The Law Office of Kim Covington Kim Covington Bankruptcy Lawyer Kim Covington Bankruptcy Lawyer

December 2015 Archives

Strategies for paying off medical debt

Medical bills are one of the leading causes of debt and bankruptcy in the U.S. each year. According to the Association of Credit and Collection Professionals, 41 percent of people aged 19-64 disclosed that they had trouble paying their medical bills or associated medical debt. As one of the largest problems facing Americans today, it is essential that patients know what to do when they have difficulty paying their medical bills.

What will happen to my credit after I declare bankruptcy?

According to the United States Bankruptcy Court for the District of Oregon, when you file for bankruptcy in the state, credit reporting agencies may take your publicly filed documents and send the information to credit reporting services who then put the information on your credit report. When doing so, they may indicate that your debt was discharged through bankruptcy and you have no current balance on the account. Although you no longer owe the company any money, you may see your credit score drop significantly as a result. How much your score drops depends on your credit score prior to filing, how many debts were discharged during your bankruptcy and your overall debt-to-income ratio.

Stopping repossession

When debtors take possession of items without having paid for the items in full, they may be in danger of having those things repossessed. According to the Federal Trade Commission, the company’s ability to repossess the items in question largely depends on whether or not a signed contract exists and the provisions that are contained therein. For example, a contract may state that a man is required to make all payments on time, and if he fails to do so, he may be subject to repossession.  

What you should know about the meeting of creditors

The Oregon State Bar states that after filing for Chapter 13 bankruptcy, debtors must attend a meeting of creditors to give testimony regarding their debts. This meeting, which is also known as a 341 meeting, is compulsory, and if the debtor fails to attend, the Court can dismiss his or her case as a result. A trustee is usually the one to oversee this meeting, which can last a few minutes in simple matters or many hours for complex cases. The trustee is often tasked with ensuring that procedure is followed, verifying that the testimony of the debtor is accurate, and making recommendations about the debtor’s plan to the judge.

Office Locations

The Law Office of Kim Covington

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

Map & Directions

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

Map & Directions

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

Map & Directions

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