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1 week 20 hours ago

Foreclosure in Salem, Oregon is a process where your lender eliminates your ownership interest in your real property. The lender does this through a foreclosure sale that is held at a published place, (usually in front of the Marion County Courthouse) and time,. Once the foreclosure sale has taken place, you no longer own the real property and you will have to vacate the property within ten days of face eviction proceedings.
If your lender is threatening foreclosure, it means that you are seriously in default on your mortgage and really are in danger of losing your property. There are two separate kinds of foreclosure: judicial and non-judicial. 
In a judicial foreclosure, the foreclosure process is initiated through an actual lawsuit filed in the Marion County Circuit Court.  Once a judicial foreclosure complaint has been filed, the lender will serve you with a copy of the complaint and a summons. Once you have been served, it is imperative that you meet with a lawyer as quickly as possible, as there is a fairly limited period of time to keep the lender from obtaining a default order of foreclosure.
In non-judicial foreclosure, the lender does not file any paperwork with the court. It just records a Notice of Default and Election to Sell in the Marion County real property records. The Notice will be served upon you and all other occupants of your real property by certified mail and US first class mail. The Notice will describe all the specifics of the loan default, including the total amount owing. Moreover, the Notice will list the time, date and location of the foreclosure sale. Once the lender formally starts the foreclosure process by filing a notice of default, you typically will have a few days short of four months to resolve the issue or you will lose your house.
Given how much easier it is to complete the non-judicial foreclosure process, It is fair to ask why would any lender foreclose on a Salem area property through judicial foreclosure. The reason is that some lenders don’t have any choice. Non-judicial foreclosure is only available if there is a trust deed rather than a mortgage. 
Bankruptcy is often a great solution for stopping any kind of Foreclosure in Salem, Oregon and if a lender is foreclosing on your Salem area home, it is an option that you should immediately explore with an attorney rather than waiting until the last minute. I can’t count how many times we have been contacted for the first time on the day before a foreclosure sale. Sometimes we can help on that kind of an emergency basis and sometimes we can’t. We can almost always help if we are given a little more lead time.
Bankruptcy is a great solution for foreclosure because it stops foreclosure in its tracks. Once the case is filed, you have the option of slowly paying off the amount that you are behind, interest free, over a three to five year time period. You can even opt to pay most of the amount that you are behind out of a later refi or sale of the property. There are great options in bankruptcy that you can only discover by talking to us. Contact our offices today.
If you don’t stop the foreclosure, a date, time, and location of the sale will be set for sale, the Trustee will announce the property being sold. Anyone with enough cash on hand to make the purchase at the time of sale can show up and bid on the property.  
The Trustee is usually authorized by your lender to enter a minimum bid equal to the amount owed to the lender. This enables the lender to buy the property for the amount of money the lender is owed on the property. This insures that the lender will not have to take a loss on the day of the foreclosure sale.  
If you don’t want the property sold, there are ultimately only four routes to keep the foreclosure from being completed: (1) cure the default, also called “reinstating” the loan, (2) pay off the loan in full, (3) negotiate an extension with the lender, or (4) file for bankruptcy.
Under Oregon law, the Trustee has to stop the foreclosure sale if you pay the loan current at any time prior to the fifth day before the foreclosure sale. Paying the loan current means catching up on all missed payments, late charges, foreclosure fees and costs, and the lender’s attorney’s fees. For most Salem area homeowners, reinstatement just isn’t going to be an option
You can try to reach an agreement with your lender to stop the sale. Each lender has its own unique programs and methods, but a common thread is that if the lender is even amenable to making an agreement, you should be prepared to make a big lump sum payment up front and an installment payment arrangement to cure the remaining arrears. 
You can also file bankruptcy. Again, if you can afford to start making your mortgage payment and either catch up, interest and penalty free, over a period of years or make small monthly payments on the arrears for a few years, then make a lump sum payment, bankruptcy is often the best tool not only for stopping a foreclosure sale but in giving you a practical way to catch up. Of course there are a number of added benefits to bankruptcy. First if you have any other debt bankruptcy gives you a great mechanism for paying off the creditors that you want to pay, namely, your mortgage and often pay little or nothing to your unsecured creditors.
Remember that once the foreclosure sale is held, you have run out of options. Ownership and title of the real property was transferred from you to the new owner at the foreclosure sale. Under Oregon law, you have 10 days after the date of the foreclosure sale to move out of the property. After that time, the eviction process begins.
Schedule a Free Consultation and Stop Your Foreclose in Salem, Oregon with Your Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon.  We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (971) 600-2828 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post Foreclosure in Salem, Oregon appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.


