out of every five credit reports has at least one medical collection debt listed. In some cases, however, this reported medical debt may be a mistake. In order to cut down on the erroneous reporting of medical debts, the three major credit reporting agencies - Equifax, Experian and TransUnion - have agreed to change how they report medical debt.
It is not a surprise that money problems are stressful. Most people understand that stress can cause health problems. However, some Eugene residents may not understand the scope of the damage that can be caused by the extreme stress that comes from unemployment, insurmountable debt, home or car repossession or any number of serious financial challenges.
With the Great Recession nearly a distant memory, many people have begun to recover from financial challenges and are braving credit cards and other loans again. It can be good for Eugene residents to borrow in some cases. In other cases, this can lead to renewed financial woes. Credit card debt is especially challenging and can be difficult to recover from.