If you have recently filed Chapter 7 bankruptcy, you may feel as if renting a home in Oregon is your only option for the foreseeable future, even though eliminating your debt has put you in good financial shape again. However, you do not necessarily need to wait until the bankruptcy disappears from your credit report before a lender will consider you. At The Law Office of Kim Covington, our team has advised many people who are ready to get back on their feet after bankruptcy.
Regardless of the amount of income, debt can be a major problem for those who live in Oregon. The increasingly higher costs of housing and difficulties paying off medical bills and credit card debt are overwhelming for many people. According to the American Psychological Association, annual polls consistently reveal that more than half of Americans are stressed out over money. The problem may be worse for younger adults, and for those who have children under 18 years old.
If you own a struggling business in Oregon, you may associate bankruptcy with the end of the line for your entrepreneurial spirit. However, sometimes getting out from under impossible financial circumstances through a chapter 7 bankruptcy may free you to go on to better things. According to Nerd Wallet, that approach has worked for more than one small business owner who fell victim to situations beyond their control.
Once you have determined that you cannot get out from under your mountain of debt by making monthly payments, you may be looking forward to the relief of bankruptcy to restore your financial equilibrium. Chapter 7 bankruptcy in Oregon is a process, though, and one of the first steps you must take, before you file, is the completion of a credit counseling course.
From unanticipated medical problems to declining sales, businesses may find it necessary to file for bankruptcy for many reasons. In Eugene, and other cities across the state of Oregon, deciding to file for bankruptcy can be an incredibly difficult decision. However, it can help businesses recover from the financial stressors they are facing and restore a sense of normalcy. For those considering filing for bankruptcy, different options may be on the table. Sometimes, Chapter 7 is the most effective course of action.
As you might imagine, there are many steps you must take when you make the decision to file for a Chapter 7 or Chapter 13 bankruptcy. The choices you make before you get to this point may also make a difference between which type of bankruptcy you are approved for or even if a bankruptcy judge approves your request. If you do not complete the steps correctly or make unwise choices before filing, your case could be thrown out. At The Law Office of Kim Covington, we are prepared to assist Eugene clients through these steps, and we also have a full understanding of what they should do before filing.
If you are experiencing financial troubles, bankruptcy might be one of the options you are considering to help you recover. You might have heard that personal bankruptcy is becoming more common. You might also have been told that it is difficult to be approved for a Chapter 7 discharge, or the opposite – that you can easily be approved for a bankruptcy. The truth is that being approved for Chapter 7 largely depends on your income, as well as a few other factors. The following is information that you and other Eugene residents should understand before filing for bankruptcy.
The chances are that if you are experiencing financial difficulties, you may be considering filing for bankruptcy. Like most types of complex financial matters, there is the possibility of criminal exploitation involving personal bankruptcy. There are people in Oregon and elsewhere who will falsify or manipulate information for their personal gain. It is important that you understand the aspects of bankruptcy fraud so you do not unintentionally violate a rule and be suspected of wrongdoing.
If you are constantly receiving overdue notices in the mail or getting repeated phone calls about late bills, it can be quite tempting to just ignore the problem. At The Law Office of Kim Covington, we understand that dealing with financial problems is stressful for you and other Eugene residents. You may find it easier to avoid the stress by ignoring the mail and phone calls. However, pretending a bill does not exist will not make the problem go away. In fact, it could exacerbate your situation.
If you are considering filing for bankruptcy, you may think that all of your debts will disappear and you will be left with an entirely clean slate. However, this is not necessarily true. Depending on the types of debt you have, you and other Eugene residents may still have some debt you are required to pay back after a Chapter 7 discharge. At The Law Office of Kim Covington, we understand the differences between dischargeable and non-dischargeable debt, and are prepared to assist you in learning what your obligations are.