If you are considering filing for bankruptcy, you may think that all of your debts will disappear and you will be left with an entirely clean slate. However, this is not necessarily true. Depending on the types of debt you have, you and other Eugene residents may still have some debt you are required to pay back after a Chapter 7 discharge. At The Law Office of Kim Covington, we understand the differences between dischargeable and non-dischargeable debt, and are prepared to assist you in learning what your obligations are.
July 2016 Archives
There are numerous opportunities for Eugene residents to get loans, even if they are recovering from a personal bankruptcy. It can be a good thing to have a line of credit, as long as you manage it carefully. Being responsible with debt can help raise your credit score and give you more opportunities for major loans in the future, such as an auto or home loan.
Debt can take many forms. Some people may be up to their ears in credit card debt, while others have student loans and medical bills. Some Eugene residents are struggling with paying their monthly utility bills, especially if their mortgage and car payments are more than they can afford and they are having employment issues. One more aspect of debt that may not be thought about much, but causes a serious problem for countless people across the United States, is gambling debt.
Lane County residents who are experiencing financial difficulties may find relief by filing for Chapter 7 or Chapter 13 bankruptcy. Company owners can also take advantage of the protections and benefits that bankruptcy provides if they are going through a difficult time.
Many people in Eugene and elsewhere will try anything to get out of debt before resorting to bankruptcy. While it is a good idea to reduce debt or eliminate it whenever possible, some debt-reduction methods can be more harmful than helpful over the long run.