1 week 1 day ago

Chapter 13 is famous for two things. Saving Your Home and Being Complicated. Saving Your Home With a Chapter 13 Bankruptcy can be a very tedious process and here are some of the situations below.
In the short term, Chapter 13 can stop foreclosures and other creditor actions (much like a Chapter 7). However, unlike a Chapter 7 bankruptcy, Chapter 13 bankruptcy involves a plan of getting caught up with your creditor, namely your mortgage. The automatic stay that stops foreclosure is great but temporary. What is special about Chapter 13 is the long term plan that gives you the room you need to get back on track and keep your home.
 
Given the complication of Chapter 13 bankruptcy, it is really vital that you have not just an ordinary bankruptcy lawyer, but a really good bankruptcy lawyer who is experienced with Chapter 13 bankruptcy.
 
If you have had a hardship gotten behind on mortgage payments. Chapter 13 could be the solution for you. You want to keep your home but you need time to catch up with the unpaid back mortgage payments (called mortgage arrears). Sometimes the banks are so aggressive that they make it impossible for people who could otherwise afford their mortgage to stay. Chapter 13 bankruptcy is for these situations.
 
Helpful Example:
Lets say your monthly mortgage payment is $3,000 and you are six months behind on payments ($18,000). Your bank is giving you some impossible catch-up plan where you have to pay $5,000 per month for nine months. You can’t afford it. Chapter 13 is your solution. So long as you can afford the chapter 13 plan payments, you can pay your regular mortgage and pay the $18,000 arrears over a FIVE YEAR PERIOD. That means you pay your mortgage and you pay an extra $300 per month in a chapter 13 plan. You can get caught up and keep your home.
 
Now imagine you also have $30,000 in credit card debt, but you can only afford to pay $300 per month in your plan. You might ALSO be able to totally eliminate your credit card debt in addition to saving your home!
 
Get Rid Of Your Second Mortgage
Another way Chapter 13 bankruptcy is great is that it sometimes enables you to strip (remove) a second mortgage. This is very complicated and again requires a real expert.
Stripping your second mortgage requires a separate motion with the court. A motion is the legal term for a written legal request. Different courts have different ways of describing and organizing the process of getting rid of a second mortgage. Also there are a lot of complicated steps. Not everyone can do this.
The basic process is as follows:
File Chapter 13 bankruptcy
File a motion or other ‘request’ for a hearing with a judge
The hearing with the judge is where you will explain to the judge why she should remove the second mortgage from your house.
Make sure to give proper notice to the creditor
Attend the hearing with the judge and argue your case
Prepare and submit the order to be signed by the judge. The order is the judge’s demand that the second mortgage company remove its claim from your home and that the mortgage company forever goes away.
Generally speaking, you cannot remove a second mortgage if your house has equity. You can only remove the second mortgage if the first mortgage is equal to or greater than the full value of the house. AND, depending on your state, your second mortgage might have to impair an exemption before it can be removed.
Schedule a Free Consultation with Your Tacoma Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Washington State.  We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (253) 780-8008 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
 
The post Saving Your Home With a Chapter 13 Bankruptcy in Washington appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.


