Everyone Deserves a Second Chance
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Special Creditors Who Are NOT Stopped by a Bankruptcy Filing

Filing a bankruptcy stops every act by your creditors to determine or to collect their debts against you or your property. That is, except for those by certain kinds of creditors chasing very specific kinds of debts.

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Flexibility in the Length of Your Chapter 13 Case

In our last blog we told you how your “income” determines whether your Chapter 13 Plan will be scheduled to last 3 years or 5. You have just a little bit of say about what your “income” is for that purpose, and thus about how long your case will take to finish.

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What Determines the Length of Your Chapter 13 Case?

You might have heard that Chapter 13 cases are supposed to take from three to five years to complete. That’s a big difference. What decides how long it is going to be?

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Creative Uses of the Homestead Exemption

If you file a bankruptcy as an Oregon resident, the homestead exemption protects the first $40,000 of equity in your home, $50,000 if you’re married and both of you are on the deed to the property. With the slide in home values of the last several years, most people thinking about bankruptcy don’t have more equity than these amounts.

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Don’t Surrender Your Vehicle or Let it Get Repossessed Before Talking with a Bankruptcy Attorney

You may figure that with a vehicle loan it’s a take-it-or-leave it proposition—that in bankruptcy you either keep the car and keep on making payments on it, or you surrender it and get to write off any unpaid balance.

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Avoiding “Preference” Shock—Except When You Don’t Want To

The part of bankruptcy law which seems to go most against common sense involves “preferences”—payments that you make to creditors (even if you don’t see them as creditors) within a certain amount of time before your bankruptcy case is filed.

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Income Tax Liens in Bankruptcy

If you have an income tax lien in force against you, that usually means that that you have a serious tax problem. The IRS and/or the Oregon Department of Revenue are taking some pretty aggressive enforcement action when they record a tax lien

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Passing the Chapter 7 “Means Test” Even if Your Income is High

If your income is low enough, you can pass the first part of the “means test” and don’t even have to take the second part. But even if your income is high, you may still be able to pass the test and file a Chapter 7 case.

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What’s the “Means Test” and Can I Pass It?

In practice, for many people it is quite an easy hoop to jump through. For most, it ultimately does not stop them from filing Chapter 7 if they want to do so.

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What’s a Vehicle Loan Cram Down, and Can I Do It?

A cram down on your vehicle loan could allow you to keep your vehicle while paying thousands of dollars less for it, often while also reducing the monthly payments on the loan. The term comes from the basic concept that you are essentially allowed to pay for the value of the vehicle instead of the contract balance, assuming that the vehicle is worth less than the balance.

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