Currently the maximum debt limits for Chapter 13 are $1,010,650 in secured debt, and $336,900 in unsecured debt. On April 1, 2010, those debt limits will likely increase to $1,081,500 for secured debt, and $360,525 in secured debt. While these increases are not exactly exponential, these days every little bit helps.
Your ability to keep your tax refund while filing a Chapter 7 Bankruptcy may largely hinge on whether qualify for the
Debtors across both Oregon and Washington often wonder how they will possibly discover all their creditors prior to filing bankruptcy. Luckily, Under the Fair and Accurate Credit Transactions Act, you are entitled to a free copy of your credit report each year.
While it is possible to access your credit report online, many credit reporting companies require you to give up many of your rights prior to giving you access to your credit report through their websites. Even after they give you access to your report, you have to make your way through a maze of offers to purchase services that you do not necessarily need. This being the case, the reality is that the best way to get your report is to request it by mail.
Payday loans are hazerdous to your financial health: People who take out payday loans are nearly eight times more likely to file bankruptcy than those who don’t. Yet each year eleven million American families take out payday loans often at a 500% yearly interest rate.
Not suprisingly a clear correlation between payday loans and bankruptcy has now been established. Recent studies have shown that upon approval, first-time payday loan applicants in both Oregon and Washington become nearly twice as likely to file bankruptcy.
Clients often worry about whether they will be able to open or even keep bank accounts while their bankruptcy is pending, or even after their bankruptcy is closed. In both Washington and Oregon, there are no bankruptcy laws that would prevent you from opening or keeping a bank account. There may, however, be some issues to resolve
If you are in the process of getting your case ready for filing and have a bank account with a bank or credit union that has also loaned you money, you may want to open an account at an institution to which you are not in debt. This is so because banks and credit unions generally have the right to set off the money you are holding in your account against the debt that you owe them. Even if you are current, the money in your account may be used as collateral for the debt. Granted not all institutions follow this practice, but it is often impossible to determine which ones will. In Both Washington and Oregon, credit unions are the lenders most likely seize funds held in accounts. Credit unions will often seize funds deposited after filing so watch out.
The sputtering economy continues to drag more Americans into bankruptcy. Indeed, the number of troubled consumers filing for protection rose in March to its highest level since October 2005. As job losses continue to mount, they may well drag bankruptcy filings along with them.
Study shows that 1.06 million American consumers filed for bankruptcy protection last year.
The Wall Street Journal
December 31, 2008