1 week 1 day ago

By
Alicia Adamczyk Millennials are putting off marriage, have you heard? And while some talking heads would have you believe smart phones and video games are largely to blame, I’d posit it’s more likely a consequence of the combination of crushing student loan debt and low-paying jobs that has defined life for many people in Generation Y. Who wants to shell out for a wedding when you can barely afford your monthly student loan payments?

But if you do get married, you definitely need to consider how your and/or your spouse’s loans will affect the other. Take this question, from Kathryn:

If you’re on an income driven plan as part of loan forgiveness, does your partner’s income become considered your own income if you get married?

Here’s what you need to know.
TaxesEssentially, the answer to your question, Kathryn, is yes. If you or your spouse have student loans and you’re enrolled in the Revised Pay As You Earn plan, your monthly loan payment will increase, because the plan bases your payment off of your combined adjusted gross income.

For the other three income-driven repayment plans, you can avoid this if you file your taxes separately. But you’ll miss out on the other tax benefits of filing jointly. You’ll want to ask your tax preparer which is better for your individual situation, but it’s likely filing jointly and accepting the higher monthly payment.

That’s having an impact on when and if people get married, according to Travis Hornsby, founder of Student Loan Planner. “There’s a lot of people who are getting spiritually but not legally married because of this,” he says. “People are having ceremonies but not turning in their certificates for tax purposes.”

Additionally, you may lose the student loan interest deduction, which allows student loan borrowers to deduct up to $2,500 of the interest paid on their loans from their taxable income. You don’t qualify for it if you and your spouse earn more than $160,000 combined (you do not qualify for the deduction if you file separately).

Other Factors
But there are a lot of other things to take into consideration, finance-wise, when you have loans and get married.

“Everyone getting married these days needs to have a money conversation about loans, and it needs to happen before your engagement,” says Hornsby. “Be honest, say how much debt you have and your plans to pay it off.”

One example: credit. While your spouse’s loans do not affect your credit unless you’re a co-signer, according to NerdWallet, “if your spouse takes out a student loan during your marriage and then defaults, creditors in some states can go after both of your wages and assets—or, if you file jointly, your tax refund.”

And if you’re in the market for a new house, the biggest factors to take into account are your debt-to-income ratio, down payment, salary, credit history, assets, etc., the biggest being your DTI, says Mike Brown, managing director of Comet, a company that offers student loan refinancing advice. If your only debt is student loans and you make a decent income, you’ll probably be ok. If one of you has a ton of debt, though, the spouse with the lesser amount should apply for the mortgage, says Brown.

One rule that makes paying your mortgage more manageable: “Your house should be no more than two times your joint income if you have debt,” says Hornsby. “You don’t want tons and tons of debt.”

Divorce
If you get divorced, things get, well, complicated. You may have to split the debt with your spouse, regardless of whose it is, depending on when it was acquired, says Kathleen Campbell, a Registered Investment Advisor based in Fort Meyers, Florida.

If you incurred the debt before the marriage, that’s your responsibility to pay off (and the same goes for your spouse). “So even if a couple was together for years before marriage, with the expectation that future spouse A’s income would cover spouse B’s loan payments, if spouse B incurred the loans prior to marriage, then they are spouse B’s responsibility forever,” says Campbell.

But if the debt was acquired post-marriage, things “get murkier.” “That becomes more of a legal question, depending on state laws, how the money was used, earning power of both parties, how long the degree was used during the marriage, and other factors,” she says. “So it’s a case-by-case situation when it was incurred after marriage and is still in just one spouse’s name.”

If you’re a co-signer, you’re likely on the hook, unless your spouse refinances. “The co-signed obligation is a contract between the signer and the lender, not between spouses, so that’s a firm contract,” says Campbell. “It definitely could be possible to refinance the loan in only one spouse’s name, assuming that spouse has the income and credit history to entice the lender to refinance. That could all be part of divorce settlement discussions.”

If you’re really worried, create a prenup that stipulates what happens to the debt. Then you’ll have one less thing to worry about.

