Debts can be debilitating in more ways than one. You can seek a solution through Oregon’s bankruptcy laws to improve your financial situation. Chapter 7 and Chapter 13 are the two main areas under which you can file for bankruptcy. (Click here for FREE consultation with a bankruptcy lawyer)
Chapter 7
Chapter 7 allows you to file for straight bankruptcy, under which all your debts save those especially listed, can be discharged. A court appointed trustee assesses your income and living expenses, and then repays your creditors through the sales of your non-exempt property. Some of the things that you can keep under Portland law include:
- A house worth $25,000 or the same amount from the sale of a house
- One vehicle worth $1,700
- Professional tools upto the value of $3,000
- Life and health insurance, pension proceeds etc.
- Personal injury claims worth $10,000.
- Old age benefits
Chapter 13
If you have a source of regular income, you can choose to file a bankruptcy petition under Chapter 13 to repay your obligations. You are required to submit a statement of your finances with a detailed list of assets, first priority debts, loans taken against collaterals and loans taken without collaterals, along with the names and addresses of creditors .A repayment plan for a period of five years also has to be submitted. A trustee appointed by the court will assess and approve this plan in consultation with your creditors.
Bankruptcy law is complicated and has recently undergone major revision. It is therefore advisable to consult a Portland bankruptcy lawyer. Our Portland bankruptcy lawyers will guide you in understanding the provisions under Oregon law, file your bankruptcy petition, deal with your creditors and assist you in compiling the lists of assets to be filed in court. Monthly payments to be made to the trustee and all dealings regarding the sale of your property and its proceeds will be taken care of by our Portland bankruptcy lawyers, so that you have less to worry to about. Our bankruptcy lawyers offer their services in Arlington, Coos Bay, Brownsville, Pacific City, Oregon City, Rainier, Lincoln Beach and other cities across Oregon.
