{"id":36886,"date":"2022-03-23T04:22:52","date_gmt":"2022-03-23T11:22:52","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=36886"},"modified":"2023-01-13T03:24:22","modified_gmt":"2023-01-13T11:24:22","slug":"who-can-file-bankruptcy","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/bankruptcy\/who-can-file-bankruptcy\/","title":{"rendered":"Who Can File Bankruptcy?"},"content":{"rendered":"
Who Can File Bankruptcy? Many people in debt wonder if they can file bankruptcy. The good news is that most people can qualify to eliminate their debts through Chapter 7 or Chapter 13 bankruptcy<\/a>. If you are tired of overwhelming debt, stress, and financial burden, then bankruptcy may be your best option.<\/p>\n Our Portland bankruptcy lawyers<\/a> at Michael D. O’Brien & Associates PC have over two decades of expertise serving Oregon families with Chapter 7 and Chapter 13 bankruptcy, wage garnishment, house foreclosures, auto repossessions, lien stripping, and equitable debt collection.<\/p>\n Unlike other Oregon bankruptcy lawyers, we recognize that bankruptcy is not for everyone, so we also provide non-bankruptcy solutions to help you handle your financial difficulties.<\/p>\n Bankruptcy is a court action in which a judge and a court trustee review the assets and obligations of individuals, partnerships, and corporations whose debts have grown so demanding that they do not feel they can pay them. <\/p>\n The court decides whether to discharge the obligations, which means that individuals who owe are no longer legally compelled to pay them. The court may also dismiss the lawsuit if it considers the individual or corporation has sufficient assets to pay their liabilities. <\/p>\n Most individuals and businesses who filed for bankruptcy have considerably more obligations than money to cover them, and this situation is unlikely to change very soon. In 2020, bankruptcy filers owed $86 billion and had $56 billion in assets. The majority of such assets were real estate holdings, the value of which is questionable.<\/p>\n What is shocking is that people, not corporations, are the most likely to declare bankruptcy. They owe money on a mortgage, credit card debt, vehicle loan, or school loan – and don’t have the money to pay for it. Debtors who did not pay their debts had to file or go through the bankruptcy process and suffer the consequences. <\/p>\n Dealing with financial issues may be stressful and daunting. Declaring bankruptcy<\/a> is sometimes the recommended means to get out of debt and start over. Each person’s financial circumstances are unique, and the intricacies of bankruptcy can be complicated. You should know several things before filing for bankruptcy, such as which form of bankruptcy to file, when to file, and how bankruptcy may damage your credit.<\/p>\n Confronting oneself about your ability to pay your debts is critical when considering bankruptcy. If you think you no longer have the ability to pay your debts, you may consider filing for bankruptcy. Debt settlement can be a comfort for an individual but also has drawbacks, such as making it difficult to obtain a loan in the future. Bankruptcy laws must be considered, and if you require the assistance of a bankruptcy attorney, do not hesitate to get it. <\/p>\n You can preserve some “exempt” assets up to a specific amount in a Portland Chapter 7 bankruptcy, commonly known as a “liquidation bankruptcy.” Subsequently, you would be required to turn over all non-exempt assets to a Bankruptcy Trustee.<\/p>\n The trustee will next assess your financial holdings and sell any assets not covered by the exemption, distributing the profits to unsecured creditors to pay off obligations. The remaining unsecured debts will be dismissed at the end of this process. If the Trustee determines that there are no assets to sell, the bankruptcy case will be listed as a “no-asset case” and closed. <\/p>\n The entire procedure would take roughly 3 to 4 months in bankruptcy court. We have Chapter 7 bankruptcy attorneys<\/a> in Portland at Michael D. O’Brien & Associates, P.C. that can assist you throughout the bankruptcy process.<\/p>\nWhat is Bankruptcy?<\/b><\/h2>\n
Who Declares Bankruptcy?<\/b><\/h2>\n
When Should I Declare Bankruptcy?<\/b><\/h2>\n
Types of Bankruptcy<\/b><\/h2>\n
Chapter 7<\/h3>\n
Chapter 11<\/b><\/h3>\n