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When financial problems become severe, declaring bankruptcy is the common solution. People in debt may overcome their financial distress by taking advantage of bankruptcy protection. Not only do bankruptcies offer debt relief, but they also lead to a fresh start.
If you want to declare bankruptcy, there are some necessary steps you need to take before you get to a bankruptcy discharge. The bankruptcy process presents variations depending on the details of a case.
There are several factors that impact your experience with personal bankruptcy. One of them involves the list of exceptions that you can claim when you file for bankruptcy. Since bankruptcy laws vary from state to state, debtors may have the option to pick between state bankruptcy exemptions and federal bankruptcy exemptions, depending on state law. Take note that the federal government modifies the exemptions amount every three years.
As you can infer, there are states that limit bankruptcy filers to the state exemptions, but Oregon is not one of them. Oregon allows debtors to choose between its own exemptions and the federal bankruptcy exemptions when they file bankruptcy under Chapter 7 or Chapter 13. These are the chapters under which bankrupt individuals commonly file their bankruptcy petition. 7 is the liquidation bankruptcy chapter 7 and 13 is the reorganization bankruptcy chapter.
You need to take into account that there are different types of bankruptcy. For instance, if a joint petition for bankruptcy is filed by a married couple, these exemptions can be doubled according to federal law. This is usually not the case for state exemptions.
What Are the Federal Exemptions?

1. Homestead

The federal homestead exemption is used to shield your primary place of residence. It may cover any property used as a principal residence, be it a house, a condominium unit, or even a mobile home. Just like state homestead exemptions, this protection doesn’t extend to investment property. Second homes are nonexempt.

2. Personal Property

When it comes to federal exemptions, personal property includes exemptions for a motor vehicle, trade tools, and jewelry. Exempt property may also cover items such as furniture, appliances, clothing, and household effects. Federal personal property exemptions have both a limit per item included and an overall limit. Make sure you are careful with your calculations. Incidentally, federal exemptions also protect life insurance policies and health aids among other things.

3. Wildcard

Wildcard exemptions in bankruptcy cases pertain to a dollar amount that can be applied by the debtor toward any asset. It can be used in conjunction with another exemption to fully cover the value of a certain asset. If the federal homestead exemption can cover more than what you need to protect your home, bankruptcy law allows you to deduct up to a particular amount of the remainder to boost your wildcard exemption.

4. Other Types

Reasonably necessary child or spousal support payment may be exempted, as well as many forms of government benefits, including Social Security, unemployment benefits, and all forms of public assistance. There is also an exemption for life insurance payments. Meanwhile, retirement accounts that are exempt from taxation are also covered, although there’s a cap applied to both traditional IRAs and Roth IRAs.
In case you’re receiving payment for damages from a personal injury lawsuit, much of it can probably be exempted in a bankruptcy case. Compensation that you get based on the loss of your future earning capacity can be exempted in bankruptcy proceedings, e.g. being a victim of a crime or the wrongful death of a loved one. You can pretty much keep a capped amount of personal injury damages, save for those addressing pain and suffering or financial losses.
Learn about Your Bankruptcy Options! Contact an Oregon Bankruptcy Attorney Today!
If you’re interested in filing for bankruptcy to get out of debt, it’s best to have a bankruptcy lawyer review your case so that you can be guided on how to best move forward with your bankruptcy filing. Bankruptcy lawyers can advise their clients on everything from filling out bankruptcy forms before filing to starting afresh after bankruptcy.
For assistance on filing bankruptcy, call us at Northwest Debt Relief Law Firm to speak with one of our experienced Oregon bankruptcy attorneys.
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The post Federal Bankruptcy Exemptions in Oregon appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.

Resources for COVID-19 Information
COVID -19 Has Changed How We Live Our Lives What We Can Do to Survive and Flourish

Why are we easily misled about the truth?
Why Smart People Believe Coronavirus Myths, (the following is a clip form BBC.com/future)
We’ve debunked several claims here on BBC Future, including misinformation around how sunshine, warm weather and drinking water can affect the coronavirus. The BBC’s Reality Check team is also checking popular coronavirus claims, and the World Health Organization is keeping a myth-busting page regularly updated too.
You might also like:

• What is Covid-19’s real death rate?
• How fear of the coronavirus warps our minds
• What Covid-19 means for the environment

At worst, the ideas themselves are harmful – a recent report from one province in Iran found that more people had died from drinking industrial-strength alcohol, based on a false claim that it could protect you from Covid-19, than from the virus itself. But even seemingly innocuous ideas could lure you and others into a false sense of security, discouraging you from adhering to government guidelines, and eroding trust in health officials and organizations.
There’s evidence these ideas are sticking. One poll by YouGov and the Economist in March 2020 found 13% of Americans believed the Covid-19 crisis was a hoax, for example, while a whopping 49% believed the epidemic might be man-made. And while you might hope that greater brainpower or education would help us to tell fact from fiction, it is easy to find examples of many educated people falling for this false information.
Economic Stimulus Payments:
IRS COVID-19 RESOURCE
The Treasury and IRS launch new tool to help non-filers register for Economic Impact Payments
IRS.gov feature helps people who normally don’t file get payments:
The Treasury Department and the Internal Revenue Service have a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.  NOTE FROM DIANE – IN ORDER TO AVOID SCAMS NEVER USE ANY OTHER PORTAL.
second tool next week provides taxpayers with payment delivery date and provide direct deposit information
Small Business Loans:
US Chamber of Commerce: COVID-19 Emergency Loans: Small Business Guide
COVID-19 Information and Resources for Legal Professionals:

Check back regularly as this section is being updated (by Findlaw).