© 2018 Gizmodo Media Group.  All rights reserved.
 


19 hours 21 min ago

Gordon Tanner is a lawyer and Air Force veteran who currently serves as the Advocate general of aeronautics. He had an active role and civil roles in aviation and is passionate about leadership. Gordon holds a bachelor’s degree in political science from the University of Alabama and his JD at the Vanderbilt University School of Law. Then he continued to serve in the JAG body as an active agent in the Air Force.
Here are some insights on Gordon and the work he does as a general consultant for the Air Force.
1. What did you want to be when you were a boy? Do you always want to be a lawyer?
I had no idea what I wanted to be when I was growing up. I knew I wanted to be a leader in some field. The public service was important to me from a First age. I knew we were put on earth to do more than make money (or spend). My parents, my church and the community have taught me the importance of leaving a better place because you’ve been there. I also believe in our country. For me, it was important to make a difference. It wasn’t until the university that I realized that being a lawyer could create those kinds of opportunities.
This time of discernment persists also in the law school. Many of my classmates seemed very confident of their career path and legal specialties. Not me. The law school was a time to consider the full range of opportunities offered by legal practice and to choose the ones that most reflected my personal goals.
2. Was it always your plan to join the military?
No. My first experience with the military was through the ROTC, a compulsory course for my first two years in college. While a member of ROTC, I competed and received a full scholarship, which came with an active service commitment of four years. I worked as an active Air Force officer and lawyer for those years. After that, I chose to stay in the aeronautical reserve part-time, while I entered the practice of private law with a large legal firm based in southeastern United States.
As a uniform and civil advocate of Air Force I have been deeply honored to work with uniformed service members around the world who have put their lives online every day to preserve our liberties.
3. You are the Advocate general of the Air Force. What exactly does that mean?
The Director general of the Air Force is a presidential appointed, which requires confirmation of the Senate. The General Council is both the first legal officer and the main official of the Air Force ethic. Like the other lawyers, the Office of the General Council serves its client, the Department of the Air Force, providing its members with counsels and counsels, impartial and independent, a careful defense and a creative solution of the problems, on mission The Air Force to “fly, fight and win in space and cyberspace.” As a general counsel, they supervise around 1 500 lawyers worldwide engaged in specialist practices by law of acquisition to space law.
It is also important to understand that the general counsel is included in the most advanced political discussions in aeronautics. The “critical thinking skills” that we have learned in law school are just as important to make sensitive national policy decisions as in providing articulated legal advice.
4. What is a typical day like for you?
As with most lawyers, there is no typical day. That said, my day always starts with security briefings classified on world events in the previous 24 hours. Then I see the main newspapers and social news media for the elements related to my work. I spend a little time each day meeting with senior aviation leaders-both civilians and uniforms-as we develop policies to improve the lives of our planes and their families, the readiness of balance for the fight today with our preparation To the challenges of the future and finally to make sure that we make every dollar for the sake of our nation and its taxpayers.
My program often includes meetings with members of the Congress and the Senate to discuss the pending legislation affecting the Air Force, as well as issues related to finance and the Air Force’s policy requirements. Finally, I travel around the world to talk to our planes and their families to make sure we are doing our best to provide the support they need to do their job.
5. What are you reading?
The Hidden History: The Secret Origins of the First World War
by Gerry Docherty and Jim Macgregor. This book defines a theory of the historical and social movements and the figures that set in motion the forces that triggered the First World War. Many of Mideast’s current conflicts have arisen from the way the region was divided and organized into states-nations after World War I. The origins of the First World War and its consequences affect us now much more than I had realized. 6. What advice could you give to young lawyers or law firms?
First, beware of debt. If you have student loans or other debt, pay it off as quickly as possible. I know too many young lawyers who are forced to do jobs that they simply don’t want because they are deeply indebted and bound by “golden handcuffs.” “Get your financial home so you can have the choice to do what’s important to you.
Once you have checked your financial situation, don’t put out the opportunity to do the important things in your life. While we are all surrounded by social pressures to act in certain ways or do certain things, it is your life, and you are responsible for it. Claim. Life is “cliché” is not a test of dress “is completely true. If you do not take the opportunity and focus on your goals now, you may find that you are following your dreams too late and will never be reached.


