{"id":36026,"date":"2021-08-31T05:03:51","date_gmt":"2021-08-31T12:03:51","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=36026"},"modified":"2023-01-13T03:24:38","modified_gmt":"2023-01-13T11:24:38","slug":"chapter-7-vs-chapter-13","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/bankruptcy\/chapter-7-vs-chapter-13\/","title":{"rendered":"Chapter 7 vs. Chapter 13"},"content":{"rendered":"
Dealing with crippling debt can be overwhelming, especially if you don\u2019t know which type of bankruptcy to get. Before deciding to file for bankruptcy, it is best to consider other debt-relief options<\/a> available to you, as well as the different types of bankruptcy<\/a>. Here, you will find out the differences between Chapter 7 vs Chapter 13.<\/p>\n If you\u2019re thinking about filing bankruptcy, our trusted Portland bankruptcy attorneys<\/a> are here to help you understand the basics of bankruptcy. At Michael D. O\u2019Brien & Associates PC, we have more than two decades of experience helping Oregon families get debt relief and a fresh start. Call our law firm today at 503-694-4445<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Chapter 7 bankruptcy is a liquidation bankruptcy<\/a> where you\u2019re allowed to keep certain \u201cexempt\u201d assets and properties. Under this type of bankruptcy, all your non-exempt assets are surrendered to a Bankruptcy Trustee<\/a>.<\/p>\n A chapter 7 bankruptcy<\/a> trustee reviews your financial assets and sells the non-exempt assets. Then, the proceeds from the sale of your properties will be used to pay off your debts. It takes typically three to four months to receive a discharge from bankruptcy under Chapter 7.<\/p>\n Is bankruptcy right for you? Not sure what to choose between Chapter 7 vs Chapter 13? Connect with our experienced Portland bankruptcy attorneys to find out. Call us at today 503-694-4445.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Choosing Chapter 7 has its advantages. However, it isn\u2019t for everyone. You need to qualify by passing the means test. This means that your income need to be lower than Oregon\u2019s median family income. Filing for bankruptcy is a big move, and it can have certain effects on your life. Before deciding which bankruptcy to get, you need to weigh the pros and cons carefully. Connect with our Oregon bankruptcy attorneys so we can offer an initial case evaluation.<\/p>\n There are many differences between Chapter 7 vs Chapter 13. For instance, one of the goals of Chapter 7 bankruptcy is to give you a fresh start in life. It eliminates certain debts so that you can be free from personal liability for discharged debts such as:<\/p>\n Certain liens on your property, such as a tax lien, mortgage, or a mechanic\u2019s lien, remain even after the Chapter 7 bankruptcy process is complete.<\/p>\n If you want your debts to be discharged completely, a Chapter 7 bankruptcy might work for you. Connect with our Oregon Chapter 7 bankruptcy attorneys to know how you can start your bankruptcy filing today. Call us today at 503-694-4445<\/a>!<\/p>\n In general, a bankruptcy estate won\u2019t include any property you acquire after your Chapter 7 bankruptcy.<\/p>\n However, a property acquired within six months after filing bankruptcy under Chapter 7 becomes a part of the bankruptcy estate. These includes:<\/p>\n Choosing between Chapter 7 vs Chapter 13 can be tough. However, if you want to keep all your future income and you don’t use it for debt payments, then Chapter 7 might be for you. Call our law firm today at 503-694-4445.<\/a><\/p>\n Compared to Chapter 13, a Chapter 7 bankruptcy imposes no limit on the amount of debt an applicant has. As long as you pass the means test, you can file a Chapter 7 bankruptcy no matter how little or big your debts are.<\/p>\n A debt discharge under Chapter 7 usually finishes in as early as three months. After filing bankruptcy, the bankruptcy court<\/a> will issue a discharge order within two to three months. After the bankruptcy trustee distributes your properties and assets to your creditors, the court will close your case.<\/p>\n If you\u2019re under a lot of pressure from paying debts and you want to be quickly relieved from that responsibility, then a Chapter 7 bankruptcy might be the best solution for you. At Michael D. O\u2019Brien & Associates PC, our experienced bankruptcy attorneys can answer your question about bankruptcy filing costs<\/a> and procedures. Call us today at (503) 694-4445 to schedule a case evaluation.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Chapter 13 bankruptcy is a reorganization bankruptcy<\/a> specifically designed for debtors who have enough income left each to repay their debts or at least a portion of them. The amount you have to repay depends on how much income you have, the types of debt you owe, and how many properties and assets you have.<\/p>\n For this reason, Chapter 13 is great for debtors who:<\/p>\n Chosing between Chapter 7 vs Chapter 13 can be a tough decision. To help you choose which type of bankruptcy best fits your situation, connect with our competent bankruptcy lawyer in Portland, Oregon. Call us at (503) 694-4445 to schedule a case evaluation.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Under Chapter 13, the bankruptcy trustee<\/a> won\u2019t sell your property. However, you need to pay your creditors an amount equal to the value of the non-exempt property. Then you also have to pay back all or some of your debts through a debt repayment plan. The amount that needs to be paid depends on your income, monthly expenses, and type of debt.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Chapter 13 may be best for you if:<\/p>\n\n
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<\/div>\n<\/div>\n<\/div>\n<\/div>\nGet a \u201cFresh Start\u201d with Chapter 7 Bankruptcy<\/strong><\/h3>\n
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Keep Your Future Income<\/strong><\/h3>\n
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No Limit on the Amount of Debt<\/strong><\/h3>\n
Quick Debt Discharge<\/strong><\/h3>\n
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