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What Is the Statute of Limitations On Debt Collection in Oregon?
When debts remain unpaid for a long time, the law allows creditors to sue you so that they can obtain a judgment and recover their money. Through such a judgment, creditors may be able to collect money from you involuntarily through wage garnishments or property and bank account seizures. But bad debt doesn’t hang over…
Read MoreThe Pitfalls of Receiving an Inheritance Shortly After You File Bankruptcy
Inheritance, including life insurance proceeds, and bankruptcy can prove to be a very serious issue if not planned for correctly. An individual, depending on timing, may have to surrender a portion or all of an inheritance or life insurance proceeds as a result of filing bankruptcy. This article discusses inheritance in the context of bankruptcy,…
Read More5 Mistakes to Avoid Before You File Bankruptcy
There are many mistakes for consumers to avoid before filing bankruptcy. The following list is what I consider some of the top mistakes to avoid before filing bankruptcy. 1. Not Being Honest With Your Attorney: Disclose everything to your attorney;
Read MoreChapter 7 Bankruptcy: Voluntary vs. Involuntary
When it comes to a chapter 7 bankruptcy, there are two options available: 1.) it can be filed voluntarily by the debtor; or, 2) it can be filed by a debtor’s creditors, thereby resulting in an involuntary bankruptcy. This post discusses both voluntary and involuntary bankruptcies, and when involuntary bankruptcies may occur (which is rare).…
Read MoreChapter 7 “No Asset” Case
The majority of cases filed under chapter 7 bankruptcy are considered “no asset” cases. This post details what a “no asset” case is, and why we prefer this over an “asset” case. When you file chapter 7 bankruptcy, everything you own, with few exceptions, becomes part of a “bankruptcy estate.” To protect these assets as…
Read MoreExemptions & Bankruptcy – What State’s Exemptions Apply & Why?
I have written several posts on exemption law and bankruptcy, because exemptions are such an important part of the bankruptcy process. Exemptions simply are laws that protect a client’s property when he or she files for chapter 7 bankruptcy and even chapter 13 bankruptcy. Oregon has two exemption schemes: 1) exemptions based on Oregon law,…
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