19 hours 21 min ago

Market segments are key to implementing a successful marketing strategy. The process of identifying and constructing usable segments and potential target markets is reasonably straightforward. The integrated approach that considers the relationships between segmentation, target market and position is commonly referred to as the STP model.
It is however important to periodically consider the approach, processes and results used to build their target market segments.
Indeed, some market and marketing researchers have established some basic guidelines for segmentation in recent decades. Here are some basic things to consider when evaluating the approach to segmentation.
Market Segment Assessment Guidelines
The effective market segments of target are associated with some particular attributes, each of which is described below. The key attributes to look for when building or evaluating target market segments are:
Homogeneity
Heterogeneity
Measurability
Sostanzionalità
Accessibility
Action and/or practicality
Responsiveness
Homogeneous-the segmentation of the target market is to establish consumer groups that are similar in terms of their individual characteristics or the needs of products and services. For this reason, all consumers assigned to a segment are assigned according to their similarities.
Heterogeneous-Each of the segments in a target market should demonstrate a certain relatively unique attribute compared to other segments built in the target market.
Homogeneity is the sweet spot in the segmentation of the target market, while heterogeneity is the constellation of distinct groups that can be found in the market universe.
Measurable-to have the ability to determine market share and other growth or change measures, it is essential to have certain types of data that can be used to measure the size of different segments in the target market.
One of the most fundamental measures a marketer or researcher will employ is the general attractiveness of consumers in each segment within the target market.
Sostanzionalità-market segments will, of course, be of different sizes, but each segment must be a standalone size sufficient to ensure the allocation of resources needed to measure the effectiveness of marketing and monitor Segment-related changes. Usually, customers ponder how much the return on investment is sufficient for the marketing of a particular segment. It can be expected that the return on investment (ROI) may differ substantially for the various market segments of the target market. Independently, the minimum requirements for ROI are normally established before segmentation begins.
Accessible-Customers will only be interested in knowing the target market segments that are accessible. This means that every market segment has to be efficient and can be achieved in effective ways of communicating. Accessibility also applies to considerations regarding the possible distribution of products and/or services intended to attract segments.
Operable and/or practical-the primary action that is adopted in response to target market segments designed is the implementation of a distinct and particular marketing mix for each segment.
This is what customers look for when engaging market researchers in the process of creating target market segments for their companies. For the marketing of particular segments to be practical, the marketing and advertising activities proposed must be within the scope of the resources available and the basic capabilities of the customer’s company. This means that specialized or niche segments, although intellectually attractive to a customer, may not be practical from the perspective of marketing spending.
Responsive-the creation of a target market segmentation structure may require a considerable and dedicated amount of resources. For this reason, each of the segments should demonstrate a robust response to the distinct marketing mix that was designed for them. This response should be significantly lower than any generic marketing mix offered, for example, by competitors.
The main goal of integrated segmentation, marketing and positioning (STP) processes is to create a unique marketing mix for a particular target market. If a market segment does not show the response to a distinct offer of the marketing mix, it is very likely that the segment can be consolidated into another relatively similar market segment.


1 week 2 days ago

As a bankruptcy lawyer, I see many hard working people who fall prey to these internet payday loans. And they are afraid if they stop paying the loans that somehow the consumer had done something illegal.  So I’m happy to have proof of what I tell them. In most cases it’s the internet payday loan […]
The post Scott Tucker King of Indian Tribe Payday Loans Fined a Billion and Convicted by Robert Weed appeared first on Robert Weed.


