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How did Obama change student loan repayment?

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News | by — July 4, 2012

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How did Obama change student loan repayment? The Obama student loan reform (The Healthcare and Education Reconciliation Act of 2010) made a variety of changes for future borrowers. The act did not affect those who already have student loans and are no longer borrowing more funds. The act purports to stabilize funding and increase the […]

What are my options if I’ve defaulted on my student loans?

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News | by — July 4, 2012

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The most recent statistics from the department of education (from the 2009 fiscal year) indicate that student loan default-rates continue to increase. Although they haven’t reached their all time high of 22.4 percent in 1989, more and more borrowers find themselves unable to pay back their student loans, 8.8 percent in 2009. What are the […]

Are my student loans dischargeable in a bankruptcy?

Are my student loans dischargeable in a bankruptcy? Discharge of student loans is only allowed if the debt would impose undue hardship on the debtor.[i]  Under the statute, “undue hardship” is not defined. Multiple courts (including the Ninth Circuit) have adopted a three part analysis for whether or not the student loans create an undue […]

Median income changes may allow more Oregonians to file a Chapter 7.

The Department of Justice has increased median income levels a modest 3% beginning May 1, 2012, for Oregonians. While this increase is small, it may open the door for some Oregonians to file a Chapter 7 bankruptcy, who previously would not have qualified. For more information on how your median income level factors into a […]

Keeping your car in a bankruptcy

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News | by — April 18, 2012

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If I file a bankruptcy, will I be able to keep my car? This is a very common question, and for good reason. We are largely a car-dependent society, relying on our automobiles for transportation to work, activities, and for errands. What is the automobile exemption? When you file a bankruptcy in Oregon, state exemptions […]

Statute of Limitations for Collection of Credit Card Debt in Oregon

A recent Oregon Court of Appeals decision has affirmed that the applicable statute of limitations for collection of credit card debt within the state is 6 years. Multiple Oregon consumers challenged the application of Oregon’s statute of limitations to their debt collection cases based on the credit card user agreement, which specified that Delaware law, […]

Are you eligible for a Chapter 7 Bankruptcy? IRS announces new median income levels.

Consumers looking to file a Chapter 7 bankruptcy may be aware that they must pass certain income requirements in order to qualify for the bankruptcy. But what are these requirements, and would you know whether you qualify? Means Testing With the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, congress […]