Many families in Oregon are looking to debt consolidation loans to manage their consumer debt and make their monthly payments more manageable. According to Debt.org, debt consolidation is the practice of taking out one new loan to pay off existing loans with the goal of lowering the amount due each month. This may help lessen the burden on families each month and allow them to stay current with their debts. However, there are clear pros and cons to consolidation.
October 2015 Archives
Some Oregon patients may be facing extreme medical debt due to illegal billing practices made by their medical care providers, Bloomberg reports. Doctors, hospitals and other providers often implement a practice known as balance billing in order to receive as much money as possible from patients after treatment. While the practice is illegal when in-network providers are involved, many patients are threatened by debt collectors and pay in full without ever being aware of their rights.
If your loved one is facing end-of-life decisions in Oregon, the fear of leaving medical debt behind for family members to pay should not be a barrier to treatment or comfort. We at the Kim Covington Law Offices understand that medical expenses not covered by private insurance, Medicare or Medicaid can have devastating effects on your finances. Trying to come up with solutions can cause significant difficulties while you are attempting to deal with loss and grief, but the cost of care is not something that you want your family member to worry about.
In Oregon, people who are struggling with debt, wage garnishment and creditor harassment may find relief by filing for Chapter 13 bankruptcy. This helps reduce debt without requiring a person to give up assets such as a car or a home. Rather than discharging the whole debt, the income, living expenses and debts are assessed and manageable installment payments are set up over a specified amount of time. A trustee is responsible for taking the monthly payments and distributing them to debtors. If the debtor makes every payment, at the end of the payment plan, the remaining debts are typically discharged.
If you are considering a bankruptcy in Oregon, you may wonder whether a Chapter 13 or Chapter 7 bankruptcy would be more appropriate. One factor that will help identify your options is the means test. The means test essentially is a comparison of your debt and expenses against your income to see if you qualify under Chapter 7 for a full discharge of your debts.