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...
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Chapter 7 Bankruptcy
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...
What to know before working with a debt settlement program
Many people across Oregon are struggling to stay atop of their finances. This is often the result of unanticipated medical expenses or mounting credit card debt. If you count yourself among those struggling to keep up, you may be looking for ways to regain control and...
How the bankruptcy means test determines Chapter 7 eligibility
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...
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...
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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.