Welcome to Bankruptcy Guide
Bankruptcy In Oregon Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
The Serious Business of Bankruptcy
from:The United States government provides a means for people who have too much debt to obtain a new start by eliminating the heavy debt burden. A bankruptcy is not intended to be an easy way to eliminate debt. It is meant to be a way to once again live a normal life without the stress of unsolvable financial problems. When you have too much debt and little hope of being able to reduce the debt without help, filing bankruptcy may be the best alternative.
People can find themselves saddled with heavy debt for a million different reasons. Common reasons for finding yourself with spiraling debt are having too many credit cards with high interest rates, loss of employment, major hospital bills and living beyond your means. Having to file bankruptcy doesn’t mean you are financially irresponsible. It only means that circumstances have led to unmanageable debt.
It can be thoroughly miserable to be drowning in debt. You learn to fear getting the mail out of the mailbox because of the constant bills. The collection calls are stressful and constant. No matter how much you pay on high interest credit cards the interest keeps the balance growing. Your credit gets ruined, and there seems to be no hope.
The purpose of filing bankruptcy is to start over again by eliminating or reducing the debt you owe. The primary purpose is to give you a chance to begin again with a clean slate. It is impossible to live a normal life when debt is uncontrollable. The one thing bankruptcy is not intended to do though is help you evade debt you are capable of paying.
Because bankruptcy is not intended to avoid paying debt you can afford, certain monies and properties will be distributed to creditors according to a method determined fair by the United States Bankruptcy Court. The court will determine what assets you can keep and which must be sold for debt settlement. You may also have to pay some of your debt with money on hand if you have more than a designated amount.
There are several types of bankruptcies called chapters. The chapters are intended to address the fact that there are certain circumstances which vary enough to justify different treatments. Most individuals file chapter 7 or chapter 13 bankruptcies.
The chapter 7 bankruptcy is called a “straight bankruptcy” in which all debt is written off that cannot be settled with asset sales. The chapter 13 bankruptcy reorganizes your debt payments into an affordable repayment plan. In both cases the creditor calls are stopped, and you can begin to live a normal life again. In fact, once you notify the court you are asking for bankruptcy protection, all of the stressful collection efforts stop. These include lawsuits, foreclosures, evictions, debt collectors and even repossessions. You get almost immediate relief.
There are other bankruptcy chapters including chapter 11 for corporations and chapter 12 for farmers. These chapters are specifically used to eliminate particular types of debt such as non-consumer debt and farm related debt.
Filing bankruptcy is serious business, and it is also complicated. So you should always consult an attorney specializing in bankruptcies.
Bankruptcy In Oregon News
Houghton Mifflin Files for Bankruptcy Protection - New York Times
Houghton Mifflin Files for Bankruptcy Protection New York Times By AZAM AHMED Book publisher and education company Houghton Mifflin Harcourt filed for bankruptcy protection Monday. The filing was expected. The storied Boston company, which produces everything from math textbooks to computer games like “The Oregon ... |
Tribune prepares to spin off business units - Crain's Chicago Business
Tribune prepares to spin off business units Crain's Chicago Business By Lynne Marek May 22, 2012 (Crain's) — Tribune Co. is streamlining its corporate structure for the possible sale of publishing and broadcast units after its exit from bankruptcy. The Chicago-based company recently filed a document with the Delaware ... |
Advantage CCS is Proud to Offer a Telephone Bankruptcy Education Class for ... - PR Web (press release)
Advantage CCS is Proud to Offer a Telephone Bankruptcy Education Class for ... PR Web (press release) ... bankruptcy education class to fulfill a requirement of the Federal Bankruptcy Law, can now do so through a telephone class offered by Advantage Consumer Credit Counseling Service, Inc. in all 50 states; excluding Alabama, North Carolina and Oregon. |
'Octomom' bankruptcy case thrown out of court - KTVL
'Octomom' bankruptcy case thrown out of court KTVL On the Town highlights local entertainment activities from concerts at the Craterian, to plays, parades and fun runs, for the week and weekends in Medford and counties in Southern Oregon. There are limits to our natural resources and News 10's Green ... |
In a huge victory for Oregon-based SolarWorld, US slaps hefty tariffs on ... - San Jose Mercury News
 The Hindu | In a huge victory for Oregon-based SolarWorld, US slaps hefty tariffs on ... San Jose Mercury News When Fremont-based solar maker Solyndra filed for bankruptcy, fierce competition from China was cited as a key factor in the company's implosion. Evergreen Solar also blamed China when it laid off 800 workers and shut down its plant in Massachusetts. China rejects US solar dumping ruling, companies warn tariffs might hurt clean ... |
Onion Company's President Cries Out Against Lender - Wall Street Journal (blog)
Onion Company's President Cries Out Against Lender Wall Street Journal (blog) s recent bankruptcy left three million pounds of onions in Oregon to sweat over their fate. Nearly out of money to pay his employees, President Farell Larson on Friday threatened to cut the power to a massive freezer that held those onions. |
Greece's new prime minister meets party leaders - KTVL
Greece's new prime minister meets party leaders KTVL Greece is reliant on outside assistance to stave off bankruptcy. How are your tax dollars being spent? Reality Check tracks whether local, state and federal governments or any groups are using your money wisely...or wasting it. When you see news, ... |
Business Insurance USA Partners with The Hartford Insurance Company to Offer ... - Virtual-Strategy Magazine
Business Insurance USA Partners with The Hartford Insurance Company to Offer ... Virtual-Strategy Magazine There are daily risks that can lead a business, especially a small one into financial disaster and bankruptcy. With the right policy, companies can mitigate these risks and help ensure their success. Business Insurance USA provides these policies in an ... |