If you are like others in Eugene who are struggling with debt, then you may have considered filing for Chapter 7 bankruptcy. While this option can help you regain control of your finances, it may require you to forfeit certain assets. These assets, known as non-exempt property, are generally liquidated to help pay off all, or a portion, of your debts. Therefore, it can be important to understand which of your assets may not be exempt to ensure filing for Chapter 7 is the right option for you.
It is not a surprise that money problems are stressful. Most people understand that stress can cause health problems. However, some Eugene residents may not understand the scope of the damage that can be caused by the extreme stress that comes from unemployment, insurmountable debt, home or car repossession or any number of serious financial challenges.
With the Great Recession nearly a distant memory, many people have begun to recover from financial challenges and are braving credit cards and other loans again. It can be good for Eugene residents to borrow in some cases. In other cases, this can lead to renewed financial woes. Credit card debt is especially challenging and can be difficult to recover from.
If you are currently struggling with credit card debt, you are not alone. A large number of Americans have found themselves saddled with credit card bills that they simply cannot pay off. Huge debts are being racked up across the country. However, there are many options for you to look into that can alleviate some of these debts that have been building up.
Whether someone is filing for Chapter 13 bankruptcy or Chapter 7 bankruptcy, they may have the same concerns regarding property. Many people question what property they will be allowed to keep and what they may have to forfeit. This is where property exemptions come in.
Filing for bankruptcy is a process that can introduce people to many new terms that they may not have heard or before, or terms that they may recognize but do not know the definition of. One of these terms is foreclosure, which is a word of key importance to anyone who is involved in the bankruptcy process due to the potential risks that it represents.
One worry that you may have about falling behind on your vehicle payments is that you may soon be at risk for repossession. The longer you wait between going into debt and filing for bankruptcy, the more time creditors will have to repossess your vehicle.
While the worst of the Great Recession has passed over most of the U.S., many communities and even entire states continue to be affected by high unemployment rates, home and vehicle repossession and other difficulties. California, Florida and Nevada, for instance, are particularly suffering from high foreclosure rates. The good news is that Oregon is doing much better in comparison, although many Oregon residents may still need additional help with ongoing financial problems by filing for bankruptcy or speaking with credit counselors.
While what is termed as the Great Recession of a few years ago is reportedly gone, that does not mean that financial challenges have completely vanished. Many an Oregon resident continues to struggle to wipe out credit card debt or consider bankruptcy as a means to get a fresh financial start. Consumers will always need to balance income with expenses and factors like unemployment, divorce and unexpected medical costs can make that difficult.
Consumers in Oregon and around the country can become involved in serious situations when debt collection activities go too far. Many credit card companies have been known to or suspected of using inappropriate means to recoup monies owed to them by debtors. Unfair practices for collecting consumer debt can make financial challenges for already-strapped debtors even worse. Many people can feel unsure of where to turn in the face of severe creditor harassment.