Debt Snowball vs Debt Avalanche

Wooden blocks spelling out the word "debt"

Eliminating debt can feel like an overwhelming task – especially without the right plan in place. Thankfully, there are many different repayment strategies that you can choose in order to begin rapidly paying off your balance. Two of the most popular and effective debt repayment plans are known as the “snowball” and “avalanche” methods. While these tactics are similar, they have some key differences that can help you decide which strategy is best for you.

What is the Snowball Method?

With the debt snowball method, you pay off debts in order of smallest to largest balances. By putting the majority of your money toward loans with smaller balances and making minimum payments to all other debts, you can swiftly cut through your debts. This method is popular because it is easy to implement and provides quick results, which is great for building momentum and motivation.

What is the Avalanche Method?

In the debt avalanche method, you pay off loans based on interest rates. By targeting loans with higher interest rates first while making minimum payments to any other debts, you can quickly pay off debt while cutting down on the amount of interest you pay over time.

Though this tactic is great for eliminating debt quickly and with the least amount of interest, it is a little more difficult to implement and keep up with. The debt avalanche method also produces slower short-term results, which may be challenging for individuals who struggle with motivation.

Which Debt Repayment Method is Best?

Unfortunately, there is no “one-size-fits-all” plan when it comes to debt payment plans. It all comes down to which plan you can feasibly implement and keep up with – after all, no plan is useful if you won’t be able to stick to it. To help you determine which tactic may be better for you, here are some pros and cons of both debt repayment strategies:

Debt Avalanche

  • Eliminates debt faster
  • Reduces total interest paid
  • More difficult to implement
  • Takes more time to see results

Debt Snowball

  • Produces results quickly
  • Builds motivation and momentum
  • Takes more time to eliminate debt
  • Requires you to pay more interest

When to File for Bankruptcy

If you have a mountain of debt that you are struggling to pay, these repayment strategies may still feel too overwhelming. In some cases, filing for bankruptcy is the best way to take control of your financial situation. Here are some signs that you should file for bankruptcy:

  • You’re at risk of foreclosure
  • Your liabilities exceed your income
  • You don’t have any savings
  • You’ve already tried negotiating

Get Legal Help Today

Don’t let your life become bogged down by unmanageable debt. If you’re struggling to make ends meet because of debt, it may be time to contact a legal expert who can help you assess your options. That’s where the trusted attorneys at OlsenDaines can help. Our team has over 40 years of experience serving Oregon and Washington, and we strive to make it easy for you to get back on your feet. To get started, schedule a free legal consultation today.

 

How Much Do Bankruptcy Lawyers Charge?

Bankruptcy attorney discussing a case with clients in office

If debt has become an insurmountable problem for you, then filing for bankruptcy may be the best way to get back on your feet. However, the idea of spending money on an attorney may not sound very appealing if you’re already struggling financially. Knowing your options will help you make an informed decision so you can determine the best course of action for your situation. To help you get started, here’s a breakdown of how much bankruptcy lawyers charge and what you can expect when working with one.

How Much Do Bankruptcy Lawyers Cost?

While all experienced attorneys are expensive, a bankruptcy lawyer will likely be the least expensive attorney you will ever hire. Chapter 7 attorney fees typically run between $1,000 and $2,000. Meanwhile, Chapter 13 fees generally range from $3,000 to $6,000.

If you aren’t sure which type of bankruptcy you should choose, our skilled attorneys are here to help! With 40 years of experience helping individuals and businesses throughout the state of Oregon, we know the ins and outs of bankruptcy laws and can seamlessly guide you through the process.

Can I File Bankruptcy Without a Lawyer?

Though bankruptcy lawyers are less expensive than other attorneys, the fees can still feel overwhelming. For that reason, many people wonder if they even need the help of an attorney.

While it is possible to file for bankruptcy without a lawyer, doing so could become complicated and expensive. Filing for bankruptcy is an intensive process that can easily become overwhelming, and mistakes along the way could cost you. An experienced debt relief attorney will relieve stress by making the process simple, all while ensuring you get the best outcomes possible.

Will I Have to Pay a Bankruptcy Lawyer Up Front?

