Are You Eligible for Chapter 13 Bankruptcy?

Dealing with overwhelming debts can often be frustrating, and to get a fresh start, filing for bankruptcy can be your best option. In the United States Bankruptcy code, there are various types of bankruptcy available for people and families. If you are a debtor, choosing the best type of bankruptcy is a crucial decision. While it is not required to have a bankruptcy lawyer, having such is certainly a wise decision. 

By nature, the bankruptcy process is complicated. It takes a skilled bankruptcy attorney to achieve the best possible results. If you or someone you know requires an affordable and quality legal representation, Michael D. O’Brien & Associates, P.C. is the best choice. Our primary goal is to educate you on the best options available and to devise an effective strategy for implementing solutions to any financial problems you may be experiencing. If you want to discuss your situation with us, contact us now!

Why do I need a Bankruptcy Attorney in Oregon?

When you consider filing for bankruptcy, every following move you take becomes critical. You cannot make decisions on what sort of bankruptcy to file until you understand the complete legal process. You must choose a bankruptcy lawyer who can help you and answer all of your inquiries. Thus, keep the following attributes of a bankruptcy lawyer in mind:

• Board Certified. Only a few bankruptcy lawyers in Portland have achieved Board Certification. Aside from doctors, lawyers can also be certified. This indicates that a certified bankruptcy attorney has met the appropriate objectives and required level of expertise in the bankruptcy process. Furthermore, this ensures that they are well-versed in creditors’ and debtors’ rights law.
• Community Involvement. The bankruptcy law firm’s community involvement demonstrates the firm’s genuine principles of giving back to the community. It will demonstrate their commitment to serving and safeguarding the greatest interests of the people. Aside from that, it provides you with additional assurance that your lawyer is reputable in your state. If your bankruptcy lawyer has strong dedication, and at the same time, reputable, you will achieve the best results.
• Affordable Legal Service. Consider a law firm that can offer reasonably priced legal services. It will not suffice if the law firm charges you a hefty fee. In the midst of your financial difficulties, look for a bankruptcy firm that can provide excellent service while remaining affordable. 

Michael D. O’Brien is one of the few attorneys in Oregon who received Consumer Bankruptcy Specialist by the American Board of Certification in 2007. Michael D. O’Brien & Associates, P.C. is available to help you get a fresh start in Portland, Clackamas, or Bend. 

With over 26 years of experience in the field, our expert bankruptcy attorneys can guarantee you satisfactory results. Michael D. O’Brien and Theodore J. Piteo are both Super Lawyers Top Rated Bankruptcy Attorneys. With our genuine desire to assist struggling debtors, you will never regret hiring us. We offer affordable legal services to help you attain financial freedom. Schedule a free case evaluation today!

Mechanics of Chapter 13 Bankruptcy

Debtors must accomplish a debt counseling course before filing for Chapter 13 bankruptcy. You can search online or telephone courses that will meet this requirement with a minimal investment of money and time.

After completing the course, your Chapter 13 Bankruptcy lawyer will then file the petition to the appropriate court. He will list all the debts, assets, and statements of monthly expenses. Depending on the expense/income numbers, the debtor may propose a repayment plan. Debtors must thus have more disposable income to make a monthly debt consolidation installment that is sufficient enough to pay off all secured debt arrearages only within repayment period.

Meeting With the Bankruptcy Trustee

There will be a trustee meeting six weeks after filing for Chapter 13 bankruptcy. Because the trustee has the legal authority to oversee all bankruptcy cases, he or she will review your most recent state and federal income tax returns. Other financial documents, proof of identity, and so on could be checked as well. Aside from verifying all of it, the trustee also can inquire about the repayment plan, assets and income, and much more.

Confirmation Hearing

At this point, the judge will decide whether you confirmed and approved the plan. Creditors may also be allowed to attend this hearing and file objections if they so desire. Assuming the judge approves the plan, he or she may issue a court order allowing your employer to deduct payments from your wages. If the plan is not approved, the bankruptcy court will consider other alternative options.

Getting the Chapter 13 Bankruptcy Discharge

Just like the debt counseling course, you also need to finish debtor education before receiving the Chapter 13 bankruptcy discharge.  You must verify that you are up to date on child support, spousal support, and other DSOs.

Are You Eligible for Chapter 13 Bankruptcy in Portland?

If you want to keep collateral, Chapter 13 Bankruptcy is the ideal type for you. To file for bankruptcy chapter 13, one must meet the following qualifications:

• Amount of Unsecured Debt. If you are a debtor, your unsecured debt must be less than $307,675 in medical bills, credit cards, or any other debts. Granting that your debt is higher, you might consider filing for Chapter 7 Bankruptcy instead.
• Amount of Secured Debt. Aside from the required amount of unsecured debts, your secured debts must be higher than $922,975. The point is that paying this sum in the next three to five years will be tough. If you do not meet this requirement, you have the option of proceeding to Chapter 7.
• Discharged Debt. If you have received bankruptcy discharge in Chapter 7 bankruptcy in the last 4 years or received a Chapter 13 discharge in 2 years, you cannot receive the same in Chapter 13. 

Knowing if you are eligible for Chapter 13 Bankruptcy must be determined thoroughly to prevent future conflicts. Getting prudent advice from a skilled bankruptcy attorney is a wise decision. 

Call our Chapter 13 Bankruptcy Attorney in Portland Now!

A bankruptcy attorney will help you know if you are eligible for chapter 13 bankruptcy in Portland. Chapter 13 is helpful for those who are dealing with debt, but it is also a tough process. Your financial situation is at risk, and you, like everyone else, deserve peace of mind and a new start. Michael D. O’Brien & Associates, P.C. as your bankruptcy lawyer ensures you excellent outcomes. You will be guided from the beginning to the finish of the bankruptcy petition by our team’s traits of reputable and experienced, and affordable legal service.

Aside from bankruptcy, our knowledgeable team also specializes in debt alternatives and estate planning. We are dedicated to offering the greatest solutions for you while also educating you about the entire process. Schedule a free case evaluation now! Let’s talk about your eligibility for chapter 13 bankruptcy in Portland.