When facing financial difficulties, individuals may seek to file Chapter 7 bankruptcy, which clears their debts. However, this legal process involves liquidating assets to pay them off. Therefore, individuals considering this action should understand what could happen...
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Chapter 7 Bankruptcy
Are retirement savings at risk during an Oregon bankruptcy?
Someone who is contemplating a personal bankruptcy filing has likely endured a lengthy period of financial instability. They may have experienced a sudden drop in income or a massive increase in monthly household expenses. Especially in scenarios involving low income...
How Chapter 7 bankruptcy can help families with credit card debt
Families in Oregon may have significant credit card debt due to medical expenses from childbirth, limited income and child essentials. Chapter 7 bankruptcy could be a potential solution for some of these families facing overwhelming credit card debt. For example, it...
Can you keep your home when you file for bankruptcy?
Facing financial challenges can be overwhelming. For some, filing for bankruptcy represents a possible solution. A primary concern many have when considering bankruptcy is whether they can keep their home. The answer to this question depends on various factors....
4 pitfalls to avoid during a bankruptcy
Entering Chapter 7 bankruptcy is a formidable journey, and steering through it successfully requires a keen understanding of potential pitfalls. By sidestepping these challenges, individuals can enhance their prospects of achieving financial stability in the...
What if someone doesn’t qualify for Chapter 7?
Bankruptcy is a useful tool for many people, but that doesn’t mean that everyone qualifies. Those who are trying to use Chapter 7 bankruptcy have to take a means test first. This essentially measures their assets and income to see if they can actually use Chapter 7...
Bankruptcy doesn’t need to end your dream of being a homeowner
One of many reasons that relatively young adults resist filing for bankruptcy even when they’re drowning in debt is the fear that it will derail their dreams of one day buying a home. That’s not the case at all. If you continue in a debt spiral, you’re most certainly...
What are the requirements for filing for Chapter 7 bankruptcy?
Are you choking in debt and unsure what to do next? Are creditors giving you sleepless nights? Has a significant life event taken a toll on your finances? If your answer is yes to these questions, then it might be time to consider declaring bankruptcy. While...
How does a Chapter 7 bankruptcy impact children?
Filing for bankruptcy can be scary when you have a family to support. While on one hand you do need to resolve your debts and get back on track, you also want to be sure that your children have everything they need. Particularly with Chapter 7 bankruptcy, a...
What is exempted under Chapter 7 bankruptcy in Oregon?
You may be worried that you will lose all your property after filing for bankruptcy. While your fears may be well-founded, it may not be the case. Filing for bankruptcy does not mean giving up every property you own. If anything, it is supposed to help you start...
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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.