{"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":"
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 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 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 If you are facing financial problems and would want to qualify for this type of bankruptcy, you must:<\/p>\n If you are planning to file for bankruptcy under Chapter 7, you would generally go through the following steps:<\/p>\n Consult with our competent Portland bankruptcy lawyers if you wish to know more about the bankruptcy procedures and filing Chapter 7 bankruptcy in Oregon. Call us today at 503-694-4445<\/strong><\/a>, and we will provide you with the help you need.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Bankrupt individuals who want to file for Chapter 13 bankruptcy must have a steady income to repay their debts.<\/strong> Also known as a \u201cwage earner\u201d bankruptcy<\/a>, this is generally helpful if you are a high-income earner who wants to reorganize your debts. In this type of bankruptcy, you can keep all of your properties and assets, but you must pay back your creditors for non-exempt assets<\/strong> through a debt repayment plan. Such a payment plan will run for three to five years.<\/p>\n<\/div>\n<\/div>\n<\/div>\n If you are planning to declare bankruptcy under Chapter 13, you would generally go through the following steps:<\/p>\n If you’re facing financial difficulties and mounting debt<\/strong>, we can help restore you to positive financial health. Please call Michael D. O\u2019Brien & Associates, P.C. at 503-694-4445<\/a> to discuss your options and benefit from discreet, professional legal counsel. Our experienced Portland bankruptcy attorneys can guide you through all the bankruptcy procedures<\/strong> so you can get a fresh start.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Regardless of the filing chapter, a bankruptcy filing will stay on your credit report for several years.<\/strong> It will affect your credit score and ability to get credit after bankruptcy. Despite this, filing bankruptcy can help tremendously with debt settlement and make your life less stressful through the automatic stay. Through bankruptcy protection from the federal court, the automatic stay will prevent creditors and debt collectors from harassing you<\/strong><\/a> and asking you to pay back what you owe.<\/p>\n If you are planning to file bankruptcy<\/a> or wonder if it is the best course of action to take, we can provide you with the help you need. Call us today at 503-694-4445<\/a>. Our Portland bankruptcy attorneys have over 20 years of experience and nearly 20,000 fact patterns assessed. Michael O\u2019Brien is one of only three lawyers in Oregon who are Nationally Certified as a Consumer Bankruptcy Specialist. With this broad knowledge base of strategies, we can help you solve your financial problems.<\/p>\n<\/div>\n<\/div>\n<\/div>\n There are different types of bankruptcy,<\/strong> each with a set of advantages and disadvantages. A Chapter 7 liquidation, for example, is generally ideal for those dealing with credit card bills, medical bills, and personal loans.<\/strong> A Chapter 13 reorganization, on the other hand, is often apt for those with assets that they would want to keep<\/a>.<\/strong><\/p>\n Filing bankruptcy is a legal option for people to get out of debt and gain financial freedom once again. A hands-on Portland bankruptcy lawyer can help you understand how to file a bankruptcy petition successfully<\/strong>. Call our Portland bankruptcy law firm<\/a> today at 503-694-4445<\/a> for a free case evaluation.<\/p>\n<\/div>\n<\/div>\n<\/div>\n We all encounter financial difficulties every once in a while. There are many reasons people struggle with financial debt; it might be because of unemployment, growing medical expenses, credit card debt, or marital issues. Declaring bankruptcy is a feasible option for individuals struggling with debt and those overwhelmed with making payments for what they owe. […]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":2016,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3],"_links":{"self":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/pages\/36114"}],"collection":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/comments?post=36114"}],"version-history":[{"count":2,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/pages\/36114\/revisions"}],"predecessor-version":[{"id":37387,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/pages\/36114\/revisions\/37387"}],"up":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/pages\/2016"}],"wp:attachment":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/media?parent=36114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/categories?post=36114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How Bankruptcy Procedures Help<\/strong><\/h2>\n
Chapter 7 Bankruptcy Procedure<\/strong><\/h2>\n
How to Qualify for Chapter 7 Bankruptcy<\/strong><\/h3>\n
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How to File Chapter 7 Bankruptcy<\/strong><\/h3>\n
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