Chapter 7 bankruptcy helps individuals eliminate certain debts and start fresh. However, you need to understand how it affects ongoing obligations like child support and alimony. Chapter 7 bankruptcy will not discharge child support or alimony, as courts consider...
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Chapter 7 Bankruptcy
Will I lose my possessions if I file for bankruptcy?
Bankruptcy is a helpful legal process for individuals dealing with financial challenges. Those with credit card debts or insurmountable medical bills may choose to file for personal bankruptcy as a means of regaining control over their finances. Bankruptcy can help...
Will Chapter 7 stop wage garnishment?
If you're dealing with wage garnishment, it can feel like you're losing control of your finances. A significant portion of each paycheck gets taken before you even see it. You may be asking whether Chapter 7 bankruptcy can put an end to this. In many cases, it can....
What happens to retirement funds during bankruptcy?
Individuals dealing with financial hardship due to job loss, medical issues or other challenges may require relief. A personal bankruptcy filing can help people limit collection efforts and diminish their financial obligations. Bankruptcy halts collection activity and...
Steps to rebuild your financial life after Chapter 7 bankruptcy
Filing for Chapter 7 bankruptcy provides a fresh start, but rebuilding your financial life takes time and effort. After discharge, you must take specific steps to regain stability and improve your credit. Following a clear plan can help you move forward with...
The means test: Will you qualify for Chapter 7 bankruptcy?
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...
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,...
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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.