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Eugene Bankruptcy Law Blog

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.

Credit card debt: The potential risks of store branded cards

In an effort to attract potential customers, many stores in Oregon or elsewhere may offer a variety of incentives for those who apply for a store branded card. However, while such offers may provide immediate discounts or bonuses, these perks might be offset by high interest rates, which can lead to financial hardships in the future. Credit card debt can place a person under a substantial amount of financial strain, potentially prompting a need to seek advice on the available options for relief.

Although many credit cards carry high interest rates, store branded cards may exceed the norm, with reports suggesting that these lines of credit can carry rates that go beyond 30 percent. However, stores may seek to draw a customer's attention away from this aspect by offering substantial discounts and limited periods of free interest. While these offers can appear exceedingly attractive, carrying a continual balance on similar lines of credit could prove detrimental.

Pursuing relief when medical debt creates financial hardships

In a time when many individuals in Oregon and elsewhere are living from paycheck to paycheck, the prospect of an emergency can be financially daunting. Unfortunately, a similar circumstance can happen at any given moment, potentially leaving a person with extensive medical bills in the process. Medical debt is one of the leading causes of financial hardships, and those who experience such monetary issues could benefit from exploring the options for relief.

Having a medical emergency spring up out of nowhere can be stressful enough as is. With the high costs of medical treatment, some may feel as though it is better to avoid debt by forgoing attention. Unfortunately, certain conditions might not simply run their course with time, and if allowed to worsen, the cost of treatment may increase substantially.

Life after Chapter 7 bankruptcy: When can I get a home loan again?

If you are considering Chapter 7 bankruptcy, the first thing you should know is that your life is not over. Bankruptcy is a solution that allows you to rebuild your financial life, not end it.

What life looks like on the other side of bankruptcy can look a little foggy before you file it. One of the biggest questions those considering filing for Chapter 7 bankruptcy ask is whether or not they can get a home loan ever again. The good news is the answer is an affirmative yes, with some small stipulations.

Bankruptcy: Determining the correct path for debt relief

Overwhelming amounts of debt can place an individual in Oregon or elsewhere under a substantial financial weight. Those who experience similar hardships may wish to pursue relief, but with numerous available options, they may be uncertain where to turn for advice. Individuals who wish to know if bankruptcy is the correct path for relief could benefit from speaking with an attorney for guidance before reaching a decision.

One area of concern for many individuals who are considering bankruptcy is how the process will affect their future. Filing for bankruptcy will inherently have an impact on a person's credit score, and in some cases, it may remain on his or her credit report for as many as 10 years. However, if an individual is continually struggling to keep up with monetary obligations, instead of being the only option, bankruptcy might be the most viable outlet with which to pursue relief.

Bankruptcy: Even necessary debts can leave one in need of relief

One might be hard pressed to find an individual who has never taken on a debt of any form. With an economy of individuals who are saving less and spending more, lines of credit may be a part of everyday life for many. However, while certain debts may be necessary, or even unavoidable, they could also lead an individual in Oregon to experience substantial financial hardships that may in turn prompt a need to search for options for relief, such as bankruptcy.

There are a multitude of circumstances that can leave a person with a significant amount of debt. Potential purchases that could require one to take on debt range anywhere from new mortgages to car loans, or even a loan to start a new business. While at the time, one's monthly income might be sufficient to cover monthly expenses, a change of circumstances can leave an individual in dire financial straits.

Bankruptcy: Knowing when to seek relief from debts in Oregon

Many individuals in Oregon and elsewhere may find that dealing with overwhelming amounts of debt can be stressful and challenging. Those who experience similar hardships may wish to know the signs that may indicate their debts have become a problem, and when it may be advisable to seek assistance. Should one suffer through prolonged periods of monetary struggle, he or she may benefit from seeking guidance on every available option for relief, such as bankruptcy.

There are a multitude of scenarios in which one might experience financial troubles, one of the more prevalent being substantial amounts of credit card debt. With the high interest rates associated with similar lines of credit, a constant increase in balance, despite efforts to pay, might indicate a need for concern. Should an individual reach the limit on one or more cards, managing even the minimum monthly obligations could become difficult at best.

As the economy grows, credit card interest rates may rise

As conditions in the economy improve, many individuals in Oregon and elsewhere may find it much less difficult to access new lines of credit. While this could seem like a positive change, those who receive offers for a credit card might want to proceed with caution. Credit cards may already have higher interest rates than other lines of credit, which may only continue to rise in accordance with the increases to the economy and stock market.

Interest rates on credit card accounts are tied to the federal funds rate. The study suggests that the Federal Reserve might increase interests rates by the end of the year, and could potentially do so up to three or four times in the following year. This would reportedly lead to subsequent rises in rates on credit cards, which could cause those who carry constant balances to experience further monetary hardships.

The potential risks of carrying a revolving credit card balance

Many individuals in Oregon and elsewhere have chosen to turn to lines of credit for aid in times of financial trouble at some point in their lives. While this may offer some relief, the effect could only be temporary and leave an individual in a more challenging situation in the future. Those who suffer under the weight of credit card debt might find it beneficial to consider exploring a solution instead of a temporary fix, such as filing for bankruptcy.

According to reports, almost 30 percent of those who took part in a recent survey admitted to carrying a credit card balance. Nearly half of them assert they have carried that balance for a minimum of two years. When asked about the reasons for carrying a constant balance, the most prevalent answer given by those surveyed pertained to keeping up with every day expenses.

Overcoming the burdens of debt through Chapter 7 bankruptcy

Constantly dealing with overwhelming amounts of debt can place a substantial financial weight on a person. Individuals in Oregon and elsewhere who experience the strains of debt may wish to pursue relief, but with little to no experience in the area, they may be uncertain where to turn for advice. Those who are facing similar circumstances could benefit from seeking guidance on the potential advantages of filing for Chapter 7 bankruptcy.

While there are numerous available options for those experiencing severe financial hardships, Chapter 7 bankruptcy is one of the more prevalent options with which to seek relief from debts. However, some may have a certain level of reservation concerning the process, which may in part be due to the liquidation of assets. While this type of bankruptcy does call for the liquidation of certain assets, this doesn't necessarily mean all of them, and a person might be able to retain many or most of his or her possessions after filing.

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Eugene, OR 97401

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Albany, OR 97321

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Roseburg, OR 97470

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