Eugene Bankruptcy Law Blog

Oregon consumers who are considering filing for Chapter 13 bankruptcy might wonder what is involved in the repayment process. To file for Chapter 13 bankruptcy, it is necessary to go through the means test, which is income-based, and may have assets they want to keep. This might include the house. A Chapter 13 bankruptcy involves paying off debts over three or five years. Working with an attorney, the debtor creates a repayment plan that is then submitted to the bankruptcy trustee for approval. Many unsecured debts that remain at the end of the repayment period are discharged except for those that are not eligible. Among these are child support payments.

In general, the priorities are considered to be debts such as back taxes, alimony and child support. Secured debts, such as mortgages, come after this. Finally, there are unsecured debts. This includes medical and credit card debt.

Through the holidays, you probably didn’t think much about money as you tried to make the season merry for your kids. It’s the struggle every parent faces each year, regardless of how many or few presents they buy. We just want our kids to be happy. However, the day that first credit card statement comes in can still hit hard.

If you are still struggling to pay those bills, here are four tips you can follow to help get out of credit card debt.

For business owners in Oregon and throughout America, credit cards make it possible to stay liquid. They can also provide a company with the capital it needs without having to ask for a traditional business loan. However, if a business isn't generating enough revenue, it can be difficult to pay down the balances accrued on those cards. In some cases, it is difficult to keep up with the minimum monthly payments.

When this happens, a business owner may not be able to grow his or her business as fast or handle emergencies such as a customer cancelling an order. In some cases, business owners may not see their personal credit scores impacted by high business credit card balances. This is because these creditors don't report to anyone's personal account. Therefore, it might be possible to take out a personal loan or other type of loan based on a personal credit score.

Getting your first credit card is a pretty big deal. After years of watching the adults in your life confidently talk about bills and credit scores, it's finally your turn to rise to the challenge. At the same time, it is easy to get swept up in the excitement of swiping away. While a credit card can help you make purchases you cannot afford, leaning on it as a source of affordability can land you more debt than you may be prepared for.

To save yourself unnecessary financial trouble, you may want to take note of the common mistakes first-time credit card holders make: