When you accrue so much debt in Oregon that you have no realistic way of paying back what you owe, you may start looking into bankruptcy and considering whether it might help improve your situation. Consumer bankruptcies come in two types: Chapter 7 and Chapter 13...
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 should I know about filing bankruptcy?
Making the decision to file bankruptcy is something you must do with care. It will have an impact on your future, so you want to be sure it is exactly what you need to do. With that in mind, it is a good idea to learn as much as possible about the process before...
How should I limit my spending before filing for Chapter 7?
Your debt burden may feel dire enough that filing for Chapter 7 bankruptcy maybe your best option to clear your debt and make a fresh financial start. But to qualify for bankruptcy, you want to make sure you do not do anything to endanger the approval of your...
Caring for a loved one may result in unmanageable debts
Individuals may feel overwhelmed while acting as a full-time caregiver for a spouse, child or aging relative. When a serious illness requires round-the-clock care, some caretakers quit their jobs or reduce their hours. An individual may also sell off his or her assets...
What you should know about a reaffirmation agreement
The flexibility of bankruptcy, even Chapter 7 bankruptcy, can help you keep certain assets while discharging burdensome debt. A reaffirmation agreement is one example. You may fear you will lose a car that has an outstanding loan balance. However, if you sign a...
What can you lose in bankruptcy?
After a recent health scare, you now have an unexpected medical debt to add to your student loan debt, both of which push your finances to the brink. If you file for bankruptcy, what do you stand to lose? Bankrate explores what creditors may take to offset your debt....
How can you rebuild your credit score?
Most people fear bankruptcy because of the harm it does to their credit score. If you fear your credit score dropping, it is important to know that you can rebuild after. According to My Fico, there are several ways that you can build up your credit score, no matter...
What are the main causes of overwhelming credit card debt?
As a young family, you and your spouse may find yourselves making credit card purchases far more often than you would have anticipated. After all, when you first set up housekeeping, you likely need “everything.” Unfortunately, for most couples, this need continues...
Do you know these bankruptcy myths?
Your efforts to improve your financial health over the last few years proved fruitless. You thought about filing for bankruptcy, but feel uncertain about whether the move makes sense. To help, read these bankruptcy myths from the American Bankruptcy Institute. After...
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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 22 years.