Falling behind on bills and struggling with debt could lead to a situation where a homeowner faces foreclosure. Fortunately, Chapter 13 bankruptcy offers a potential lifeline for those looking to avoid losing their homes. This legal option has a couple of important...
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Chapter 13 Bankruptcy
What are the benefits of Chapter 13 bankruptcy?
Even when you have a healthy, steady source of income, it’s still possible to end up with overwhelming debts that you can’t afford to pay. While a Chapter 7 bankruptcy offers a faster resolution for your financial problems, not everybody qualifies for Chapter 7 – and...
Why choose Chapter 13 if you still have to pay your debt?
If you have unaffordable debt and you file for Chapter 7 bankruptcy, your debt is eliminated. This is what most people think all bankruptcy cases look like, although that is a myth. You also may be able to use Chapter 13, for example. With Chapter 13, your debt is not...
How long does it take for a discharge in Chapter 13 bankruptcy?
People often file for personal bankruptcy because they are desperately in need of a reprieve from aggressive collection activity. They may dread answering the phone or worry that every knock at the door is a process server. They could also already face a pending...
Can you file bankruptcy if you have an income?
Many people who have no income but a lot of debt will decide to use bankruptcy to get rid of their debt. This is known as Chapter 7 bankruptcy, and it simply liquidates non-exempt assets. But say that you still have a fairly good income, but it's just not enough for...
What situations may require me to change my bankruptcy plan?
You probably hope that filing for Chapter 13 bankruptcy is the first step on your journey to fiscal solvency. Like any journey, there are bound to have turns along the way, and your repayment plan will probably not be an exception. Even after you have come up with...
How do Chapter 7 and Chapter 13 bankruptcies differ?
Many Oregon residents are facing increasingly overwhelming debt. Sometimes, the debt compiles as a result of major medical bills. Other times, it is the result of unemployment or an unforeseen emergency. Regardless of how you accumulate debt, you may be able to find...
What are the pros and cons of Chapter 13 bankruptcy?
Even with regular income, you may struggle with debt. To regain control of your finances, you may consider options such as filing for Chapter 13 bankruptcy. Before declaring Chapter 13 bankruptcy, you may benefit from understanding some of the upsides and...
What are the income requirements of the Chapter 13 repayment plan?
If you wish to file Chapter 13 bankruptcy, you will have to create a repayment plan for your debts. There are several rules you must follow to make a plan the court will approve. Part of the requirements is to include the repayment in full of certain debts, which may...
Planning your future after Chapter 13 bankruptcy: Home ownership
In a Chapter 13 bankruptcy, your goal is to pay off what you owe over time on a court-approved payment schedule. The nice thing about Chapter 13 bankruptcy is that it does allow you to settle for less than you owe in most cases, and you have an end-date in sight for...
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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.