Portland Bankruptcy: Basic Bankruptcy
Bankruptcy law in Portland, Tigard or Beaverton Oregon allows individuals to protect their assets and wages from creditors and are able to seek relief from their debts.What the bankruptcy code can protect in Oregon will depend on what type or Chapter of Bankruptcy is filed in Oregon Court. Either in the Portland branch or Eugene branch. The basic two type of bankruptcy filings in Oregon are either Chapter 7 or Chapter 13.
If you file in Portland Oregon a Chapter 13 Bankruptcy or a Chapter 7 Bankruptcy you will stop creditor harassment and stop all collection activity on your account once your Oregon bankruptcy is filed. Upon the filing of any personal bankruptcy a legal fiction created by court order goes into affect automatically called the “automatic stay.” The automatic stay is a court order that provides that creditors are “stayed” or prevented from collecting against you. While your case is pending in bankruptcy Court in Portland or Eugene your creditors are prevented from undertaking all collection activates, they must stop calling you at your work, sending you bills or even garnishing your wages.
An Oregon Chapter 7 is known as a liquidation type of bankruptcy. If your Oregon bankruptcy case goes smoothly most types of your unsecured debt will be discharged or go away. The most common types of unsecured debts are credit cards, medical bills, personal loans, personal signature loans, utilities and payday loans. All of those types of debt can be eliminated in a Chapter 7 Bankruptcy in Portland, Tigard and Beaverton Oregon. Even those debts that are subject to lawsuits and judgments can be discharged. Some debts in a Chapter 7 Bankruptcy will not be discharged. Debts for student loans are usually not discharged in bankruptcy, domestic support orders are non-dischargable in bankruptcy, and debts created by causing an injury in an automobile accident when operating a motor vehicle while intoxicated are non-dischargable. If you want to keep property, such as a car or house, you will need to keep paying the payments on those. However, if one no longer wants to keep paying on a car loan or a mortgage and you are willing to surrender the property, even secured debt like a car loan or mortgage can be eliminated.
The other type of bankruptcy the is common for most people in Oregon is a Chapter 13 bankruptcy. This is a reorganization bankruptcy for those who are currently employed or have a steady source of income in their town (Portland, Beaverton or Eugene) Basically a Chapter 13 is a court ordered repayment plan. You'll make payments to the U.S. Trustee in your area, either in Portland or Eugene Oregon. Once you make the payments that the Oregon bankruptcy court approves then most or all of your remaining debt will be discharged. An Oregon Chapter 13 is best used to help stop a foreclosure or stop a repossession. The amount of the chapter 13 plan payment will be determined by your budget and your assets.
A good Portland area bankruptcy attorney can help map out all your options and provides the details of what type of Oregon bankruptcy make be right for you. Call our office at anytime to set up a no-cost consult with one of our Portland Oregon bankruptcy attorneys to discuss your fresh start.
If you file in Portland Oregon a Chapter 13 Bankruptcy or a Chapter 7 Bankruptcy you will stop creditor harassment and stop all collection activity on your account once your Oregon bankruptcy is filed. Upon the filing of any personal bankruptcy a legal fiction created by court order goes into affect automatically called the “automatic stay.” The automatic stay is a court order that provides that creditors are “stayed” or prevented from collecting against you. While your case is pending in bankruptcy Court in Portland or Eugene your creditors are prevented from undertaking all collection activates, they must stop calling you at your work, sending you bills or even garnishing your wages.
An Oregon Chapter 7 is known as a liquidation type of bankruptcy. If your Oregon bankruptcy case goes smoothly most types of your unsecured debt will be discharged or go away. The most common types of unsecured debts are credit cards, medical bills, personal loans, personal signature loans, utilities and payday loans. All of those types of debt can be eliminated in a Chapter 7 Bankruptcy in Portland, Tigard and Beaverton Oregon. Even those debts that are subject to lawsuits and judgments can be discharged. Some debts in a Chapter 7 Bankruptcy will not be discharged. Debts for student loans are usually not discharged in bankruptcy, domestic support orders are non-dischargable in bankruptcy, and debts created by causing an injury in an automobile accident when operating a motor vehicle while intoxicated are non-dischargable. If you want to keep property, such as a car or house, you will need to keep paying the payments on those. However, if one no longer wants to keep paying on a car loan or a mortgage and you are willing to surrender the property, even secured debt like a car loan or mortgage can be eliminated.
The other type of bankruptcy the is common for most people in Oregon is a Chapter 13 bankruptcy. This is a reorganization bankruptcy for those who are currently employed or have a steady source of income in their town (Portland, Beaverton or Eugene) Basically a Chapter 13 is a court ordered repayment plan. You'll make payments to the U.S. Trustee in your area, either in Portland or Eugene Oregon. Once you make the payments that the Oregon bankruptcy court approves then most or all of your remaining debt will be discharged. An Oregon Chapter 13 is best used to help stop a foreclosure or stop a repossession. The amount of the chapter 13 plan payment will be determined by your budget and your assets.
A good Portland area bankruptcy attorney can help map out all your options and provides the details of what type of Oregon bankruptcy make be right for you. Call our office at anytime to set up a no-cost consult with one of our Portland Oregon bankruptcy attorneys to discuss your fresh start.