Depending on which chapter of bankruptcy you are filing for, you may not need to pay all of your attorney fees up front. While Chapter 7 typically requires you to pay your fees in full before filing, Chapter 13 often allows you to pay in installments as a part of your repayment plan.

Don’t let fees hold you back from getting the help you need. At OlsenDaines, we offer free legal consultations where we can examine your situation and discuss payment options before charging you anything. Our firm has also made a commitment to value-based pricing so we can remain as affordable as possible; in most cases, we can be retained for as little as just $200.

How Can I Pay for a Bankruptcy Lawyer?

Many people wonder how they are supposed to afford a bankruptcy lawyer if they are already struggling to pay creditors. If you’re struggling to come up with the money for attorney fees, don’t panic – there may be some options available.

Since everybody’s situation is different, we strongly recommend starting with a free legal consultation. At OlsenDaines, one of our experienced attorneys will examine your case and discuss how we can help you afford our services.

Affordable Bankruptcy Attorneys in Oregon

The attorneys here at OlsenDaines decided to become bankruptcy lawyers for a very particular reason; we sincerely want to help our neighbors get back on track financially. It is gratifying to help our community thrive, which is why we strive to keep our services as affordable as possible by offering free consultations and value-based pricing. If you are looking for experienced and affordable bankruptcy attorneys, we have you covered. Just contact us today to schedule your free initial case evaluation.

Can I Sue for False Advertising and Hidden Fees?

Young woman looking in box frustrated by false adverrtising

Consumers rely on advertising to make purchasing decisions, which is why it’s important that a corporation’s products and services are marketed accurately. However, some corporations choose to distort their advertisements to manipulate consumers into buying their products or services. Not only does this waste the buyer’s money, but it can also lead to injuries and other serious problems.

Consumers also rely on corporations to advertise the true cost for goods and services. Unfortunately, some corporations use hidden fees to increase their profits by charging buyers more than the advertised price.

Thankfully, there are laws in place that can help protect consumers from false advertising and hidden fees. If you are the victim of deceptive marketing, you may be able to file a lawsuit and recover damages. However, in order to do so, you’ll need to know what these laws cover and how they work.

What Qualifies as False Advertising?

Today, it’s very common for corporations to carefully curate their marketing campaigns with the goal of maximizing sales, which is why it can be so tricky to determine whether something qualifies as false advertising. To help you out, here are a few examples of what false advertising can look like:

  • Inaccurate visual representation
  • Dishonest key terms or wording
  • Deceptive warranties or guarantees
  • Inaccurate pricing information

What Are the Legal Consequences of False Advertising?

Corporations who engage in false advertising could face a variety of legal consequences. Consumers can sue or build a class-action lawsuit to recover lost money and any damages incurred as a direct result of the deception. Additionally, the company could face civil penalties with the Federal Trade Commission (FTC), which may result in large fees. And, if the false advertising constitutes fraud, the corporation could also face serious criminal penalties.

Since false advertising laws can differ from state to state, it’s best to work with an experienced consumer litigation attorney if you suspect you are the victim of deceptive marketing. A knowledgeable lawyer can help you navigate these laws to build a case and recover any compensation to which you are entitled.

How Do False Advertising Lawsuits Work?

False advertising lawsuits can help victims recover any money they’ve lost or damages they’ve incurred as a direct result of the deceptive marketing. In order to build a case, however, you may need to prove various things:

  • The product was misrepresented.
  • The consumer relied on the misleading information when making the purchase.
  • The consumer lost money or property due to a hidden fee or false advertisement.

Your Local Consumer Law Attorneys

If you believe you have fallen victim to false advertising or hidden fees, you can count on the experienced consumer law attorneys at OlsenDaines to help you build a claim. We have proudly served Oregon and Washington since 1978, so we are very familiar with the ins and outs of local consumer laws. Our team is also committed to providing you with candid, transparent, and affordable legal assistance. Just give us a call to schedule your free legal consultation.

