How Often Can You File Bankruptcy?
Portland bankruptcy attorney
Not many people want to talk about bankruptcy but it is a perfectly legal process. There are many reasons why people file for bankruptcy but the most common one is that they are simply overwhelmed by the financial burden that they owe. These debts may include credit card debt, tax debt, student loans, or medical debts.
The good news is that it is not the end of the world, you can file for bankruptcy and move on with your life. You will have a fresh start that can help you move forward with your financial situation and a better credit report.
Bankruptcy can be an extremely complex process, especially if you have never gone through it before. There are many aspects to consider, which is why you need to find the best bankruptcy attorneys in Portland, Oregon. At The Michael D. O’ Brien Law Office,, we have been successfully helping people through the bankruptcy process for over a decade and we want to help you too. Get the right person for the job!
Do you Require Legal Assistance in a Bankruptcy Case?
Numerous businesses sell forms and books that anyone can use to file for bankruptcy on their own. However, bankruptcy laws are intricate, and errors may mean that you continue to owe money on bills you thought were discharged. There is also a debt education course. It is prudent to consult an attorney when going to a bankruptcy court.
Additionally, bankruptcy can have a ten-year effect on your ability to purchase a car, a house, or other property. An attorney can assist you in determining whether bankruptcy is the best course of action in your particular case.
For further information about bankruptcy or legal advice about a bankruptcy case, you should contact an experienced bankruptcy attorney and bankruptcy law expert.
How to File for Bankruptcy
Bankruptcies in the United States are filed in the United States Bankruptcy Court. There are several types of bankruptcy, including corporate, small business, and city and county. Chapter 13 bankruptcy, for example, enables a debtor to construct a three- to five-year, and possibly seven-year, payment plan.
The most common type of bankruptcy is Chapter 7, which is frequently referred to as straight liquidation bankruptcy. It enables you to discharge, or be absolved of, all or nearly all of the debts you owe on the date you file your bankruptcy.
You are not required to make any further repayment plan on discharged debts, and your creditors are prohibited from attempting to collect such debts. Certain debts cannot be discharged, such as criminal fines and alimony or child support. Other debts, like taxes, school loans, and debts incurred as a result of your deception, may be ineligible for discharge.
Individual income taxes are dischargeable if a tax return has been submitted and specific periods have passed. Tax discharge regulations are intricate; you should consult an attorney prior to entering bankruptcy if you have tax liabilities. A Chapter 7 bankruptcy discharge is available once every eight years.
When you file for bankruptcy, all of your assets and property and any income you have earned but have not yet received become part of your “bankruptcy estate” and vulnerable to creditors’ claims.
Other property, such as an inheritance right or the proceeds of a divorce decree or divorce settlement obtained within 180 days of the date of your bankruptcy filing, may also be included in your bankruptcy. Your right to tax refunds for former years or the current year may also be included in the estate in certain circumstances, even if you have not yet received the refunds.
Certain property is protected or excluded due to an exemption. If you secure all of your property and income, you will not lose any of it in bankruptcy. Your bankruptcy would be referred to as a no-asset bankruptcy at that point.
Depending on your length of residence in Oregon, you may claim either the Oregon exemptions or the Bankruptcy Code exemptions in an Oregon bankruptcy court. These are frequently referred to as federal exemptions. Federal exemptions often provide significantly bigger exemptions, especially if you do not own a property.
How Often Can You File Bankruptcy in Portland?
They claim lightning never strikes the same spot twice, which may be true. Financial calamities, on the other hand, are not as guaranteed. Job loss, divorce, business failure, or major sickness can hit any family at any time, regardless of their financial management abilities. This is because the majority of these financial storms are largely or entirely outside the debtor’s control. As a result, it is critical to understand your rights regarding the frequency with which you might file bankruptcy.
There are essentially two factors to consider — the automatic stay and debt discharge (forgiveness) — and it is critical to comprehend both.
Debt collectors are prohibited from initiating adverse action against debtors under Section 362 of the Bankruptcy Code. Additionally, this is one of the reasons bankruptcy is arguably the most powerful debt relief tool in history. Regrettably, a few individuals abuse the system, utilizing the automatic stay to delay their creditors. As is true in so many other aspects of life, when a few people break the rules, everyone faces limitations on how frequently they can claim bankruptcy.
If you or the judge discharge a former bankruptcy and file another voluntary petition within a year, the automatic stay expires after thirty days. There is no automatic stay if you have dismissed two or more cases in a calendar year.
Judges often approve petitions to extend or impose creditor stays regardless of the number of times you can file bankruptcy – as long as you demonstrate a valid need for a stay and have a credible explanation for the earlier dismissal. Certain courts have additional procedural requirements, such as requiring that a motion to impose a creditor stay be submitted concurrently with the voluntary petition.
Contact a Bankruptcy Attorney in Oregon to Get Bankruptcy Relief
Are you thinking about filing bankruptcy in Oregon? Bankruptcy filings can be an emotional and worrisome event, so it is important to find the right bankruptcy lawyer who can understand your financial situation and guide you through the filing process.
At Michael D. O’Brien & Associates PC, our portland bankruptcy attorneys have more than two decades of experience helping Oregon families get a fresh start through Chapter 7 and Chapter 13 bankruptcies, stopping wage garnishment, preventing home foreclosures or car repossessions, and assisting in matters related to lien stripping and fair debt collection.
Unlike other bankruptcy lawyers in Oregon, we understand that bankruptcy is not for everyone, which is why we also offer non-bankruptcy alternatives to help solve your financial problems. Our attorney-client relationship is next to none, and we will help you go through this tough time.