1 week 1 day ago

The most common reason for filing bankruptcy is that a person has too much high interest credit card balances or medical bills that they cannot afford to repay both from their own perspective and in the eyes of the court.  Occasionally, a person may have such a high income, or own assets of such high value, that the court does not allow them to eliminate their debt and get a fresh start.  But what if that person is under financial stress and needs help.  That is where the 100% Plan for Chapter 13 Bankruptcy.  A 100% plan refers to a Chapter 13 bankruptcy in which you repay all of your debt under a court-supervised repayment plan.  You pay back all secured debt (which is required in all Chapter 13 cases) and 100% of all unsecured debt.
 
When Courts Do Not Allow You to Eliminate Debt
In order to file a bankruptcy in which you can eliminate debt (whether some or all of it), your income and your assets cannot exceed a certain threshold.  In order words, you cannot make too much and you cannot own too much.  If your income is too high, or your assets have too high of a value, the court will determine, through a complex formula that your lawyer will review with you beforehand, just how much of your debt you are capable of repaying.  You will need to file a Chapter 13 bankruptcy and repay some, or possibly all, of the total debt that you owe through a court-monitored Chapter 13 plan.  If your income is significantly above the median family income threshold, or your assets are significantly in excess of your allowable exemptions, then you will likely be forced into a 100% plan.
 
Useful to Stop Accrual of High Interest Credit Card Debt
So why would one file a bankruptcy if they are going to be paying back all of their debt.  Well, one important reason is to stop the accrual of interest on high interest credit card debt.  If you are making minimum payments on high interest credit cards, then you are not paying down your balances in any meaningful way and 10 years from now you are still going to have similar balances.   If you were to file a Chapter 13 100% plan, you would stop the accrual of interest.  You would put a cap on the total amount of debt, divide it by 60 months, and pay it back at 0% interest.
 
There is an exception to the 0% interest rule.  Depending on how high your income is, or how high the value of your assets is, the court could require you to pay the prime rate plus 1% interest to your credit cards.  This generally adds only a few dollars per month to your Chapter 13 plan payment and is much better than the alternative of paying the excessively high interest rates you are currently paying on your outstanding balances.
 
Prior Bankruptcy Discharge
Another situation in which you may need to file a 100 percent Chapter 13 plan is if you have had a prior bankruptcy discharge.  Depending on how long ago you received the bankruptcy discharge, you may not currently qualify for another discharge of any debt.  In that case, your attorney will advise you that a 100% Chapter 13 plan will be your only option.
Let’s say, for example, that you filed a Chapter 7 bankruptcy 2 years ago and received a discharge.  Since that time, you fell behind on your mortgage payments and are facing foreclosure.  You cannot obtain a discharge due to your recent bankruptcy so you cannot eliminate any debt.  But you still have the option of stopping the foreclosure by filing a 100% Chapter 13 plan and paying back all mortgage arrears and all unsecured debt, if any, that you incurred since your prior Chapter 7 discharge.
A 100% plan is a legal remedy suitable to high income earners or debtors that own assets of very high value.  It is a less commonly used but potentially very useful tool that a bankruptcy attorney can use to help a high income earner, or a debtor with lots of assets, get back on track so they can more effectively manage their finances.
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon.  We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
 
The post 100% Plan for Chapter 13 Bankruptcy Legal Remedy for High Income Earners appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.


1 day 7 hours ago

Chances are that you have heard many of the myths  of filing for Bankruptcy and half-truths floating around concerning the bankruptcy process in Oregon. One of the misconceptions we encounter most frequently concerns eligibility for the Chapter 13 process. Here at Northwest Debt Relief Law Firm, we believe that there is a best-case debt relief option available for every situation. For you, even if you are representing a business, that option could potentially include Chapter 13.
You’ll lose everything
You may think filing for bankruptcy means giving up your house, car and any other assets you may have. In fact, you’re likely to keep a lot of your possessions.
The vast majority of Chapter 7 cases are no-asset cases, meaning the debtor gives up no possessions. There are two reasons for this. First, you can carve out some basic assets, called exemptions, that are necessary for day-to-day life. What you can exempt varies from state to state, so be sure to discuss exemptions with your bankruptcy lawyer. And for your possessions that aren’t covered under exemptions? Well, the creditors likely don’t want them.
Under Chapter 13, you keep all of your assets, but the value of them figures into your repayment plan.
 