What to Do if a Car Hits You While Walking

Person injured in pedestrian accident - OlsenDaines personal injury attorneys in Oregon

Getting hit by a car while you’re walking is a scary experience, especially if you sustain injuries. However, pedestrian accidents are common – it’s even estimated that a car hits a pedestrian once every 7 minutes in the United States alone. Knowing what steps to take after an accident can help you recover quickly while preparing to make a claim. Here’s what to do if a car hits you while walking:

Remain Calm and Evaluate Injuries

Your safety is the first priority after an accident. Try to maintain a calm composure while assessing injuries. If you or anyone else has been seriously hurt, call 911 immediately for medical assistance.

File a Report With Law Enforcement

Once everybody involved in the accident is safe, it’s time to call law enforcement to file a report. Police reports play a big role in determining liability, so it’s important that you don’t skip this step and that you provide as much information as possible.

Collect Information on the Driver

To file a claim, you will need the driver’s information. Request their name, phone number, address, insurance company, and policy number. If they are not being cooperative with you, don’t worry; law enforcement will also be able to collect this information. Should the driver attempt to flee the scene, at least try to catch the license plate number. Without the license number, it will be very challenging to track the driver down later on.

Collect Witness Contact Information

Even if law enforcement has not arrived yet, request contact information from any third-party witnesses who saw the accident. Doing so will ensure you have their information even if they decide to leave the scene of the accident before the police arrive.

Always Seek Medical Attention

Even if you think you feel fine, it’s crucial to seek medical attention as soon as possible. Adrenaline from the accident can make it impossible to accurately assess your own injuries. Visiting a doctor not only ensures you are receiving proper and thorough treatment, but it also creates a written medical record of any injuries. During your visit, describe the events in detail and try to get comprehensive diagnostic tests.

Do Not Give Any Insurance Company a Statement

Prior to giving a statement to any insurance company – even your own – it’s critical to seek help from an experienced attorney. Any questions you answer or statements you provide can be used against you later on, so it’s important to work with a knowledgeable lawyer who can provide guidance.

Seek Help From an Attorney

A personal injury attorney can help you navigate the claims process and recover any compensation to which you are entitled. Damages can cover expenses like medical bills, missed work, and more. If you have been involved in a pedestrian accident in the state of Oregon, you can count on the experienced lawyers at OlsenDaines to make your claim as simple and effective as possible. Just give us a call to schedule your free legal consultation.

Track All Expenses

Throughout the claims process, you will want to keep track of any injuries, treatments, and medical bills. Consider creating a folder where you can store all of your medical receipts and records, such as:

  • Time missed from work for recovery or medical treatment
  • Specific dates and times of medical appointments
  • Any receipts for co-pays or prescriptions
  • Pain and symptoms related to the accident

Follow Through on All Medical Appointments and Treatments

It’s crucial that you attend all medical appointments and follow through on each treatment plan. Failing to do so will not only impede recovery; missing appointments could also prompt an insurance company to argue that you are not actually injured, or that you are needlessly extending your injuries by not complying with medical recommendations. To ensure your fast recovery and a speedy claims process, be sure to attend all appointments and complete all recommended treatments.

Do You Still Owe Taxes if You File for Bankruptcy?

Bankruptcy petition in Oregon - OlsenDaines Debt Relief Lawyers

Filing for bankruptcy is one of the most effective ways to eliminate debt, save your home, and rebuild your financial security. It can also help you sleep easier at night knowing that you won’t have to worry about repossession or mounting bills. However, if you’re considering bankruptcy, it’s important to know what it does and does not cover – and that includes taxes.

How Do Taxes Work After Bankruptcy?

Many people overlook their tax situation when filing for bankruptcy, but it’s crucial to know what to expect before moving forward with your case. Your tax requirements will look different depending on which type of bankruptcy you are filing for. Here is a brief overview of how taxes work after filing for the two most common types of bankruptcy:

Chapter 7

This chapter of bankruptcy is meant to help those with lower income and fewer assets, and individuals must pass a “means test” in order to qualify. If granted chapter 7 bankruptcy, individuals will be assigned a trustee that will be responsible for reviewing your petition and seizing any nonexempt assets that can be sold to benefit your creditors.

