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....
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...
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.