Bankruptcy is a federal process that involves an individual or business declaring that they cannot pay off an outstanding debt to creditors. There are many chapters of bankruptcy one can file but if you make the wrong choice, you can end up in a worse financial position than before. That is what our top bankruptcy lawyers in Oregon are here for. They will help you choose the chapter that is best for you and will do all in their power to help you overcome you debt.

We feature dozens of local Oregon bankruptcy attorneys on our site that you can choose from who are both experienced and acclaimed. They will all assist you with the paperwork involved for your case and will contact creditors so you will never have to receive another harassing phone call again.

To learn more about bankruptcy and if it is a solution for your needs, call one of our bankruptcy lawyers in Oregon to set up an initial consultation. A debt free life awaits you; all you have to do is pick up the phone and dial one of our featured legal professionals for to obtain the debt relief you deserve.

Oregon Bankruptcy Facts

Are you having a tough time lowering your debts? Are you struggling with bills you just can’t pay off? Do you have creditors threatening to foreclose on your home and seize your property? If so, bankruptcy may be the solution you have been waiting for.

Bankruptcy is a petition that can be filed by both individuals and creditors who have amassed more debt than they can handle. There are several kinds of chapters you may qualify for in Oregon, so learning about the pros and cons of each is critical in ensuring optimal debt relief.

Chapter 7 Bankruptcy

Known as liquidation bankruptcy, this chapter is aimed at helping debtors who have accumulated a significant amount of debt beyond the point that repayment seems possible. If a debtor is eligible for Chapter 7 bankruptcy protection, their assets will be liquidated and used as payment for creditors.

In order to determine if Chapter 7 is an option, a debtor must first pass what is known as the means test, which takes the average of the debtor’s income for the preceding six months. If the average is under the state average for a household of similar size, then the debtor qualifies for bankruptcy protection under Chapter 7 of the Bankruptcy Code in Oregon.

However, the debtor may also qualify for Chapter 13 bankruptcy, so there are several decisions to be made.

Chapter 13 Bankruptcy

This chapter is known as reorganization bankruptcy because instead of liquidating a debtor’s assets to pay back creditors, a payment plan is devised in which the debtor slowly reimburses the creditor during a period of 3 to 5 years.

This is an option for debtors who have a consistent flow of income, who are not approved for Chapter 7 or for debtors trying to avoid foreclosure on their home. However, only consumers may file for Chapter 13.

Hiring Legal Counsel

Even the smallest error on a bankruptcy petition can lead a debtor to amass even more debt than they started with. With so much at stake, it’s important for debtors to know that there are skilled bankruptcy attorneys in Oregon waiting to help them achieve debt relief. Browse our site to find the most experienced lawyers in the state who will take on your case and make sure you emerge from bankruptcy protection quickly and successfully.

Contact one of our featured Oregon bankruptcy attorneys today to discuss your options in filing a case and ensuring your debts are eliminated swiftly.