Taxes are still a requirement even if you are granted chapter 7 bankruptcy. If you are unable to pay your taxes and accrue new debt, it can have a negative impact on your case and may even result in your case being dismissed. However, if you are expecting a tax refund but are granted chapter 7 bankruptcy, then you may need to turn the funds over to your trustee who will use them to pay your creditors.

Chapter 13

This chapter of bankruptcy is meant to help those with higher income and more assets, and it is often considered a “reorganization” of debt. Individuals who are granted chapter 13 bankruptcy will need to establish a monthly payment plan with their creditors to repay a portion of their debts.

Taxes are also still required if you are granted chapter 13 bankruptcy. If you owe more than you can pay, you may be able to set up a payment plan with the IRS lasting between three and five years. Meanwhile, if you receive tax refunds while in Chapter 13 you’ll usually be able to keep these refunds for your own benefit.

Can Bankruptcy Discharge Tax Debt?

Tax debt is considered “unsecured debt”, which means that it generally cannot be discharged even if you are granted bankruptcy. That said, if your tax debt meets a few specific criteria, you may be able to discharge it when filing for chapter 7 bankruptcy. Your debt may be considered for discharge if it meets these requirements:

  • The tax return filing was due three or more years ago.
  • The tax return filing was two or more years ago.
  • The tax assessment is at least 240 days old.
  • The tax return was not fraudulent.
  • The taxpayer did not attempt tax evasion.

Your Local Bankruptcy Attorneys

Filing for bankruptcy can be overwhelming, but you don’t have to navigate it all alone. The experienced bankruptcy attorneys at OlsenDaines are prepared to help get you through the process as quickly and easily as possible while answering all of your questions. We have proudly served Oregon and Washington residents for over 40 years, and we are ready to use our expertise to help you relieve your debt. To get started, schedule your free and no-obligation legal consultation with one of our attorneys today!

Bankruptcy and HOA: What You Need to Know

What you need to know about filing for bankruptcy with an HOA - OlsenDaines bankruptcy attorneys in Oregon

If you live on a property with a homeowner’s association and are overwhelmed with late dues or fees, then you may be wondering if bankruptcy is a viable way to eliminate these debts. While this may seem like a straightforward question, there are several factors that can impact whether or not your HOA debts can be discharged through bankruptcy. To help give you an idea of what your situation might look like, the experts at OlsenDaines have put together a guide on what you need to know about bankruptcy and HOA.

Can I Discharge My HOA Debt Through Bankruptcy?

Your specific circumstances will impact whether or not you can dismiss HOA debt by filing for bankruptcy. To determine if your HOA fees can be discharged, begin by asking yourself these questions:

Which chapter of bankruptcy are you filing for? The two most common chapters of bankruptcy are Chapter 7 and Chapter 13. While Chapter 7 bankruptcy is intended for lower-income individuals with fewer assets, Chapter 13 is geared toward those with more assets and disposable income. Knowing which chapter you qualify for will give you a better understanding of what your debt relief options are.

Do you plan to keep the property? With both chapters of bankruptcy, you should be able to wipe out past HOA dues by forfeiting the property. However, if you plan to keep your condo or home, you will still be responsible for paying your HOA debts.

With Chapter 7 bankruptcy, you should treat the HOA like a bank holding a mortgage and plan to make payments both before and after you file. It’s important to know that the HOA could still foreclose on your home if they have a lien on your property, even if your debts are discharged.

Meanwhile, if you are filing for Chapter 13 bankruptcy and plan to keep the property, your repayment options may look a little different. Since this chapter allows you to reconfigure your debts into a payment plan, your past HOA fees should be included in your monthly installment.

Can an HOA Foreclose on My Property After Bankruptcy?

