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

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