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Credit card debts could disrupt one's plans for the future

Many individuals in Oregon and elsewhere place a high priority on planning and saving for the future. However, high debt loads can disrupt even the best made strategies, and those who are struggling with financial issues could suffer for extended periods. Although debt comes in various forms, those pertaining to credit card balances tend to be some of the most troublesome, leaving many to wonder how best to pursue relief.

With a strong economy and job market, many individuals may give little concern to the potential downsides of taking on debt. At the time, one might be able to keep up with monthly payments with ease. However, anytime a change in circumstances occurs, such as a sudden loss of employment or even the birth of a child, the idea of dealing with credit card debts can become significantly more intimidating.

The risks of funding the holidays with the use of a credit card

The holiday season was a cause for celebration for many individuals in Oregon and across the country. In preparation for festivities, some may have chosen to do a fair amount of shopping to provide gifts for loved ones. At the time, this might have been an exciting and joyous endeavor, but when credit card bills begin to arrive, the time for celebration may turn into the time to seek debt relief.

According to reports, over the course of the recent holiday season, the average family racked up a little over $1,000 in holiday debts. In a society with many living from one paycheck to the next, some might not have the cash on hand to fund such purchases. With numerous credit card companies and businesses offering special prices and promotions for using their cards for purchases, many individuals may have chosen to go above and beyond their normal spending habits.

Help! My wages are being garnished

We’ve all been there. You have had a rough patch where your income wasn’t as high as you’d like—and of course, your bills were higher than you’d like. But, now you have a better paying job and you’re getting back on your feet. That is, until you open up your paycheck and find that a quarter of it is missing.

What happened? Your credit card company has garnished your wages. Wage garnishment—the legal process that lets a creditor take your money to pay a debt you owe—is more common than you may think. One in 10 working Americans between the ages of 35 and 44 are getting their wages garnished. That means their pay is being docked—often over an old credit card debt, medical bill or student loan.

Your financial stress could be affecting your health

If you think nobody cares if you’re alive, try missing a couple of car payments. That is one true statement. Maybe it’s medical expenses, a divorce, you’ve lost your job or your business has failed, or your mortgage payments are too high—any of these could mean mounting bills and collection phone calls. You’re afraid to answer the phone and the stress is slowly killing you. Financial stress is real.

“Debt can turn a free, happy person into a bitter human being.”-Michael Mihalik

Bankruptcy could lead to a brighter financial future in Oregon

Many individuals in Oregon and elsewhere have experienced the struggle of dealing with overwhelming amounts of debt. When exploring their options, many may consider seeking relief through bankruptcy, but they might have concerns about how a similar decision will affect their credit. Although filing for bankruptcy will have an impact on an individual's credit for a set period, it could still be the correct path with which to pursue financial relief.

Depending on the chapter that is selected, a bankruptcy will remain on one's credit report for up to seven to 10 years. A similar process may also have an impact on a person's credit score, and those who file for bankruptcy may experience issues in obtaining credit after filing. However, individuals who are suffering due to substantial financial struggles may already be experiencing challenges in this area, and for some, a bankruptcy could be the healthiest financial option available.

Medical bills remain a concern for those approaching retirement

For individuals in Oregon and elsewhere who are closing in on retirement age, having a plan in place for the future may be essential. However, planning for certain events, such as a medical emergency, could prove exceedingly challenging. Medical bills continue to be an issue for many individuals who have been forced to endure a similar situation, and the high costs of medical treatment could leave some in search of financial relief.

A person may experience monetary hardships under a variety of circumstances. However, medical debts are one of the leading causes of similar issues, perhaps especially for individuals who are entering the golden years. Since a medical emergency is generally an unexpected incident, planning for it can be a daunting task, and even a minor procedure could leave an individual with a seemingly insurmountable amount of debt.

How To Build Credit After Chapter 7 Bankruptcy

Some people needlessly delay declaring bankruptcy because of their worry about what it will do to their credit. In fact, one of the major concerns after declaring bankruptcy is how to rebuild credit. You may feel overwhelmed and powerless when you contemplate your future, but there are ways to establish good credit after resolving your bankruptcy. Here are some of the ways to rehabilitate your credit after declaring Chapter 7 bankruptcy.

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A credit card may appear convenient, but debt probably isn't

There may be numerous scenarios in which an individual in Oregon or elsewhere may seek financial relief by pursuing additional lines of credit. While one may find immediate financial assistance through outlets such as a credit card, such a decision may only be a temporary solution to a growing issue. Those who experience substantial monetary challenges under similar circumstances could benefit from seeking guidance on choosing a path with which to pursue a healthier financial future.

With many individuals spending more and saving less, credit cards may offer the financial assistance required for a multitude of scenarios. Whether to pay for a wedding or to assist with expenses in a newly acquired business, such forms of credit can appear exceedingly convenient. However, with high interests rates, they may also pose a significant threat to a person's financial future.

Credit card and medical debts can be a devastating combination

There are a multitude of scenarios in which individuals in Oregon and elsewhere may find themselves facing substantial monetary concerns. However, some financial concerns may be more prevalent than others, such as those pertaining to credit card or medical bills. Although either of these issues can be troublesome enough as is, recent studies suggest that in some cases, the two may go hand in hand.

According to the study, the average household carries as much as $15,000 in credit card debt. With the level of convenience in obtaining a similar line of credit, some use these forms of credit to pay for everyday necessities. This may seem harmless at the time, but even small purchases can cause a balance to add up quickly, which could leave an individual facing a seemingly insurmountable financial situation.

Seeking guidance when medical debt poses a threat to retirement

Many individuals in Oregon and elsewhere spend a great deal of time planning and saving for the golden years. While one might not wish to let anything stand in the way of a preferred retirement age, with the high costs of treatment, one medical emergency could pose a threat to one's current strategy. Medical debt is one of the leading causes of financial hardships, and has left many in search guidance on available options for relief.

A medical emergency can occur at any moment, and could leave an individual facing substantial amounts of debt. For those who are nearing retirement age, or even those who are currently retired, a similar situation could wreak havoc on their savings. Aside from being financially challenging, carrying heavy debt loads can also cause a great deal of emotional harm to an elderly individual, which could put his or her health at risk.

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1445 Willamette Street, Suite 9
Eugene, OR 97401

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Albany, OR 97321

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Roseburg, OR 97470

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