Even if you are granted bankruptcy, an HOA may be able to foreclose on your property depending on your specific situation. Here are some instances where an HOA can foreclose on your property after bankruptcy:

  • Your foreclosure has already taken place: Bankruptcy cannot undo a foreclosure that has already taken place. So, if the HOA has already foreclosed on your property and the home is no longer in your name, the outcome of your bankruptcy petition will not be able to reverse the process.
  • The HOA filed a lien against your property: Once an HOA files a lien against your property, they may begin the foreclosure process. Though you are granted an “automatic stay” while filing for bankruptcy – meaning that the HOA cannot move forward with the foreclosure process during your petition – they may be able to resume the process once you are granted bankruptcy. Bankruptcy cannot get rid of a lien filed against you even if your debts are discharged, so your property may still be foreclosed on.
  • You accrue more fees after bankruptcy: Bankruptcy will only discharge debts accrued prior to your petition, so you will be responsible for any fees due after you are granted bankruptcy. This is true even if you are forfeiting the property; you will have to pay any fees that accumulate between the time you are granted bankruptcy and the sale of your home. To avoid accruing more fees and debt, it is best to wait until the property is sold before filing for bankruptcy if you are planning to surrender the home.

Your Local Bankruptcy Experts

Here at OlsenDaines, we understand how stressful and complicated it can be to file for bankruptcy. That is why our experienced attorneys are always here to help. We strive to make the process as fast and easy as possible while ensuring that you are getting the most out of your petition. With over 40 years of experience serving people throughout Oregon, we are very familiar with local bankruptcy laws and are prepared to help you regain control over your finances so you can truly start fresh. If you are looking into bankruptcy and would like to speak with an expert, contact us today to set up a free legal consultation!

What to Do If You Get Hurt From a Car Accident

Image of a car accident in Oregon - OlsenDaines Personal Injury Attorneys

Car accidents can be scary situations, especially if you sustain any type of injury. Knowing what to do after an accident can help you seek recovery quickly while protecting your rights and preparing to make a claim. Here is what to do if you get hurt from a car accident:

Stay Calm and Assess Injuries

Always ensure you, your passengers, and anybody else involved in the accident are safe. If anybody sustained major injuries, call 911 immediately for medical help. Try to maintain a calm demeanor to remain in control of the situation. Additionally, move any impacted vehicles out of the way of traffic if possible.

Call Law Enforcement and Make a Report

Once you know everybody is safe, call the authorities and report the incident. Law enforcement will examine the scene, interview witnesses, and otherwise collect information about the accident to help determine who was at fault. A police report is extremely important for proving liability, which is why you should never skip this step.

Collect Witness Contact Information

If there are third-party witnesses to the accident, try to collect their contact information – even if law enforcement has not yet arrived. That way, if the witness chooses to leave the scene of the accident before police arrive, you will still have their information to provide for the report and to use later on if needed.

Seek Medical Attention Immediately

If you have not already contacted a medical professional to assess your injuries, do so as soon as possible – even if you feel just fine. Shock from an accident can make it difficult or impossible to determine the extent of an injury, which is why it’s crucial to see a doctor right away. Describe the events and any wounds in detail and get comprehensive diagnostic tests. Not only will this allow the doctor to create a proper treatment plan that will help with your recovery, but it will also create a written medical record that can be used later on if you make a claim.

Do Not Give a Statement to Any Insurance Company

Wait until you have consulted with an experienced attorney before you give a statement to any insurance company – even your own. Your insurance company may call you shortly after the accident to obtain a statement, but whatever you say can be used against you later on. Though you may notify them that an accident has occurred, wait to provide a statement.

Contact an Experienced Attorney

An experienced attorney can help you navigate the claims process to recover maximum compensation to which you are entitled. These damages can help cover medical bills, vehicle repairs, and more. If you are in need of an experienced attorney in the state of Oregon, contact the experts at OlsenDaines today for a free legal consultation. With years of experience and a dedicated staff, we’re able to take over the logistical challenges and requirements of your claim and allow you to focus solely on recovering from your injury and taking care of your family.

