Financial stress is bad for your health
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1w ago
Have you been dealing with a lot of financial stress lately? Maybe you’re thinking about bankruptcy because you’ve been trying to pay off all of your debt, you just haven’t been successful and you’re not sure that there is a solution that’s going to work. This has been keeping you up at night and stressing you out, and you just want to put an end to it. Don’t ignore this feeling. Studies have actually found that financial stress can be very bad for your health, which is one of the advantages of alleviating it, perhaps through the bankruptcy process. Let’s look at some of the ways that it can h ..read more
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Can you pay back a family debt before you file bankruptcy?
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1w ago
You never expected to be in this financial situation, but bankruptcy is definitely looking like it is a possibility in the near future. You’re not happy about defaulting on any of your debt – but not all debts are built alike. The ones that really bother you are the ones that involve your family members or friends. Maybe your parents gave you seed money for your startup, or maybe your brother gave you a few thousand to help you get into your house. Whatever the situation, you’d really like to pay them back before you file Chapter 7. Unfortunately, you can’t do that. When it comes to bankruptcy ..read more
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What is an emergency bankruptcy filing?
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
2w ago
Many people spend weeks, if not months, contemplating bankruptcy before they finally file. They tell themselves that if they can adjust their budget or secure a raise in the interim, they won't need bankruptcy protection. Other people don't have the benefit of weighing their options. They need bankruptcy protections almost instantly. Emergency bankruptcy filings are relatively common in the United States, and they involve someone filing for bankruptcy in response to some kind of personal emergency situation. What might trigger an emergency bankruptcy? A creditor lawsuit Often, people reach out ..read more
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3 ways to tackle medical debt
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
3w ago
After receiving surgery or another type of treatment, many patients dread looking at their medical bill(s). That’s because about 41 percent of American adults owe between $500 and $10,000+ in medical debt. And for some, health insurance isn’t enough since it only covers a fraction of their costs. Though dealing with medical debt — or any debt — can be overwhelming, it doesn’t mean it’s impossible to handle. If you’re struggling with your medical bills, here are three ways to tackle them: 1. Seek and apply for medical financial assistance Hospitals in Oregon each offer programs that aid patient ..read more
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Why choose Chapter 13 if you still have to pay your debt?
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
If you have unaffordable debt and you file for Chapter 7 bankruptcy, your debt is eliminated. This is what most people think all bankruptcy cases look like, although that is a myth. You also may be able to use Chapter 13, for example. With Chapter 13, your debt is not eliminated, but is re-organized into a payment plan of three to five years. There are some rare exceptions for longer cases. You may be wondering why you would ever choose Chapter 13 instead of Chapter 7? Why even file for bankruptcy if you have to pay back what you owe? Isn’t that what you already have to do? You may not qualify ..read more
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Bankruptcy doesn’t need to end your dream of being a homeowner
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
1M ago
One of many reasons that relatively young adults resist filing for bankruptcy even when they’re drowning in debt is the fear that it will derail their dreams of one day buying a home. That’s not the case at all. If you continue in a debt spiral, you’re most certainly not going to be able to get a mortgage.  If you file for Chapter 7 bankruptcy, it won’t prevent you from qualifying for a mortgage. You will, however, have to be patient. Let’s look at a few things you should know. The length of time you need to wait depends on the type of mortgage None of the government mortgage agencies wil ..read more
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What you need to know about credit scores and medical debt
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
2M ago
No one looks forward to falling ill or getting hurt in an accident – or the big medical bills that follow. The medical debt can be compounded if you happen to be out of work due to your condition, especially if that affects your insurance entitlement. But how does your medical debt impact your credit score? Here is what you need to know about your medical debt and your credit score.  The damage from medical debt is being somewhat reduced Effective July 1, 2022, any paid medical debts will be deleted from your medical report and, thus, will not affect your credit score going forward. Of co ..read more
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How long does it take for a discharge in Chapter 13 bankruptcy?
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
2M ago
People often file for personal bankruptcy because they are desperately in need of a reprieve from aggressive collection activity. They may dread answering the phone or worry that every knock at the door is a process server. They could also already face a pending lawsuit brought by an unhappy creditor. Lawsuits can lead to wage garnishment or property liens and demand immediate action. Bankruptcy is the solution for many people overwhelmed by aggressive collection efforts. As soon as someone files, an automatic stay will prevent harassing phone calls and temporarily halt even lawsuits brought b ..read more
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How bankruptcy can help those face vehicle repossession
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
2M ago
Cars are very expensive but necessary tools. Even a used car will easily cost you more than $10,000, and a newer vehicle will cost many times that price. Unless you saved up for years before making a purchase or get money from your family members, you may not be able to buy a vehicle outright when you need transportation. Instead, you will apply for financing with a car loan company or bank and then pay off the loan over the next few years. The problem with financing a vehicle is that the car you depend on to take care of your family and get to work every day is the collateral for your loan. I ..read more
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Medical insurance doesn’t mean zero medical debt 
Kim Covington | A personalised & Sensitive Approach to Bankruptcy
by On Behalf of The Law Office of Kim Covington
3M ago
Healthcare in the United States operates on an insurance basis. While it may be tempting to think that this means people don’t rack up medical debt, the truth is actually very different. Medical debt is one of the most common causes of debt and bankruptcy in the country.  So, why, when individuals are insured, are they still finding themselves with mountains of medical debt?  Not all claims are accepted  You’ve chosen a medical insurance plan that seems to suit your needs. But you cannot really know this until you have to make a claim. Many claims are rejected, leaving the indiv ..read more
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