Chapter 13 is a special part of the bankruptcy law. It lets you file a payment plan and gives you a way to repay all or part of your debts while protecting you or your co-signer from claims by creditors. The plan essentially sets out your debts and says how you intend to pay them. […]
If you cannot pay your debts, are receiving telephone calls from collectors demanding payment or are dealing with a lawsuit, bankruptcy may help you. One of the major aims of bankruptcy law is to give a financially distressed person an opportunity to make a new financial start. Filing bankruptcy generally results in the “discharge,” or […]
What is Bankruptcy? When you owe money, you are a debtor, and the people or companies you owe money to are your creditors. “Bankruptcy” is a federal law that establishes an orderly process to provide protection to debtors and fair treatment to creditors. Bankruptcy proceedings, though not for everyone, can be very helpful in solving […]
Revocable living trusts are often promoted as an effective alternative to probate. Even though Oregon’s probate system is relatively simple and inexpensive, many people seek an even quicker and easier mechanism for transferring the assets of a deceased person to the beneficiaries of that person. Revocable living trusts often serve this purpose, but they often […]
Who will manage your financial matters if you become seriously ill, disabled, or injured and cannot handle them for yourself? Many people expect that a spouse or other family member automatically has the power to help with financial matters; but this is not true. Under Oregon law, someone must have special authority to act for […]
Managing your final illness and appointing a health care representative to speak on your behalf is important, and can be done through a properly drafted and signed legal document. In Oregon, these documents are known as the Advance Directive and Appointment of Health Care Representative. The Health Care Representative Under both the advance directive and […]
What is probate? Probate is a legal process whereby a court oversees the distribution of assets left by a deceased person. Assets are anything a person owns with value, such as real and personal property and cash, for instance. When is probate needed? Probate is not always necessary. If the deceased person owned bank accounts […]
People create trusts for different reasons. A person who creates a revocable living trust may do so because it allows her to avoid probate, which is the court process of settling the estate of someone who has died. Parents of young children may include a “just in case” trust in their wills, so that if […]
What is a will? A will is a set of instructions that explains how you want your property distributed after your death. In Oregon, you must be at least 18 years old and of sound mind to make a will. If you are married, you can make a will before you turn 18. Your will […]
From the United States Department of Justice: “Most individual debtors filing for bankruptcy relief are required to complete a version of Bankruptcy Form 122. Official Form 122A-1 (Chapter 7 Statement of Your Current Monthly Income), Official Form 122A-1Supp (Statement of Exemption from Presumption of Abuse Under § 707(b)(2)), and Official Form 122A-2 (Chapter 7 Means […]