All of your debts will be relieved
Both Chapter 7 and 13 will provide you relief from most forms of debt, but there are some exceptions. As a general rule of thumb, in bankruptcy cases you cannot discharge, or have forgiven, debts that you are deemed personally responsible for.
Student loans are another type of debt that is unlikely to be forgiven.
Generally, you can discharge debts from personal loans, credit cards and medical bills, among others. Your bankruptcy attorney will help you understand which debts will be affected.
 
Paying off your debts is a better option
Filing for bankruptcy is one of the most serious financial decisions you can make, but that doesn’t mean it’s a bad idea. In fact, filing for bankruptcy may be the best option for you.
If your debts are more than 50% of your annual income and you see no way to pay them off within five years, bankruptcy is likely your best path toward living debt-free.
 
Filing for bankruptcy is a personal failing
Given that roughly 57% of bankruptcies in 2009 were a result of medical bills and that over the past decade the cost of medical deductibles has grown seven times faster than wages have risen, many bankruptcies are likely the result of stagnant wages rather than poor financial management.
Whatever your reason for pursuing this form of debt relief, think of bankruptcy as a tool that can help you take control of your finances.
 
Bankruptcy will ruin your financial future
There’s no way around it: You can expect to have limited access to credit and to pay higher interest rates for the seven to 10 years that a bankruptcy remains on your credit report. But your credit score is actually likely to rebound shortly after you file for bankruptcy.
A report from the Federal Reserve Bank of Philadelphia, using data from credit bureau Equifax, showed that those who filed for Chapter 7 bankruptcy in 2010 had an average credit score of 538.2 on Equifax’s scale of 280 to 850. But the average score jumped to 620 by the time those bankruptcies were finalized, about six to eight months later.
Further, there are a lot of ways to restore your credit after bankruptcy, such as getting a secured credit card. You will face some limitations, but taking advantage of the right financial products can go a long way toward helping you get on the right path for your financial future.
 
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon.  We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
 
The post Myths of Filing for Bankruptcy in Portland Oregon appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.


1 week 5 days ago

Chances are that you have heard many of the myths  of filing for Bankruptcy and half-truths floating around concerning the bankruptcy process in Oregon. One of the misconceptions we encounter most frequently concerns eligibility for the Chapter 13 process. Here at Northwest Debt Relief Law Firm, we believe that there is a best-case debt relief option available for every situation. For you, even if you are representing a business, that option could potentially include Chapter 13.
You’ll lose everything
You may think filing for bankruptcy means giving up your house, car and any other assets you may have. In fact, you’re likely to keep a lot of your possessions.
The vast majority of Chapter 7 cases are no-asset cases, meaning the debtor gives up no possessions. There are two reasons for this. First, you can carve out some basic assets, called exemptions, that are necessary for day-to-day life. What you can exempt varies from state to state, so be sure to discuss exemptions with your bankruptcy lawyer. And for your possessions that aren’t covered under exemptions? Well, the creditors likely don’t want them.
Under Chapter 13, you keep all of your assets, but the value of them figures into your repayment plan.
 
All of your debts will be relieved
Both Chapter 7 and 13 will provide you relief from most forms of debt, but there are some exceptions. As a general rule of thumb, in bankruptcy cases you cannot discharge, or have forgiven, debts that you are deemed personally responsible for.
Student loans are another type of debt that is unlikely to be forgiven.
Generally, you can discharge debts from personal loans, credit cards and medical bills, among others. Your bankruptcy attorney will help you understand which debts will be affected.
 
