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If you got through the recession without filing for bankruptcy, the government is happy – even if you lost your home, went into default, and had your bank accounts and wages seized.
A January 2014 working paper from the Federal Reserve Bank of St. Louis, titled, “Labor Market Upheaval, Default Regulations, and Consumer Debt,” find that

the 2005 bankruptcy reform likely prevented a substantial increase in bankruptcy filings, but had only limited effect on the observed path of delinquencies. Thus, the reform appears to have ‘worked.’

Click here for the entire study in PDF format.
I don’t often comment on a change in the law that was signed into law nearly 9 years ago, but I can’t help but wonder how the lack of an uptick in bankruptcy filings during the worst financial downturn since the Great Depression is something to be lauded.
People lost their jobs in record numbers, foreclosures washed over the nation at a rate that left entire towns empty and a generation scarred.
And lots of people filed for bankruptcy. Good, smart people who just got kicked in the groin by circumstances beyond their control.
People like you and me, our neighbors and friends.
The Safety Valve Was Shut Off
In spite of the increase in bankruptcy filings, the study says that it could have been a lot worse. And because it wasn’t, the study claims victory.
The study, however, misses the point – something the economists seem to recognize when they indicate that delinquencies were still extraordinarily high during the period in question. It’s as if nobody bothered to consider the effects of millions of people walking around with delinquent debt on their credit reports.
These people can’t go out and buy a new home, or a car, or even get a decent credit card. They aren’t able to buy big-ticket items like refrigerators and furniture because they’re wallowing in unpaid bills.
Some of these folks have been sued, and are contending with wage garnishments and bank account freezes. Others haven’t been sued, but will be paying debt collectors $10 each month until long after they die. Their credit is shot, with no hope of improving until the debts are all paid off.
It Could Have Been Different
Let’s contrast this with the situation if these folks had filed for bankruptcy.
With their debts gone, these people would have been free to begin saving money again.
At the same time, their credit score would have begun to rise as the old debts began to fade into the past.
People would have been better able to pay their student loans and tax debts that didn’t get wiped out in bankruptcy.
Buying a car or home furnishings wouldn’t be out of the question anymore.
In short order, more people would have re-entered the wheel of commerce. Money would have changed hands, exchanged for goods and services.
The Government Laughed as You Cried
You know the government bailed out the banks rather than help you out. But this study shows clearly how you were kicked when you were already down for the count.
The Democrats called the Republicans evil as they pushed through the bankruptcy reforms of 2005. Then the Democrats gleefully reaped the benefits of the Republican efforts.
As Bob Dylan asked, “how does it feel?”
Remember this the next time the vote comes around.

If you are on cusp of filing for divorce in Oregon and need to figure out what to do about all the debt, meeting with an experienced Portland or Salem Bankruptcy Attorney is likely a great first step.
If there aren’t any potential conflicts between you and your spouse (no secured debts, no potential child support obligations, no tax issues, just a bunch of unsecured debt), filing together prior to dissolution is often a great way to resolve the debt issues and save alot of money in the divorce since you no longer have to spend any time and attorney fees figuring out who is going to deal with the credit cards and who is going to handle the collectors.
If there are potential conflicts, you will need to file individually. For example, if you are both on the boat and car loans, he wants to keep them and you are worried that he might not be able to later, you should probably not file together. You want to keep the house, he isn’t so sure, you want to get rid of the cars, he wants to keep making payments.
Your spouse’s income level can also be an issue. Let’s say he makes more than you do and he doesn’t qualify for Chapter 7 bankruptcy, only Chapter 13. Do you really want to be part of his Chapter 13 when you can file Chapter 7 alone later after the divorce. Normally, you wouldn’t but, under some circumstances it might actually be helpful. Only you with the help of your Portland or Salem, Oregon Bankruptcy attorney can tell.
What you are going to owe your spouse after bankruptcy or what he is going to owe you is also going to have a huge impact on what kind of bankruptcy you opt to file and whether you file with him. Ultimately, if there are debt issues of any kind, you should meet with an Oregon bankruptcy attorney prior to finalizing the divorce. If you do have questions about divorce and bankruptcy , please feel free to give our office a call or set an appointment at either our Salem or Portland, Oregon Bankruptcy Law Offices.a
The original post is titled Oregon Divorce and Bankruptcy , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .

