Need a financial fix? You're not alone.
Between credit card companies that prey on those most in need and the current economy millions of Americans are finding themselves in financial trouble. Fortunately, there are ways out.
Many debts can be negotiated down, but that often requires the consumer to provide an immediate lump sum payment. Debt consolidation companies may be able to stave off law suits from creditors for a time, but the fact that they pay themselves first from your monthly payments means that your credit continues to take a hit (and the relative cost is very high).
The best choice for many consumers is a bankruptcy. Chapter 7 bankruptcy is available for those with high debt to income ratios, and will wipe all out dischargeable debts. A Chapter 13 is for debtors who are able to pay their creditors back, usually a drastically reduced amount, over three to five years and still have enough to provide for their basic needs. Bankruptcy courts provide a "Means Test" to help consumers determine whether they are candidates for a Chapter 7, or will be required to file a 13. This test can be rather perplexing, but its basic purpose is to determine if you have enough disposable income to effectively repay a portion of your debt.
Oregon Debt Solutions can help you decide if debt negotiation, a Chapter 7, or a Chapter 13 is right for you. Call today, or use the contact form to schedule a free consultation. Rates are affordable, and payments plans are available.
The United States Bankruptcy Court for the District of Oregon also provides helpful information for consumers on its website.
Many debts can be negotiated down, but that often requires the consumer to provide an immediate lump sum payment. Debt consolidation companies may be able to stave off law suits from creditors for a time, but the fact that they pay themselves first from your monthly payments means that your credit continues to take a hit (and the relative cost is very high).
The best choice for many consumers is a bankruptcy. Chapter 7 bankruptcy is available for those with high debt to income ratios, and will wipe all out dischargeable debts. A Chapter 13 is for debtors who are able to pay their creditors back, usually a drastically reduced amount, over three to five years and still have enough to provide for their basic needs. Bankruptcy courts provide a "Means Test" to help consumers determine whether they are candidates for a Chapter 7, or will be required to file a 13. This test can be rather perplexing, but its basic purpose is to determine if you have enough disposable income to effectively repay a portion of your debt.
Oregon Debt Solutions can help you decide if debt negotiation, a Chapter 7, or a Chapter 13 is right for you. Call today, or use the contact form to schedule a free consultation. Rates are affordable, and payments plans are available.
The United States Bankruptcy Court for the District of Oregon also provides helpful information for consumers on its website.
503.956.1110
kara@govrolaw.com
kara@govrolaw.com
Oregon Debt Solutions and the Law Office of Kara Govro are located near the intersection of HWY 217 and I-5, in Lake Oswego, within five miles of Tigard, Tualatin, SW Portland, and Durham. Kara is also willing to travel to meet clients in Sherwood, Wilsonville, West Linn, NW Portland, SE Portland, Beaverton, and surrounding areas.
Oregon Debt Solutions and the Law Office of Kara Govro are a debt relief agency that assists people in filing bankruptcy under 11 USC 547.