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Posts tagged "Chapter 13 bankruptcy"

How the wage gap feeds into the debt gap

Oregon residents and others may be aware of the wage gap. However, they may not know that there is also a debt gap between men and women. On average, women have higher student loan, auto loan and credit card balances compared to men. Those who are trying to get out of debt should start by paying back the balances with the highest interest rates.

Some experts say bankruptcy filings should not be delayed

Some Oregon consumers might be struggling with debt but may hesitate to file for bankruptcy. Many people may feel it is more honorable to pay debts and that filing for bankruptcy will stigmatize them. However, bankruptcy is a tool that is intended to offer people a fresh start. Many experts say waiting to file leaves people financially depleted and less able to take advantage of the benefits.

How to time a bankruptcy filing

Oregon residents may not file for bankruptcy because of the stigma surrounding it. However, it may be harder to truly get a fresh start after filing for those who wait too long to file. As a general rule, anyone who has a debt-to-income ratio of more than 40 percent should file for either Chapter 7 or Chapter 13 protection in the near future. The same is true for anyone who is not able to buy food or other necessities.

How does chapter 13 bankruptcy work for individuals?

The loss of a job, a change in your wages or any other number of factors can cause you to experience financial difficulties. If you are like others in Lane County who have been faced with such difficulties, you may have considered debt relief options, such as bankruptcy, to help you regain control of your finances. While chapter 7 filings are generally the most common, filing for chapter 13 bankruptcy may be better suited for your situation and needs.

How does Chapter 13 work for a small business?

The ability to run a small business is a dream come true for many people, and can be a rewarding experience. Unfortunately, many small business owners in Eugene are experiencing financial difficulties due to today’s tough economy. It can be heartbreaking if you’re thinking about shutting down your beloved company because you aren’t able to pay the bills. Fortunately, there are some options that you can consider before closing the doors for good on your small business.

Avoid repossession or foreclosure by filing for bankruptcy

If you are considering filing for bankruptcy, you may be concerned about things such as foreclosure or repossession. These negative things are most commonly associated with bankruptcy. However, this is one good reason for you to look into Chapter 13 bankruptcy when you are considering filing.

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.

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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
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