Keep Track of All Injuries, Treatments, and Expenses

Keeping track of your injuries, treatments, and expenses can help you immensely throughout the claims process. To stay organized, we recommend creating a folder where you can keep medical receipts and records. Also try recording additional information such as:

  • Pain and symptoms caused by accident-related injuries
  • Time missed from work for medical care or recovery
  • Contact information for medical providers
  • Specific dates for medical appointments
  • Out-of-pocket expenses for co-pays or prescriptions
  • Attend All Medical Appointments

To ensure your recovery, it’s crucial to follow through on all of your medical appointments. Be sure to take any prescribed medications, attend physical therapy, and show up to any necessary doctor’s appointments. Not only will this help you heal faster, but it may also help you with your claim. If you fail to attend medical appointments, an insurance company may claim that either you are not actually injured, or that you needlessly extended your injuries by not following through on treatments. To recover quickly and remain prepared for a claim, it’s important to complete all recommended medical treatments.

Signs You Have a Potential Wrongful Death Case

Image of a lawyer signing papers - signs you may have a wrongful death claim in Washington or Oregon - OlsenDaines

If your loved one has died because of a third party, you may be able to file a wrongful death claim. However, the case needs to meet certain criteria before you can claim compensation.

Signs You May Have a Wrongful Death Case

Many wrongful death claims involve negligence, meaning the defendant owed your loved one a duty of care and didn’t follow it. To classify as wrongful death, the death of a person from negligence or willful intent must be present. Wrongful death is especially common in medical malpractice cases in which the doctor failed to diagnose a condition leading to patient demise.

You also may have a claim if your loved one died because of a defective product they used correctly. Victims killed intentionally, such as a shooting or careless driving, are often signs you have a wrongful death case. Sometimes, fatal falls or other accidents on property caused by negligence are grounds to file a wrongful death case.

Who to Sue and Who Can File a Wrongful Death Lawsuit

Generally speaking, the surviving spouse, surviving children and any family members of the person who died, as well as anyone who is a beneficiary of the person’s estate, can bring a wrongful death action.

If the party passed because of a defective product, you could bring a lawsuit against the makers. A medical malpractice case may involve several parties, which include doctors, nurses, ER personnel, surgeons, and pharmacists. Premises liability laws allow you to sue landowners who didn’t fix a defect or set barriers for attractive nuisances.

Sometimes, a wrongful death claim is warranted for preventable incidents to get justice. However, certain groups are often protected by immunity laws, such as government officials. If you have questions, speak with an attorney at OlsenDaines before filing a claim. Our attorneys have extensive experience with wrongful death claims and can help you recover all of the damages to which you are entitled. Call us today to set up your free consultation.

What Should I Know About Filing a Wrongful Death Claim?

Filing a wrongful death claim can feel overwhelming, but an experienced attorney can guide you through the process. Before beginning, however, there are a few important things to know about filing a wrongful death claim:

  • Time to make a wrongful death claim is limited. In every state there is a set of laws known as the Statute of Limitations. These limit the amount of time that you have to file a lawsuit. Oregon and Washington residents have up to three years to file a wrongful death claim. And if the claim is against a public entity in Oregon, there’s a one year statute for sending a Tort Claim Notice to preserve your rights against the public body. Missing this timeline could prevent you from recovering damages.
  • You may be awarded specific types of damages. If your claim is successful, you may gain compensation for a variety of damages. Common wrongful death damages include medical bills, funeral expenses, loss of wages or inheritances, and loss of companionship.
  • You will need documentation to prevail in your case. For a successful claim, you will need to prove negligence. One of our attorneys can help you compile documentation to show that the defendant violated a legal duty to the deceased and that your loved one died as a result of that violation.

Wrongful Death Attorneys in Washington & Oregon

If your loved one died due to the negligence of others, don’t hesitate to consult one of the experienced attorneys at OlsenDaines. We are committed to guiding you through the process of making a wrongful death claim to recover all of the damages to which you are entitled. Call us today to schedule your free legal consultation.

Does Debt Disappear After Bankruptcy?

Does debt disappear after filing for bankruptcy? Debt relief attorneys at OlsenDaines in Oregon State

If you’ve found yourself battling against a mountain of debt, you may be considering bankruptcy as a way to get back on your feet. After all, filing for bankruptcy can be an effective method for relieving debt and regaining control over your finances. But, should you file for bankruptcy, will all of your debt disappear?

The answer to that question is a little complicated. Though bankruptcy can help relieve many different kinds of debt, there are some kinds that will stick with you. If you are considering filing for bankruptcy, it’s important for you to know what kinds of debts are covered and which kinds are not.

