Oregon Bankruptcy Law Can Provides a Path To Lasting Financial Success
For some people, the weight of constant debt becomes a constant burden from which they can never escape. Many people continue to make minimum payments on credit cards for years, without ever making a sizable dent in the principal they owe.
If you live in Oregon and have this problem, a Portland bankruptcy attorney can help review your finances, including your debts and assets, to help you decide whether bankruptcy presents a viable option. For most Oregon consumers, there are two types of bankruptcy that could be worth considering. These are:
Chapter 7 bankruptcy is known as liquidation bankruptcy, because it permits you to quickly discharge most, if not all, of your consumer debts. This fresh start can stop help you avoid lawsuits against you, wage and bank account garnishments, home foreclosure proceedings, and harassing phone calls from creditors. Typically, this type of bankruptcy will all of your debts that aren't student loans, government fines, recent taxes, domestic support obligations, and a variety of other debts. Furthermore, you will likely be able to keep most, if not all, of your personal property, which can include your home, your car, your retirement money, your furniture, your work tools, and much more. If you think Chapter 7 bankruptcy makes sense for you, you should contact a Portland bankruptcy lawyer, who can help you determine whether you qualify for chapter 7 bankruptcy and whether it makes sense for your particular financial position.
Chapter 13 bankruptcy, which is a form of debt reorganization and repayment, can be a powerful alternative for debtors who either do not qualify for chapter 7 bankruptcy, or for whom chapter 7 bankruptcy is not a viable option. Chapter 13 bankruptcy permits a debtor with regular income to undertake a three to five year repayment plan on his or her debts, which will allow repayment of all, most, or some of his or her debts. At the end of the plan, the debtor is entitled to a discharge of most, if not all of his or her debts (and can get certain debts discharged that could not be discharged in a chapter 7 bankruptcy). This option is often preferable for individuals who make too much money for chapter 7 bankruptcy, have assets that would otherwise be seized in a chapter 7 bankruptcy, or who have debts they wish to discharge which can only be discharged in a chapter 13 bankruptcy (e.g., certain second mortgages).
The law of bankruptcy is highly specialized, which is why you should consider the help of a bankruptcy attorney Portland Oregon practitioner. A good bankruptcy attorney can provide you with information and advice to help you determine whether bankruptcy could help you, and help you devise a strong strategy in the event that it can. If you would like to consult with a bankruptcy attorney for free, call (503) 222-7792 today to schedule an appointment.
If you live in Oregon and have this problem, a Portland bankruptcy attorney can help review your finances, including your debts and assets, to help you decide whether bankruptcy presents a viable option. For most Oregon consumers, there are two types of bankruptcy that could be worth considering. These are:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
Chapter 7 bankruptcy is known as liquidation bankruptcy, because it permits you to quickly discharge most, if not all, of your consumer debts. This fresh start can stop help you avoid lawsuits against you, wage and bank account garnishments, home foreclosure proceedings, and harassing phone calls from creditors. Typically, this type of bankruptcy will all of your debts that aren't student loans, government fines, recent taxes, domestic support obligations, and a variety of other debts. Furthermore, you will likely be able to keep most, if not all, of your personal property, which can include your home, your car, your retirement money, your furniture, your work tools, and much more. If you think Chapter 7 bankruptcy makes sense for you, you should contact a Portland bankruptcy lawyer, who can help you determine whether you qualify for chapter 7 bankruptcy and whether it makes sense for your particular financial position.
Chapter 13 bankruptcy, which is a form of debt reorganization and repayment, can be a powerful alternative for debtors who either do not qualify for chapter 7 bankruptcy, or for whom chapter 7 bankruptcy is not a viable option. Chapter 13 bankruptcy permits a debtor with regular income to undertake a three to five year repayment plan on his or her debts, which will allow repayment of all, most, or some of his or her debts. At the end of the plan, the debtor is entitled to a discharge of most, if not all of his or her debts (and can get certain debts discharged that could not be discharged in a chapter 7 bankruptcy). This option is often preferable for individuals who make too much money for chapter 7 bankruptcy, have assets that would otherwise be seized in a chapter 7 bankruptcy, or who have debts they wish to discharge which can only be discharged in a chapter 13 bankruptcy (e.g., certain second mortgages).
The law of bankruptcy is highly specialized, which is why you should consider the help of a bankruptcy attorney Portland Oregon practitioner. A good bankruptcy attorney can provide you with information and advice to help you determine whether bankruptcy could help you, and help you devise a strong strategy in the event that it can. If you would like to consult with a bankruptcy attorney for free, call (503) 222-7792 today to schedule an appointment.
