Many people worry about how much of their income they'll need to give up to pay off their debts in a Chapter 13 process. What may happen to your disposable income if you undergo a Chapter 13 bankruptcy in Oregon? Understanding disposable income in Chapter 13 In a Chapter 13 bankruptcy, your disposable income is a key component of your repayment plan. It's what’s left of your earnings after necessary expenses like rent, utilities, groceries, and taxes. The court uses this amount to determine how much you must pay towards your debts each month. But not all of your disposable income goes to credi ..read more

Filing for bankruptcy can be a complex and emotional decision. It is even more complicated when someone has co-signed a loan with you. If you have loans with co-signers, it’s important to know how your bankruptcy will impact them. Understanding co-signer responsibilities When someone co-signs a loan, they agree to pay back the debt if you, the primary borrower, default on it. If you stop making payments, the co-signer is legally obligated to pay the balance. This responsibility does not go away simply because you file for bankruptcy. Impact of Chapter 7 bankruptcy If you file for Chapter 7 ban ..read more

Filing for bankruptcy is a significant decision. It can offer relief and a fresh start, but knowing when to take this step is crucial. It may be helpful to consider some signs that it might be time to consider bankruptcy in Oregon. Constantly using credit cards for essentials When you rely on credit cards for basic necessities like groceries and utilities, it might indicate a deeper financial issue.  Receiving collection calls and letters Persistent calls and letters from creditors are a clear sign of financial distress. If you’re unable to keep up with payments and debt collectors are co ..read more

The strategic use of your credit card may help you build good credit. However, some credit card providers offer generous rewards and perks, which may tempt you into overspending and result in debt. Being in debt may pose critical financial problems with long-term consequences. One effective way to prevent this issue is through smart credit card spending. Spending wisely using your credit card Tracking your spending may help you stay on budget, understand where your funds go and prepare for your expenses in advance. For example, if you understand where your money goes, you can determine how muc ..read more

Part of being a good parent means providing everything a child needs to grow, learn and succeed. However, the cost of trying to accomplish this goal can sometimes lead to financial disaster as child-related bills add up quickly. The high cost of good parenting can become overwhelming and cause stress that can fill a child’s home environment with unnecessary anxiety. Dental bills Part of doing the right thing for your children is taking them to the dentist once a year. These regular appointments are important because the sugary drinks they consume at school can lead to cavities. Many also need ..read more

Facing financial difficulties can be overwhelming. It is important to understand the situation and take steps to manage it. Creditors are the people or organizations to whom money is owed. Knowing how to deal with creditors and considering bankruptcy can help regain control of finances. Communicating with creditors The first step in dealing with creditors is to communicate with them. Ignoring their calls or letters will only make the situation worse. Contact the creditors and explain the financial difficulties. Many creditors are willing to work with individuals to create a payment plan that i ..read more

The fact that Chapter 7 bankruptcy involves liquidating assets might make you wary about filing for it. However, if you face crushing debt, you should seek out relief. In fact, Chapter 7 bankruptcy might not take away anything that you own. It is true that Chapter 7 can result in a bankruptcy trustee selling off some of your property to satisfy some of your debt, but only if the assets you own are non-exempt. Chapter 7 and asset exemptions In Chapter 7, you have the opportunity to exempt certain assets from liquidation. Oregon offers a set of exemptions that protect various types of property ..read more

Generation Z, born between the mid-1990s and early 2010s, has come of age during unique financial times. Despite their efforts to follow the advice of financial gurus who emphasize living debt-free, saving aggressively and avoiding credit cards, many Gen Z individuals nonetheless find themselves facing bankruptcy. The difficult economic factors they are experiencing have led some young people to question whether traditional financial advice applies to them at all. Skyrocketing housing prices The housing market presents a significant challenge for Gen Z. Some financial advisors advocate for buy ..read more

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