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Chapter 13 Archives

Chapter 13 can stop foreclosure from delinquent home equity loans

Home equity loans enable homeowners to tap into the equity in their home for just about anything: home repairs, medical expenses, vacations, tuition and more. Low interest rates and the possibility of tax deductible interest payments make home equity lines of credit even more appealing to homeowners in Lane County who are strapped for cash. Unfortunately, many homeowners don’t realize that if they can’t make the payments on a home equity loan or line of credit that their home can be foreclosed upon, even if their first mortgage is paid off.

Chapter 13 bankruptcy laws could soon be standardized

Even though bankruptcies are approved in federal court, the laws surrounding bankruptcy vary by state. Belongings that are exempt in Oregon, for instance, may not be exempt in Ohio or New York. Chapter 13 has also allowed for some flexibility or creativity to restructure consumer debt and make it more manageable. That could soon change, however.

Underwater homeowners in Oregon can stay afloat with Chapter 13

The latest Census Bureau reports indicate that the financial recovery is sluggish in many areas across the United States. Many homeowners in Lane County have taken out second mortgages in past years and are now struggling to make not one, but two mortgage payments in addition to their other financial obligations. Those who are faced with the possibility of foreclosure may want to consider reorganizing their debt and making payments more manageable with Chapter 13. This type of bankruptcy may also allow homeowners to discharge second mortgages altogether.

Congressional recess creates worry over student loan rates

People in Oregon go into debt for many different reasons, but one reason that is becoming increasingly debilitating is paying for a college education. Student loans are given to a college student by the government, and must be paid back with interest in many cases. As the cost of obtaining a college degree increases, many students are also paying more in interest as Congress fails to find a compromise on arguments over student loan rates. Even those with college degrees are looking for ways to get debt relief and reorganize debt to a point where it is manageable.

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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 19 years.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

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P: 541-393-2790

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