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Chapter 13 Archives

When you can file bankruptcy more than once

Disasters sometimes strike the same household more than one time. Even though you may have originally recovered from your overwhelming debt by filing bankruptcy in Oregon, you could find that a sudden job loss or medical bills have put your recently rebuilt financial stability in jeopardy. We at The Law Office of Kim Covington have helped many clients to determine their best path forward in these situations.

If you want to pay off your Chapter 13 plan early

A raise or bonus at a job or some other sudden increase in income could have someone wondering if it is really necessary to spend the rest of the original time period paying off a Chapter 13 bankruptcy plan in Oregon. According to BankRate.com, it depends on several elements of the debt reorganization plan. The most important factor, though, will probably rest with how much disposable income the person now has.

Chapter 13 bankruptcy: benefits and basics

A person in Oregon who has fallen behind on payments or is struggling to meet all financial obligations may find a solution through a Chapter 13 bankruptcy. According to the Cornell University Law School’s Legal Information Institute, this type of bankruptcy typically allows people to keep their homes, and even some of the equity they have accumulated. Individual retirement accounts are also generally safe, and cars. Keeping these three major assets in place while paying off some debts and having others discharged make this reorganization plan appealing to many.

What happens at a 341(a) meeting?

Making the decision to file for Chapter 13 bankruptcy in Oregon can relieve a lot of the financial strain that you may have been facing due to overwhelming debt. Once begun, there are many steps in the process, including a 341(a) meeting. You can expect this to take place roughly 21 to 40 days after you file, and the United States Bankruptcy Court for the District of Oregon explains that it is absolutely necessary for you to attend to prevent your case from being dismissed.

Who qualifies for a Chapter 13 bankruptcy?

When you are not interested in liquidating your assets, but your income does not cover your expenses, it may make sense for you to look at your legal options to get you out from under the financial strain. According to the Oregon State Bar, you may be eligible to file a Chapter 13 bankruptcy if you meet certain qualifications.

Can you change or modify your bankruptcy?

We have pointed out numerous times in this blog the factors that are used in determining eligibility for a Chapter 13 bankruptcy. To recap, Chapter 13 is known as the “repayment bankruptcy,” which may allow you to protect certain assets while repaying most or all of your debt in a manageable way. To qualify for Chapter 13, you need to meet certain income requirements. An ability to make regular payments is essential for Eugene residents to qualify for this type of bankruptcy. However, what if your situation changes and you are no longer able to make your payments as outlined in your bankruptcy agreement?

Hardship discharge might help those in dire situations

As discussed in previous posts, Chapter 13 bankruptcy may give you and other Eugene residents a chance to pay back most or all of your debt in a way that is manageable. The three- to five-year repayment plan that is approved by the bankruptcy court is designed to be affordable for those under Chapter 13, based on the ability to pay. However, at The Law Office of Kim Covington, we understand that life is not always reliable, and you might find yourself in a situation where it is no longer possible to make your Chapter 13 payments.

How do you file for bankruptcy if you are self-employed?

If you are your own boss, you already know that keeping track of your income and expenses is much different – and often more challenging – than when you work for an employer in Eugene. You may find yourself facing financial struggles and trying to decide if it is time to file for bankruptcy. If bankruptcy is the eventual outcome, it will be crucial to provide accurate details about how much you earn, as well as how much you spend, to the bankruptcy court. Failing to provide accurate information may delay your case or cause it to be rejected.

Can some of my debt be discharged in a Chapter 13 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.

Chapter 13 bankruptcy may be an option for small businesses

Throughout the posts in this blog, we have discussed the differences between Chapter 7 and Chapter 13 bankruptcy, as they apply to people in Eugene and elsewhere. These types of bankruptcy are known as personal bankruptcies, which are filed by people for their own personal debt. However, if you are a small business owner who is experiencing debt problems related to your personal life or business, or both, you might consider filing for Chapter 13. At The Law Office of Kim Covington, we are prepared to answer the questions small business owners may have when it comes to reducing overwhelming debt and saving their company.

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The Law Office of Kim Covington

Eugene Office
1445 Willamette Street, Suite 9
Eugene, OR 97401

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Albany Office
1135 Dale Street SE, Suite #B
Albany, OR 97321

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Roseburg Office
1701 West Harvard, Suite 201
Roseburg, OR 97470

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Phone: 541-393-2790
Toll Free: 800-673-1891
Fax: 541-344-6466