{"id":2026,"date":"2015-01-15T02:48:33","date_gmt":"2015-01-15T02:48:33","guid":{"rendered":"http:\/\/orb2.m2psites.portlandinteractive.com\/?page_id=2026"},"modified":"2023-01-13T03:24:18","modified_gmt":"2023-01-13T11:24:18","slug":"chapter-7","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/chapter-7\/","title":{"rendered":"Personal Bankruptcy Filing Chapter 7 in Portland"},"content":{"rendered":"
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Chapter 7 Bankruptcy Attorney in Portland, OR<\/strong><\/div>\n<\/h2>\n
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Dealing with financial stress can be overwhelming mentally, physically, and emotionally. By filing Chapter 7 bankruptcy, you\u2019d get the chance to eliminate almost all of your unsecured debts and get a fresh start.<\/p>\n

There are different types of bankruptcy chapters available for individuals, and hiring a bankruptcy attorney can help you deal with your financial burdens with the best solution. To know if a Chapter 7 bankruptcy is right for you, call us at 503-694-4445 to schedule a case evaluation<\/a> with one of our experienced Portland bankruptcy attorneys<\/a>.<\/p>\n

How Chapter 7 Bankruptcy Works<\/strong><\/h2>\n

In a Portland Chapter 7 bankruptcy, or also known as \u201cliquidation bankruptcy,\u201d you\u2019re allowed to keep certain \u201cexempt\u201d assets up to a certain amount. You would then have to surrender your non-exempt assets to a Bankruptcy Trustee.<\/p>\n

The trustee will then review your financial assets and sell the assets not covered by the exemption and give the proceeds to the unsecured creditors to pay off debts. After this process, the remaining unsecured debts will be discharged. If the Trustee decides that there are no assets to sell, the bankruptcy case will be reported as a \u201cno asset case\u201d and the case will be closed. This whole process would take about 3 to 4 months in the bankruptcy court. At Michael D. O’Brien & Associates, P.C., we have Chapter 7 bankruptcy attorneys in Portland who can help you throughout the bankruptcy process.<\/p>\n

Which Debts Can Be Discharged in Chapter 7?<\/strong><\/h2>\n

Unsecured Debts<\/strong><\/h3>\n

A Chapter 7 bankruptcy mainly focuses on wiping out unsecured debts<\/a> such as credit card bills, personal loans, and medical expenses. Unsecured debts are debts that aren\u2019t backed by collateral property.<\/p>\n

Not all unsecured debts, however, can be wiped out in a Chapter 7. For example, child support, alimony, and student loans (with a few exceptions) are part of what is called non-dischargeable debts. This means that you\u2019d have to pay for them even after bankruptcy.<\/p>\n

Creditors can sometimes object from discharging your debts. Debts such as for luxury goods, tax debts (due within the last 3 years prior to filing), and debts incurred because of fraud might not be dischargeable.<\/p>\n

Secured Debts<\/strong><\/h3>\n

If you have used your property as collateral for a loan, then that loan is called a secured debt. Secured debts, such as auto loans and mortgage, aren\u2019t completely dischargeable in Chapter 7. If you\u2019re late on your payments, creditors can request to lift the automatic stay to foreclose your property or repossess your vehicle<\/a>. On the other hand, if you\u2019re current on your payments, then you can keep the property and continue making payments, unless there is enough equity in your property to justify its sale. <\/p>\n

These debts can only be discharged if you will surrender the collateral, or the property used to secure the loan. Your personal liability for your secured debts will also be discharged, which means that debt collectors won\u2019t be able to sue you if they foreclose or repossess your property and sell it for an amount that is smaller than what you owe them.<\/p>\n

Qualifying for a Portland Chapter 7 Bankruptcy<\/strong><\/h2>\n

The Means Test<\/strong><\/h3>\n

Not everyone will qualify for a Chapter 7 bankruptcy in Portland. To know if you qualify for debt relief, you\u2019d have to take the Means Test. The Means Test will take into account your income and expenses, and compare them to the standard median income in Portland. To pass the test, you must earn less than the state median income. Otherwise, the court would have you apply for a Chapter 13 repayment plan<\/a> instead. However, you can still pass the test even if your income is more than the state median income, but the process is more complicated. If after paying your monthly debts there is not enough money for your monthly expenses, then you may qualify for a Chapter 7 bankruptcy.<\/p>\n

There are also other requirements to become eligible for Chapter 7. For example, if you\u2019ve already received a bankruptcy discharge in the last six to eight years, depending on the type of bankruptcy you\u2019ve filed, then you won\u2019t be eligible for a Chapter 7 bankruptcy.<\/p>\n

Dealing with financial trouble and mounting debt can affect your quality of life. To know if you qualify for a Portland Chapter 7 bankruptcy, connect with a trusted Chapter 7 bankruptcy attorney in Portland. <\/p>\n

Automatic Stay<\/strong><\/h2>\n

Once you file bankruptcy<\/a>, a court-issued order known as the automatic stay will immediately stop most civil lawsuits filed against you by your creditors and most collections being taken against your assets by creditors, collection agencies, or government agencies.<\/p>\n

An automatic stay can temporarily help you especially if you\u2019re at risk of experiencing wage garnishment, losing your home, being evicted<\/a>, or your utility services are about to be cut off.<\/p>\n

An automatic stay can help with:<\/p>\n