Bankruptcy Protection
Bankruptcy protection is what many Oregonians need to get a fresh start and regain their financial footing during rocky times. Whether a Chapter 7 or Chapter 13, filing for bankruptcy is never an easy decision -- but though it's often difficult to make the decision, filing can provide you the protection you need to stop creditors, end collections, and start over.
CHAPTER 7
Filing bankruptcy under IRS Chapter 7 allows an individual or married couple to have all their dischargeable debt wiped off the books. If you have difficulty paying off your debts and meet the code qualifications, the government allows you to start over financially.
Chapter 7 is designed to eliminate many unsecured debts such as:
Whether or not you may qualify to file a Chapter 7 bankruptcy depends on your eligibility. The means test income calculation compares your income to the Oregon's median income guidlines. If you qualify to file, Chapter 7 cases follow a court-supervised procedure where a trustee collects your assets, liquidates them down to cash, and then makes distributions to certain creditors. However, a debtor also is able to exempt certain property from liquidation.
Find out if you qualify for a Chapter 7 bankruptcy during a consultation.
CHAPTER 7
Filing bankruptcy under IRS Chapter 7 allows an individual or married couple to have all their dischargeable debt wiped off the books. If you have difficulty paying off your debts and meet the code qualifications, the government allows you to start over financially.
Chapter 7 is designed to eliminate many unsecured debts such as:
- Credit Card and Consumer Debt
- Medical Bills
- Payday Loans
- Account Balances
- Personal Loans
- Piling Bills
Whether or not you may qualify to file a Chapter 7 bankruptcy depends on your eligibility. The means test income calculation compares your income to the Oregon's median income guidlines. If you qualify to file, Chapter 7 cases follow a court-supervised procedure where a trustee collects your assets, liquidates them down to cash, and then makes distributions to certain creditors. However, a debtor also is able to exempt certain property from liquidation.
Find out if you qualify for a Chapter 7 bankruptcy during a consultation.
CHAPTER 13
Filing bankruptcy under IRS Chapter 13 allows you the added benefit of keeping some valuable assets while instead pay their value to creditors over time, while stopping debt collections, garnishments, home foreclosures, lawsuits, and seizures of property. It can allow you to continue to run and operate your small business while eliminating most other unsecured debts.
Find out if you qualify for a Chapter 13 bankruptcy during a consultation.
Filing bankruptcy under IRS Chapter 13 allows you the added benefit of keeping some valuable assets while instead pay their value to creditors over time, while stopping debt collections, garnishments, home foreclosures, lawsuits, and seizures of property. It can allow you to continue to run and operate your small business while eliminating most other unsecured debts.
Find out if you qualify for a Chapter 13 bankruptcy during a consultation.
