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November 2016 Archives

How hard is it to get approved for bankruptcy?

If you are experiencing financial troubles, bankruptcy might be one of the options you are considering to help you recover. You might have heard that personal bankruptcy is becoming more common. You might also have been told that it is difficult to be approved for a Chapter 7 discharge, or the opposite – that you can easily be approved for a bankruptcy. The truth is that being approved for Chapter 7 largely depends on your income, as well as a few other factors. The following is information that you and other Eugene residents should understand before filing for bankruptcy.

A secured credit card may help you reestablish your credit

After you have gone through a bankruptcy or experienced significant financial troubles, you might have been told that you need to avoid credit card debt. This may be true, especially if it was heavy credit card debt that got you into financial trouble in the first place. However, it is also important to take steps to repair your credit rating and get on solid financial ground. At The Law Office of Kim Covington, we understand that responsibly managing a credit card might be an effective credit-repair strategy for you and other Eugene residents.

Can you do anything about student loans you cannot pay?

Many types of debt can be discharged through a Chapter 7 bankruptcy, including credit cards, medical debt and fees resulting from late utility payments. However, as many people in Eugene have become aware, federal student loans are one type of debt that is not dischargeable. If you have student debt, you will be required to repay it. Filing for bankruptcy will not affect your student loans. Is there anything that you can do to relieve this burden if you find yourself unable to make your student loan payments?

What should you know about bankruptcy fraud?

The chances are that if you are experiencing financial difficulties, you may be considering filing for bankruptcy. Like most types of complex financial matters, there is the possibility of criminal exploitation involving personal bankruptcy. There are people in Oregon and elsewhere who will falsify or manipulate information for their personal gain. It is important that you understand the aspects of bankruptcy fraud so you do not unintentionally violate a rule and be suspected of wrongdoing.

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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

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

T: 800-673-1891

F: 541-344-6466