{"id":36114,"date":"2021-09-22T05:49:35","date_gmt":"2021-09-22T12:49:35","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=36114"},"modified":"2023-01-13T03:24:40","modified_gmt":"2023-01-13T11:24:40","slug":"bankruptcy-procedures","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/bankruptcy\/bankruptcy-procedures\/","title":{"rendered":"Bankruptcy Procedures"},"content":{"rendered":"
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We all encounter financial difficulties every once in a while. There are many reasons people struggle with financial debt<\/strong>; it might be because of unemployment, growing medical expenses, credit card debt, or marital issues.<\/strong> Declaring bankruptcy is a feasible option for individuals struggling with debt and those overwhelmed with making payments for what they owe. Given its complexity, knowledge of bankruptcy procedures is necessary before proceeding with a declaration of bankruptcy.<\/strong><\/p>\n

If you are struggling with debt and are considering bankruptcy<\/a>, call us today at Michael D. O\u2019Brien & Associates by dialing 503-694-4445<\/a>. Our seasoned Portland bankruptcy attorneys<\/a> can assess your financial situation and help you decide the best course of action to take.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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How Bankruptcy Procedures Help<\/strong><\/h2>\n

Being in serious debt is a big problem, and filing for bankruptcy may be the best way to rebuild your financial future.<\/strong> Depending on the specific circumstance of the bankrupt individual, filing for bankruptcy can help stop foreclosure<\/a>, stop repossession<\/a>, <\/strong>and stop wage garnishment<\/strong><\/a>. Additionally, a creditor of a debt included in the bankruptcy discharge cannot even contact the debtor for repayment after finalized bankruptcy proceedings.<\/p>\n

Bankruptcy can provide filers protection from creditors<\/strong> with the ultimate goal of achieving a fresh start without debt.<\/strong> When declaring bankruptcy in Oregon, it is best to seek legal advice from a professional who can explain to you the basics of bankruptcy<\/a> and other relevant bankruptcy procedures. At Michael D. O\u2019Brien & Associates, our Oregon bankruptcy lawyers are committed to helping people get relief from their debt, relief from foreclosures<\/a> or garnishments<\/a>, and get back on track to success.<\/p>\n

Chapter 7 Bankruptcy Procedure<\/strong><\/h2>\n

Very broadly, a Chapter 7 bankruptcy is a type of liquidation bankruptcy <\/a>that can wipe out your debts<\/strong>. However, a bankruptcy trustee will liquidate or sell a part of your assets to pay back what you owe<\/strong>. In this type of bankruptcy, there are some exempt properties under state laws that you can keep. It usually lasts for 4-6 months, and both consumers and businesses can apply for this type of bankruptcy<\/a><\/strong>.<\/p>\n

How to Qualify for Chapter 7 Bankruptcy<\/strong><\/h3>\n

If you are facing financial problems and would want to qualify for this type of bankruptcy, you must:<\/p>\n