Though bankruptcy often carries a stigma, the process helps people regain their financial footing after suffering from mounting debt. Still, even if you decide Chapter 13 bankruptcy is right for you, you might feel tempted to try to complete the repayment plan ahead of schedule. It is possible to fulfill a Chapter 13 repayment plan early, but doing so may bring complications that you are not able to handle. The positives of early completion Carrying debt can be mentally and emotionally taxing, so becoming debt-free sooner may lift a significant burden. Paying off debts early can also allow you ..read more

Credit card debt is a modern crisis, with the nation's exceeding $1 trillion, according to Bankrate. The convenience, the disconnect between the mind and the piece of plastic in your hand and the ability to spend money you do not have make it easy to rack up debt. However, credit cards do not cause financial problems for everyone, and by taking certain steps, you can use a credit card without sinking into debt. 1. Create a budget Make a detailed budget listing your monthly expenses and income. Allocate a portion of your pay to your credit card balance. There are online resources that can help ..read more

When facing financial difficulties, individuals may seek to file Chapter 7 bankruptcy, which clears their debts. However, this legal process involves liquidating assets to pay them off. Therefore, individuals considering this action should understand what could happen to their assets. Liquidation process In 2022, 261,277 individuals filed for Chapter 7 Bankruptcy, according to U.S. Courts. Once the bankruptcy petition gets filed, an automatic stay goes into effect, halting creditors' collection efforts. The trustee then evaluates the debtor's assets to determine which ones are eligible for liq ..read more

Falling behind on bills and struggling with debt could lead to a situation where a homeowner faces foreclosure. Fortunately, Chapter 13 bankruptcy offers a potential lifeline for those looking to avoid losing their homes. This legal option has a couple of important features that can stop the foreclosure process and enable a person to get back on track with mortgage payments. Help from the automatic stay The automatic stay goes into effect immediately upon filing bankruptcy. It halts all collection efforts, including foreclosure proceedings. This provision gives homeowners breathing room to reo ..read more

Someone who is contemplating a personal bankruptcy filing has likely endured a lengthy period of financial instability. They may have experienced a sudden drop in income or a massive increase in monthly household expenses. Especially in scenarios involving low income levels, a bankruptcy filing might seem like the best solution for households with high levels of debt. Anyone at or below the median income level for their household size in Oregon might be able to pass the means test that determines whether they qualify for Chapter 7 bankruptcy proceedings. Even if someone knows that they should ..read more

Making serious financial decisions in your 20s can significantly impact your future. Some decisions can lead to debt, and then you might have to make decisions regarding how to recover. For some, bankruptcy can absolutely be a viable solution to overwhelming debt. However, it is also important to understand the consequences and advantages before taking this step. Consequences of filing for bankruptcy Filing for bankruptcy can severely damage your credit score, making it difficult to secure loans or credit cards in the future. This negative mark can stay on your credit report for up to ten year ..read more

Medical debt is a significant concern for many individuals, regardless of age. Even young adults in Oregon are vulnerable to this financial burden despite their youth. Several factors contribute to their susceptibility to accumulating medical debt. Limited insurance coverage and access One reason young adults struggle with medical debt is inadequate health insurance coverage. Many young adults may lack insurance or not have enough due to factors such as employment status. Without comprehensive insurance coverage, they may be responsible for significant out-of-pocket expenses when seeking medic ..read more

Facing financial difficulties is certainly a daunting experience. However, filing for bankruptcy can be a valid step toward a fresh start for those struggling to overcome debt. While filing for bankruptcy provides a way to address debts and financial obligations, it is not without drawbacks. You can make the best decision by understanding how this decision can affect your interest rates and future transactions. Credit score conundrum One of the immediate consequences of filing for bankruptcy is the impact on your credit score. A bankruptcy filing can significantly lower your credit score, maki ..read more

Families in Oregon may have significant credit card debt due to medical expenses from childbirth, limited income and child essentials. Chapter 7 bankruptcy could be a potential solution for some of these families facing overwhelming credit card debt. For example, it can restructure credit card debt to make it more manageable. Filing The first step involves filing a petition with the Oregon bankruptcy court. The debtor must provide comprehensive financial information, including income, expenses, assets and liabilities. This initiates the process that can eventually lead to the discharge of elig ..read more

When an individual falls behind on their financial obligations, their creditors have numerous different options. Collection activity often begins with written notices and phone calls. However, it may soon escalate to more serious efforts, including lawsuits against someone who has failed to make payments on their debts. Creditors taking someone to court could try to place a lien against their property or garnish their wages. Wage garnishments involve a creditor intercepting part of someone's income before it ever reaches their bank account. For someone already struggling with their monthly bil ..read more