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.
People who have been harassed by creditors know what a daunting and scary experience it can be. Creditors can threaten to take away items like your car, house or even wages, but they can also be fended away from a number of assets through asset protections, as well.
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.
Economic challenges have plagued many Oregon residents, especially since the recession began. Even with some signs that the economy is rebounding, many people continue to struggle and face ongoing threats of repossession, wage garnishment, bankruptcy or more. Asset forfeiture can affect a person’s ability to keep a car, a home or any other type of personal property that has some real value.
Consumers struggling through the continued challenging economy know the fear of losing valuable possessions as well as the stress of being unable to pay their bills. Depending upon the situation, a creditor can garnish your wages or take your car, home or other belongings. The need to stop repossession, garnishment and more is shared among many Oregon residents.