The means test is a financial evaluation process introduced by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Its main purpose is to ensure that people who can afford to repay some of their debts don't use Chapter 7 bankruptcy to avoid paying...
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Chapter 7 Bankruptcy
What happens to shared debts in Chapter 7 bankruptcy?
Joint debts can create extra challenges when a young family faces financial hardship. Many young couples wonder how Chapter 7 bankruptcy will affect their shared debts and whether it offers the relief they need. Understanding the process can help couples make informed...
What happens to stocks in Chapter 7 in Oregon?
Chapter 7 bankruptcy impacts assets in various ways. Understanding the treatment of stocks during Chapter 7 helps you make informed decisions about your financial future. Stocks as assets in Chapter 7 When someone files for Chapter 7, stocks count as part of the...
Financial struggles of good parenting
Part of being a good parent means providing everything a child needs to grow, learn and succeed. However, the cost of trying to accomplish this goal can sometimes lead to financial disaster as child-related bills add up quickly. The high cost of good parenting can...
Will I lose my possessions if I file for bankruptcy?
Falling behind on financial obligations is a common concern. Many people only have enough in savings to cover a few rent or mortgage payments. A job loss or a sudden illness is all it may take to fall severely behind on financial obligations. As debt levels increase,...
Can you go through Chapter 7 without losing any property?
The fact that Chapter 7 bankruptcy involves liquidating assets might make you wary about filing for it. However, if you face crushing debt, you should seek out relief. In fact, Chapter 7 bankruptcy might not take away anything that you own. It is true that Chapter 7...
What happens to assets in Chapter 7 bankruptcy?
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...
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....
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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.