Eugene Bankruptcy Blog

Could your debt qualify for discharge through bankruptcy?

Financial hardships can strike anyone at any time. Even if you or other Oregon residents consider yourselves good with money, a sudden emergency or unexpected event could leave your savings wiped out and leave you struggling to cover daily expenses, bills and other costs. Unfortunately, this type of scenario can often leave individuals feeling stressed and worried about their futures.

When parties are unable to cover their bills, they often accumulate a considerable amount of debt. You may have found yourself struggling to pay credit card bills, your mortgage payment and other expenses, and now, you believe you will not be able to get out from under these financial obligations on your own.

Are you worried you will lose your home to foreclosure?

Buying a home is one of the biggest purchases most Oregon residents will make in their lifetime. In fact, this purchase is so substantial that the majority of homebuyers do not buy the property outright. Instead, you, like most others, made a down payment and took out a loan for the remaining amount of the home's price.

This type of scenario happens almost every day as people buy their first or subsequent home. While many people anticipate making their monthly mortgage payments and one day owning their home in full, that is not always what happens. You may be among the group of people who faces financial issues that have led to foreclosure proceedings.

Considering Chapter 11 for your business

As an Oregon business owner, you may have been watching for the last few years as giants toppled. Seeing other businesses fail may strike fear into your own heart, especially if you have been struggling with your company's finances. Taking on more debt to keep your business going may have been a temporary fix, but now you are dealing with creditors who are impatient for what you owe them.

If you are struggling with these obligations, you may be looking for a solution that will allow you to deal with your debt effectively with the best chances of moving forward successfully. One path that other businesses have taken when they face overwhelming debt is to file for Chapter 11 bankruptcy. Before taking this step, you will want to obtain as much information as possible about how to qualify and what to expect from the process.

10 signs that your debt may cause you big trouble

A credit card or loan can bring you a feeling of freedom. If you are short on cash, you can still get the things you want. However, like any good thing, too much can be detrimental. The freedom you feel using that credit card may soon turn into a feeling of imprisonment.

It is not always easy to recognize when debt is becoming overwhelming. You may think you are on the right track. What you may not realize is that one financial setback, such as a job loss, car repair or medical emergency, can send your budget tumbling down around you. So how can you know if your debt is reaching the danger zone?

Are medical bills wiped away in personal bankruptcy?

Everybody understands medical care can be expensive, but it can be hard to wrap your head around just how devastating skyrocketing medical bills can be. Hundreds of thousands of Americans know this reality all too well, however.

According to one CNBC report, about two-thirds of all bankruptcies in America are because of medical issues. That could be either due to expensive care, or lack of income because the health issue made it impossible to work. Researchers estimate every year more than half a million Americans file bankruptcy because of medical bills. In bankruptcy cases, what exactly happens to medical debts?

Saving your home: Chapter 7 vs. Chapter 13 bankruptcy

Facing the foreclosure of your home can be terrifying. You may feel overwhelmed at the prospect of losing your family home but at a loss for how to challenge the bank or lender from overtaking your house.

Even when the foreclose sale is just days away, you still have options. In some situations, working out an agreement with your mortgage servicer or even filing a lawsuit against the lender may allow you to stay in your home. However, if you find yourself facing insurmountable debt, filing bankruptcy may be the best option to potentially save your home and relieve you of such overwhelming debts.

Should you file Chapter 7 or Chapter 13 bankruptcy?

If your household finances feel out of control, you can use bankruptcy as a trampoline to bounce back from debt. Bankruptcy can stop creditor harassment, threats of foreclosure and can even wipe away your debt entirely. This may significantly reduce your stress and start you on the path to better credit. However, it is not a decision to make lightly.

You can file bankruptcy under one of two categories, Chapter 7 or Chapter 13. One may fit your situation better than another depending on your state. You might be able to keep your home and other assets. Only a financial advisor in Oregon can make the best recommendation for you.

Ways to avoid bankruptcy before it is too late

The word “bankruptcy” brings up a lot of negative emotions for most people, as it carries a heavy stigma, and it can be a long road to getting back on your feet.

While there are many people who choose to file for bankruptcy (nearly 800,000 in 2016), there may be things you can do to avoid filing yourself. This post will look at ways to help you evade a bankruptcy claim, as well as how to rebuild if you realize that you cannot get out of filing.

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Judson M. Carusone, Attorney and Counselor at Law
1445 Williamette Street
Suite 9
Eugene, OR 97401

Phone: 541-344-7472
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