It can be an unpleasant and stressful situation to check your mail and find a notice from a collection agency. If you have an old debt that has defaulted or a debt you were not aware you owed, it could have been turned over to a collection agency for them to attempt to get the money from you. As you and other Eugene residents are likely aware of, collection agencies can be difficult to deal with. It is their job to recover funds for the companies that sought their help, and they will not give up.
September 2016 Archives
In previous posts, the issue of medical debt was described as being one of the most serious and pervasive forms of debt plaguing Americans today. The problem continues for residents of Eugene and elsewhere. Even those with medical insurance may suffer from staggering debt. Some say that there is an unjust discrepancy between the salaries that hospital executives earn, while average citizens are burdened with medical bills they cannot afford.
If you are constantly receiving overdue notices in the mail or getting repeated phone calls about late bills, it can be quite tempting to just ignore the problem. At The Law Office of Kim Covington, we understand that dealing with financial problems is stressful for you and other Eugene residents. You may find it easier to avoid the stress by ignoring the mail and phone calls. However, pretending a bill does not exist will not make the problem go away. In fact, it could exacerbate your situation.
If you are having a difficult time financially, you may already know that filing for Chapter 7 or Chapter 13 may be an option for you and other Eugene residents. However, you may wonder when you should stop attempting to make it on your own and file for bankruptcy.
If you have read through some of the previous posts in this blog, you will likely have a basic understanding of the two main types of personal bankruptcy. Chapter 7 allows for a complete discharge of most debts, although you might lose some assets. Chapter 13 allows you to repay your debt through a manageable repayment plan, and you have a better chance of keeping your home and vehicles. However, you and other Eugene residents may wonder if you can get rid of some of your debt in a Chapter 13 bankruptcy without having to repay it.