What Debts Can Be Forgiven by Bankruptcy?

Bankruptcy can help you regain financial stability by relieving a wide variety of debts. Your exact amount of relief, however, will largely depend on your specific situation and what kind of bankruptcy you qualify for. If you aren’t sure which path would be best for you, a bankruptcy attorney can help you find a solution that relieves as much debt as possible.

Chapter 7

Chapter 7 bankruptcy is intended for individuals with a lower income and fewer nonessential assets. To qualify for this type, you have to pass a means test, which verifies your income. The types of debt that this chapter can cover include:

  • Medical bills
  • Overdue utility charges
  • Outstanding credit cards
  • Collection agency accounts
  • Lease agreement deficiencies
  • Checks written on insufficient funds

Chapter 13

Chapter 13 bankruptcy is intended for individuals with more disposable income and more nonessential assets. This type of bankruptcy is considered “reorganization”, where you will create a payment plan to repay secured debts – such as alimony, child support, and mortgage delinquencies.

Depending on your specific situation, other types of debt may be reduced, but that is not always the case. Chapter 13 bankruptcy can be tricky to navigate, so it is best to contact a skilled bankruptcy attorney to determine the best approach for debt relief.

What Debts Cannot Be Forgiven by Bankruptcy?

Though bankruptcy can absolve many kinds of debt, there are a few types that usually cannot be discharged. The types of debt that bankruptcy generally cannot cover are:

  • Student loans
  • Alimony and child support
  • Tax debts

While these debts are generally not forgiven through bankruptcy, each person’s situation is different. A knowledgeable and experienced bankruptcy attorney can examine your unique circumstances to help you relieve as much debt as possible.

Experienced Debt Relief Attorneys

Bankruptcy can be difficult to navigate, and without the right guidance, you may miss
opportunities to relieve debt. If you are considering filing for bankruptcy, contact the skilled bankruptcy attorneys at OlsenDaines in Washington and Oregon today. Our experienced lawyers understand the ins and outs of bankruptcy law, and they can help you get the best outcome possible for your situation. We can help you through any step of the process so you can regain financial security as easily and effectively as possible. Call us today to schedule your free legal consultation.

How to Avoid Debt This Holiday Season

How to avoid debt this holiday season in Salem OR - OlsenDaines bankruptcy attorneys

The reality of holiday debt usually doesn’t sink in until you get the bills or check accounts. Too much unpaid debt can cause your credit score to drop so we are sharing some tips to follow to avoid racking up holiday debt.

Pay in Cash When Possible

Statistics show 57% of Americans with credit card debt are willing to accrue more debt during the holidays. Gifts and décor commonly cause the most holiday debt, and since consumers rarely save for this, they charge for it.

Avoid this added debt by setting a little money aside each month to pay for gifts and holiday décor in cash. Leave your credit card at home to reduce the temptation to make spontaneous purchases, and use debit cards. Several studies have shown consumers spend less with cash, and it comes with less security risk.

Create a Budget and Make Lists

Decide how much you are going to spend, including travel, and ensure it doesn’t prevent you from making necessary payments. Make a list of things you need, a list for gifts, stick by it, and cross them off as you go.

Consider having some gifts be homemade, such as mixes in a jar, which you can often make for less than buying. If you are easily influenced by others, go shopping alone to avoid going over budget.

Use Credit Wisely

If you must use a credit card, try to stay within less than 20% of the limit, and don’t max them out. Set a budget the same as you would for cash, but check the remaining balance on the cards.

Use credit cards that give rewards for purchases and apply points you have already accumulated to gifts. Don’t be tempted to take out cash advances on your credit cards, because they often have high-interest rates.

Experts in Bankruptcy Law

With some careful planning, you can avoid falling into the holiday debt trap and you will enjoy the holidays better without the stress of debt.

We hope you have a great holiday season and if you need debt relief, consider OlsenDaines. We have offices all throughout Oregon and Washington with highly experienced bankruptcy attorneys ready to help! Just give us a call today to schedule a consultation.