Ever looked at your checking account a week before payday and wondered how you were going to make it?
You’re not alone. In fact, 76% of Americans are living paycheck-to-paycheck.
That doesn’t mean you can’t become one of the elite 27% of the people who have a nice cushion on hand to get through the tough times. These people, the financially fit, are the ones to emulate.
Here are the 7 habits that the Financially Fit follow to keep them in the black, no matter what happens.

1. They Keep The Change
When they go to the store, the smart money is on using paper rather than metal. At the end of every day, the wise will dump their change in a jar and save it for a rainy day.
2. They Are Organized
One major reason you’re living paycheck to paycheck is that you’re not organizing your finances. Know when the bills are due, then apportion payments among each pay period. If the rent is $1,500 per month, set aside $750 each paycheck (assuming you get paid twice a month).
3. They Are Aware
The universe laughs when people make plans, as the saying goes. We’re all confronted with unforeseen events, and costs that we didn’t expect. Smart folks act as if they’re going to need some extra money tomorrow (or later today), and set aside a few bucks on a regular basis to ensure they won’t fall short.
4. They Are Forward-Thinking
The financially successful know they won’t be this young forever, and are plotting their exit from the working world. Whether it’s an IRA or a 401k, they’ve got their eyes on the long-term prize of a hearty retirement fund.
5. They Are Focused
The Elite 27% don’t need cable television with every premium channel because they know they can buy the full season of Game Of Thrones for less money than the cost of an HBO subscription. They know it’s more important to put away a few dollars than to buy more apps for their phone. Instead, they make sure every expense provides value to their life.
6. They Are Realistic
Ever wonder why so many diets fail? It’s because they require you to avoid something you love. Take away someone’s ice cream forever, and they’re sure to ricochet in a big way. The most financially healthy people know that if they restrict their ability to spend money on anything, they’ll eventually throw up their hands and go overboard the other way. That’s why they always make sure to keep a few dollars for enjoyment – be it a magazine subscription, a Spotify account or that periodic ice cream bar.
7. They Are Persistent
Being financially successful requires an understanding that it’s a marathon rather than a sprint. There will be setbacks, and the bank account won’t always grow as quickly as we’d like. Be patient and recognize that you’ll get there in time.
I’m sure these aren’t the only habits that the financially secure Elite 27% practice, so if you think of others place let me know.

In Oregon, if a judgement has been entered against you and you have not filed  bankruptcy, the judgement creditor can garnish your bank account. Once your bank account is garnished, you will receive a challenge to garnishment form which is sometimes also referred to as a Claim of Exemption. Once you receive it,  you will need to complete the form and file it with the court as quickly as possible in order to claim that your property is exempt from garnishment. After you file a Challenge to Garnishment, there will be a court hearing in which a judge will determine whether your account is exempt.
Unfortunately, until the court determines that the money in your account is exempt (sadly needing to keep the money is not an Oregon exemption), your account will be frozen. You will not be able to withdraw and money or write checks, even worse the checks that you have already written will now bounce.
If you do have judgments it is probably high time to consult with a bankruptcy attorney. Even if you believe that you can ultimately handle your debts on your own, it is worth considering whether Chapter 13 bankruptcy might be a better framework for trying to repay some of your debts that risking going it alone. Most of us really can’t afford to even temporarily lose access to our accounts, let alone having them frozen and losing every dime. 
The original post is titled What is a Challenge to Garnishment in Oregon and How Do I File It? , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .