Why young adults can struggle with medical debt despite their age
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1w ago
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
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How filing for bankruptcy can affect your interest rates
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
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
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How Chapter 7 bankruptcy can help families with credit card debt
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
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
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What people need to know about wage garnishment in Oregon
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
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
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Strategies for rebuilding your credit after bankruptcy
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
Facing bankruptcy can be a challenging and overwhelming experience, but it is not the end of your financial journey. Rebuilding your credit after bankruptcy requires dedication, discipline and a strategic approach. Learn about your credit report In 2023, 433,658 people and businesses filed for bankruptcy, damaging their credit. Like these businesses and individuals, you likely want to start rebuilding your credit as quickly as possible. Start by obtaining a copy of your credit report from major credit bureaus. Review it thoroughly to identify any errors or discrepancies. If you discover any is ..read more
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Can you keep your home when you file for bankruptcy?
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
Facing financial challenges can be overwhelming. For some, filing for bankruptcy represents a possible solution. A primary concern many have when considering bankruptcy is whether they can keep their home. The answer to this question depends on various factors. Understanding the intricacies of bankruptcy laws is necessary for making informed decisions about your home and financial future. Chapter 7 bankruptcy and your home Chapter 7 bankruptcy is a liquidation bankruptcy. It is also the most common form of personal bankruptcy, with the Motley Fool reporting that 70% of those who file for bankr ..read more
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Why you shouldn’t feel guilty about filing for bankruptcy
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
For years, bankruptcy carried a significant stigma. It still does in many sectors of society. Yet, if you are in a position where you cannot meet your payments, feeling guilty won’t help. What’s more, it could do you a lot of harm. People often underestimate the mental effect debt can have on someone, affecting their relationships and work. While you must take any loans you get seriously and do your best to keep up with payments, it’s important to remember that creditors are not fools. They did not give you money out of the kindness of their heart. They did it because they were looking to make ..read more
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Preparing to file for personal bankruptcy
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
2M ago
According to Statista, 922 Oregon residents filed for bankruptcy in 2021. Filing for personal bankruptcy is a significant decision that requires careful preparation and understanding. It is a legal process that allows you to address unmanageable debts, but it involves several important steps. Understanding these steps is important to ensure that you are ready for the process and its implications. Assess your financial situation To begin with, you need to assess your financial situation thoroughly. This involves gathering all financial documents, including your income statements, bank statement ..read more
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Should you file for bankruptcy because of medical debt?
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
3M ago
Medical debt creates a difficult financial situation for many American families. Filing for bankruptcy could be a solution to mounting hospital bills you cannot pay. Considering all factors can help you decide whether you should pursue bankruptcy for significant medical debt. Understanding medical debt Medical debt can accumulate swiftly, catching you off-guard after an unexpected illness or injury. Even if you have health insurance, you may be responsible for out-of-pocket expenses, deductibles and uncovered treatments. According to a study by the Kaiser Family Foundation, 11 million American ..read more
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4 pitfalls to avoid during a bankruptcy
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
3M ago
Entering Chapter 7 bankruptcy is a formidable journey, and steering through it successfully requires a keen understanding of potential pitfalls. By sidestepping these challenges, individuals can enhance their prospects of achieving financial stability in the aftermath. 1. Neglecting financial planning One of the gravest mistakes individuals make during Chapter 7 bankruptcy is neglecting financial planning. Failing to create a realistic budget can hinder your ability to manage your finances effectively post-bankruptcy. Take the time to outline your monthly expenses and income, ensuring that you ..read more
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