Payday loans are a seemingly simple way for people to get short-term loans in small amounts from private companies. They usually require that a person provide a personal check, authorization for a withdrawal from his or her bank account, or permission for the payday lender to debit the account in return for needed cash. Unfortunately, these loans are often difficult for already financially strapped workers to meet, and may make their situations worse.
January 2016 Archives
In Oregon, if you file for either chapter 13 or chapter 7 bankruptcy, you are required to first undergo credit counseling with an approved provider, after which you must take a debtor education course. The classes have individual purposes, both of which are aimed at helping you make proper financial choices.
Debt, when used properly, can be a valuable tool for many people to build their financial health and grow their own worth. However, at the Law Office of Kim Covington, we see many clients who unknowingly place themselves in a compromised financial position because they are unfamiliar with the two types of debt, secured and unsecured, and how each type is handled by creditors.
In Oregon, the bankruptcy court does not report any information to credit reporting agencies. Due to the public nature of bankruptcy documents, credit reporting agencies routinely gather information regarding bankruptcy filings and process that information. However, these agencies routinely make mistakes and you may find that they have placed inaccurate information on your credit report. According to the Federal Trade Commission, the federal Fair Credit Reporting Act dictates your actions as well as those of the credit reporting agencies when it comes to maintaining accurate credit report records.
Depending on a person or couple’s situation, Chapter 13 bankruptcy may be a good financial decision for them to make. Instead of choosing the more common liquidation offered with Chapter 7 bankruptcy, Chapter 13 provides debtors with an opportunity to repay some or all of their debts. This has some serious advantages to other types of filings.