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...
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...
Chapter 13 and preventing foreclosure
If you are currently facing foreclosure or you worry that you will find yourself in this position down the road, it is vital to take a careful look at your situation and understand strategies to prevent losing your home to foreclosure. From filing a court motion to...
Chapter 13 bankruptcy: Debt limits and eligibility to file
When Oregon residents can no longer keep up with their debts and the harassing phone calls trying to collect never seem to stop, bankruptcy may be a worthwhile alternative. Knowing which chapter suits the individual’s needs can be confusing. This, combined with the...
Should I file for bankruptcy under Chapter 7 or Chapter 13?
Deciding to file for bankruptcy is a difficult decision that requires a great deal of planning and consideration. Before making that decision, however, you should be aware of your options when it comes to filing for bankruptcy. Most bankruptcies are filed under...
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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.