Looking for a Portland Chapter 13 attorney? Representing clients in the Portland, Oregon metro area, Michael D. O’Brien & Associates, P.C. has helped many consumers use Chapter 13 bankruptcy. It can help take control of their debt situation and attain financial stability.
Often, people who file for bankruptcy face a daunting amount of debt and collection activity, but still have a steady income and assets that they do not want to lose. Chapter 13 temporarily stops creditors from pursuing collection actions. This allows you to negotiate new, more manageable payment terms with your creditors. Furthermore, if you have obligations that cannot be discharged under Chapter 7, such as child support, student loans, and tax debt, Chapter 13 may be the right option for you.
Bankruptcy Done Right
If bankruptcy is the best way for you to get back on track, we will help you examine your finances and file a Chapter 13 petition. We will then work with you to draft a feasible payment plan, which will be submitted to the bankruptcy court. The payment plan shows how you will pay for your basic needs and make payments on your debts at the same time.
Chapter 13 Bankruptcy Trustee
After we file the payment plan, the court appointed chapter 13 bankruptcy trustee holds a creditors’ meeting to address creditor claims and your financial status. During this proceeding, you may need to appear in court to challenge a creditor’s claim or if other issues arise.
Chapter 13 Confirmation Hearing
After the creditors’ meeting, the court holds a confirmation hearing to determine whether the proposed payment plan is acceptable or if changes need to be made. We will represent you during all of these proceedings to promote your interests and protect your rights during bankruptcy. Once your payment plan period begins, creditors cannot charge interest on your debts; rather, all payments go straight to the principal balance of each debt. This way, you can pay off your debts as quickly as possible–an important benefit of Chapter 13.
The Chapter 13 payment plan usually expires in three to five years, depending on its specific terms. At that time, the court generally discharges any remaining unsecured debts.
Stopping Foreclosure with Chapter 13
Chapter 13 bankruptcy may be your answer if you have fallen behind on mortgage payments and face foreclosure. Under Chapter 7, a debtor may exempt the equity in the home from liquidation, but this may not mean much if the homeowner has not built up a significant amount of equity and still faces a massive mortgage. As a debtor, you can catch up on past due mortgage payments as part of your repayment plan. Thereby saving your home from foreclosure and resuming normal monthly mortgage payments.
Seek Experienced, Supportive Representation
While bankruptcy should not be taken lightly, it can be a new beginning for you and your family. We are committed to helping our clients through the bankruptcy process, offering nonjudgmental advice and working to make bankruptcy proceedings as comprehensible and stress-free as possible. With us, you can be confident that you will not only make it through bankruptcy, but be on the path toward a positive financial future.
Portland Chapter 13 Bankruptcy Attorneys
For more information about your options under bankruptcy law, please contact Michael D. O’Brien & Associates, P.C.; we offer free initial consultations on most matters.