{"id":35961,"date":"2021-07-29T09:04:16","date_gmt":"2021-07-29T16:04:16","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=35961"},"modified":"2022-02-10T05:22:38","modified_gmt":"2022-02-10T13:22:38","slug":"should-i-file-for-bankruptcy","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/bankruptcy\/should-i-file-for-bankruptcy\/","title":{"rendered":"Should I File For Bankruptcy?"},"content":{"rendered":"
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What You Need to Know Before You File Bankruptcy<\/strong><\/h2>\n

Dealing with financial problems can be burdensome and overwhelming. Sometimes, declaring bankruptcy is the best solution to be free from your debts and to get a fresh start in life. Financial circumstances can be different for each individual, and the ins and outs of bankruptcy can be complex. There are some things that you need to know before you file for bankruptcy, like knowing which type of bankruptcy to file, when to file bankruptcy, or how bankruptcy can affect your credit.<\/p>\n

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Should I file for bankruptcy in Oregon?<\/strong><\/h2>\n

A good bankruptcy lawyer can also assess your situation, and give you legal advice about your financial situation. At Michael D. O\u2019Brien & Associates, P.C., we have extensive experience in dealing with debt and solving financial hardships. Our experienced Portland bankruptcy attorneys <\/b><\/a>can help you with your debt problems and provide you with bankruptcy solutions or debt alternatives to solve your financial problems.<\/p>\n

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What is Bankruptcy?<\/strong><\/h2>\n

Sometimes, we experience unexpected problems in life \u2014 sudden loss of a job, sickness, foreclosure<\/a> \u2014 that can squeeze our budget tight and make debt pile up. Without a safety net, you and your family may face a rather difficult financial situation.<\/p>\n

Bankruptcy can provide a solution to your financial problems by giving you the opportunity to get back on your feet while dealing with your creditors<\/a>. After bankruptcy, debtors can get financial relief and a fresh start. <\/p>\n

Bankruptcy usually falls under two categories: liquidation and reorganization. In a liquidation bankruptcy<\/b>, you must give all your non-exempt property in order to wipe out your debts. While in a reorganization bankruptcy<\/b>, you\u2019ll be required to structure a repayment plan that will show how you can pay off all your creditors in 3-5 years\u2019 time.<\/p>\n

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Different Types of Bankruptcy<\/strong><\/h2>\n

Chapter 7 Bankruptcy<\/strong><\/h3>\n

Chapter 7 is a liquidation type of bankruptcy<\/b>, where you\u2019ll be given a fresh start after most of your debts have been discharged. Once you declare a Chapter 7 bankruptcy, the bankruptcy court<\/b> <\/a>will issue a \u201cbankruptcy discharge order.\u201d<\/b> Once this order is issued, creditors and debt collectors will be prevented from collecting debt that has already been discharged. Unsecured debts<\/b>, or loans that are not backed by collateral or a guarantor, will also be discharged. This includes:<\/p>\n