Paying off your debts is a better option
Filing for bankruptcy is one of the most serious financial decisions you can make, but that doesn’t mean it’s a bad idea. In fact, filing for bankruptcy may be the best option for you.
If your debts are more than 50% of your annual income and you see no way to pay them off within five years, bankruptcy is likely your best path toward living debt-free.
 
Filing for bankruptcy is a personal failing
Given that roughly 57% of bankruptcies in 2009 were a result of medical bills and that over the past decade the cost of medical deductibles has grown seven times faster than wages have risen, many bankruptcies are likely the result of stagnant wages rather than poor financial management.
Whatever your reason for pursuing this form of debt relief, think of bankruptcy as a tool that can help you take control of your finances.
 
Bankruptcy will ruin your financial future
There’s no way around it: You can expect to have limited access to credit and to pay higher interest rates for the seven to 10 years that a bankruptcy remains on your credit report. But your credit score is actually likely to rebound shortly after you file for bankruptcy.
A report from the Federal Reserve Bank of Philadelphia, using data from credit bureau Equifax, showed that those who filed for Chapter 7 bankruptcy in 2010 had an average credit score of 538.2 on Equifax’s scale of 280 to 850. But the average score jumped to 620 by the time those bankruptcies were finalized, about six to eight months later.
Further, there are a lot of ways to restore your credit after bankruptcy, such as getting a secured credit card. You will face some limitations, but taking advantage of the right financial products can go a long way toward helping you get on the right path for your financial future.
 
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon.  We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
 
The post Myths of Filing for Bankruptcy in Portland Oregon appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.


1 week 5 days ago

Here at Shenwick & Associates, many of the people we work with have student loan debt.  This should come as no surprise, considering that Americans owe more in student loan debt than credit card debt.  We’ve written about student loan debt and how difficult it is to discharge in bankruptcy previously (mostly recently here).  This month, we wanted to tell you about a pending case that may offer hope for some student loan debtors.
Let’s start by looking at the relevant provision of the Bankruptcy Code.  Section 523 governs exceptions to the discharge of debt, and § 523(a)(8) provides that:
A discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt-unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor's dependents, for-an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution; or an obligation to repay funds received as an educational benefit, scholarship, or stipend[.]
This case (Haas v. Navient Solutions) revolves around the question of what an “educational benefit” is.  One of the co–plaintiffs (Haas) borrowed money to prepare for the Texas bar exam in 2009.  The other co–plaintiff (Shahbazi) borrowed money to attend a unaccredited technical school in Virginia in 2002.  Haas filed for bankruptcy in 2015 and Shahbazi filed for bankruptcy in 2011.  In both cases, the debtors listed the debt to Navient’s predecessors (which we will just refer to Navient, since two Navient entities are the co–defendants) as non–priority general unsecured claims instead of priority unsecured claims.  Navient was notified of the discharge, but instead of filing adversary proceedings (bankruptcy litigation) to contest the dischargeability of these debts, Navient and various collection agencies continued to try to collect on these debts, which the co–plaintiffs allege to be in violation of the discharge injunction in § 524(a)(2) of the Bankruptcy Code.
So Haas and Shahbazi filed their own adversary proceeding against Navient, contending that the debts they were incurred were not “Qualified Education Loans” excepted from discharge, but instead “Consumer Education Loans” that targeted students attending unaccredited schools, and seeking class–action status.   Navient moved to dismiss the case, which was denied last month.
The case is far from over, and if even if the plaintiffs and their class are successful, this would only affect a small portion of student loan debtors.  In our experience, most clients have qualified educational loans, which are very difficult to discharge in bankruptcy without undue hardship.  However, for student loan debtors who have been on the ropes since the seminal Brunnerdecision and the changes to dischargeability of educational loans in BAPCPA, this is welcome news.  For any questions about your student loan debt, please contact Jim Shenwick.


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