Law Firm Management During Covid-19

• Keeping Your Law Firm Operational During an Outbreak
• Reassuring Clients During a Crisis
• Employer Liability for Covid-19 Exposure (With Links to Relevant Federal Guides)
• More…

Resources for Law Students

• Unexpected Financial Emergency in Law School? Here Are Your Options
• Is It Easier to Get Rid of Student Loan Debt in Bankruptcy Than We Thought?
• More…

Resources and Tips for Remote Working

• Tips for Staying Productive When Working From Home
• How to Effectively Manage Remote Staff
• How to Keep Your Wireless Network Secure When Working From Home
• More…


MUSINGS FROM DIANE:
Quality information is king.  Never take medical advice from someone who wants something from you. Nor should you rely on reports from politicians – most only have one goal – that is to be reelected.  Instead, rely on the scientists.

This is a difficult time for everyone, but the good news is that our actions show we care about others.  We are following common sense social distancing.  We are staying in touch with our friends and family, but in ways not to expose those who are vulnerable.

This too we shall survive, just like those who came before us survived wars, other pandemics and economic depressions.  Humans are resilient and adapt to challenges.

Be kind to each other.

The post Resources for COVID-19 Information appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy & Foreclosure Attorney.

The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer question.  (For most people, […]
The post Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .

April 1, 2020
From: NY Post
By: Thornton McEnery

A Brooklyn taxi operator who got his first medallion in the 1970s has filed for bankruptcy as the coronavirus ravages an already struggling industry, The Post has learned.

Joe Pross, who started driving a taxi in 1975 and now runs a fleet of 42 cabs, filed for Chapter 11 bankruptcy protection for his Crown Heights-based medallion company, Walker Service Corp., on March 27, court papers show.

Pross, 75, declined to be interviewed for this story. But his Brooklyn federal court bankruptcy filings underscore how vulnerable taxi operators were prior to the coronavirus crippling tourism and forcing thousands of New Yorkers inside.

Walker Service Corp. appears to be the first medallion owner to file for bankruptcy protection since the pandemic shut down the city, but it’s not likely the last, industry experts say.

 “This industry was on the brink before this happened, and this virus has just pushed it totally over the edge,” said Matthew Daus, a former TLC commissioner who’s now a lawyer with Windels Marx. “I hope we don’t see more bankruptcies, but I’m afraid a lot of people might go under and file for bankruptcy protection. This will be worse than 9/11 economically, especially for the black cars and luxury livery.”

In an affidavit filed with his bankruptcy papers, Pross says his medallions — “once worth millions” — plummeted in value as ride-hailing apps and Uber and Lyft grew in popularity, leaving him and his wife struggling to pay off loans they took out on their medallions to build the business.

By 2019, before the coronavirus even hit, Pross’ fleet was pulling in $29,400 a month — far short of the $105,610 a month he needed to repay $18.7 million in medallion loans, court papers show.

In late February, his lender, Virginia-based Pentagon Federal Credit Union, issued notices of default on six loans and demanded $158,186 within 30 days to rectify the situation.

Pross says he tried to negotiate repayment. Then the coronavirus hit — slamming the brakes on taxi revenue even as drivers and operators continue to face expenses for parking, dispatchers, mechanics and administrative workers.

“The current COVID-19 pandemic has now rendered the debtors with virtually no income to operate its businesses as the debtors have recently suspended operations during the COVID-19 pandemic for March, April and possibly May 2020,” Pross’ filing says.

As The Post reported on March 15 - before Gov. Cuomo even ordered restaurants shut down and non-essential workers stay home — taxi drivers were making as little as $50 a week as people afraid of contagion avoided public spaces.

“The drivers are coming back asking if I can pay their gas because their fares didn’t even cover it. We can’t go on like this,” a taxi operator who asked not to be named told The Post on Wednesday.

Pross’s affidavit also blames Walker’s debt holder, PenFed, saying it has been playing hardball by “shockingly” refusing to extend its 30-day payment deadline.

PenFed acquired $290 million worth of medallion loans, including Pross’s, as part of its 2019 merger with New York-based Progressive Credit Union, according to reports at the time.

The credit union declined to comment on how many medallion loans it currently possesses, but insisted its working hard to keep taxi operators in business.
 
The credit union declined to comment on how many medallion loans it currently possess, but insisted it’s working hard to keep taxi operators in business.

“PenFed actively works with our members experiencing financial hardships, including taxi medallion borrowers who have requested relief,” a PenFed spokesperson said in a statement. “PenFed has an extensive team in New York working to help members who need assistance during this challenging time.”

Pross is hoping to come out of bankruptcy with reduced loans so he can continue to run the business through his main business, Utica Taxi, which operates the cars and garages and employs the dispatchers and other workers, filings show.

But with coronavirus deaths in New York nearing 2,000 and growing, the main business also faces the threat of going under.

“The proliferation of ride-sharing apps such as Uber and Lyft … combined with the economic devastation associated with the COVID-19 pandemic, may eventually render Utica Taxi bankrupt as well,” Pross’ affidavit said.