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August 2015 Archives

What can I do if I cannot make my Chapter 13 bankruptcy payments?

When you file for Chapter 13 bankruptcy in Eugene, Oregon, you pay monthly payments to a trustee, and these are applied to your debt. Although the Chapter 13 plan should give you manageable payments, the percentage of your income that goes to the trustee each month may make taking care of emergency situations difficult. Defaulting on the payments can have drastic consequences, such as dismissal of your bankruptcy, so it is essential that you address the issue with your trustee before you fall behind.

Benefits and disadvantages of reaffirming a debt in bankruptcy

When you have decided that Chapter 7 bankruptcy is the best way for you to overcome your current financial challenges, there may be some personal property, such as a vehicle, that you would like to keep. We at the Law Office of Kim Covington understand that repossession of your transportation can create hardship in cases like these. According to the District of Oregon Bankruptcy Court, a reaffirmation agreement may be the solution that allows you to continue paying the debt on that item while other debts are discharged.

Strategies for paying off multiple credit card debts

Consumers in Oregon struggling to make payments on multiple credit card balances each month are not alone, according to a 2014 Gallup Poll. The survey indicates that the average credit card owner in the United States has 3.7 cards. Of these, 20 percent typically do not pay off the full amount each month. The average amount of debt among credit card holders is over $3,500. suggests that a credit card payoff strategy may be helpful in eliminating the debt and freeing up disposable funds each month.

Should you and your spouse file for Ch. 13 bankruptcy jointly?

In Oregon, it may not be in a married couple’s best interests to file for bankruptcy jointly. If you and your spouse are struggling with debt that is primarily in your spouse’s name, it may benefit both of you for your spouse to file for Chapter 13 individually. This is because Oregon is a common law state, which means that property acquired during the marriage is considered legally owned by the spouse who obtained it. The debts and property in your name would not be affected by the bankruptcy.

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

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Phone: 541-393-2790
Fax: 541-344-6466
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