Filing for Bankruptcy in Portland, Oregon Filing for Bankruptcy in Oregon Free information about bankruptcy from the Portland, Oregon bankruptcy attorneys of the Bankruptcy Practice Group of Baxter & Baxter, LLP. We are consumer lawyers in Portland, Oregon, specializing in cases with false credit reports, identity theft cases, unlawful debt collection cases, and consumer fraud cases. The Bankruptcy Practice Group represents individuals in Chapter 7 and Chapter 13 bankruptcy. To talk with an Portland bankruptcy attorney call (503) 297-9031. To get answers to questions about Portland Oregon bankruptcy call (503) 297-9031. Disclaimer The information contained at this website is intended for general information and advertisement purposes only. It is not intended as legal advice. If you have not signed a Retainer Agreement with Baxter & Baxter, LLP, this firm does not represent you. You should not assume an attorney-client relationship exists. If you believe you have a legal claim or cause of action, time limits may apply. You should contact an attorney promptly. The attorneys of Baxter & Baxter, LLP, are licensed to practice law in the state of Oregon only. Justin Baxter is licensed to practice law in the state of Washington. Baxter & Baxter, LLP, associates with local counsel in a limited number of cases outside of Oregon and Washington. Contents at a Glance 1. Filing for Bankruptcy in Oregon 2. Chapter 7 Bankruptcy 3. Chapter 13 Bankruptcy 4. Common Myths about Filing for Bankruptcy in Oregon 5. Frequently Asked Questions about Filing for Bankruptcy in Oregon 6. The Process of Filing for Bankruptcy in Oregon more… Contents at a Glance 1. Filing for Bankruptcy in Oregon 2. Chapter 7 Bankruptcy 3. Chapter 13 Bankruptcy 4. Common Myths about Filing for Bankruptcy in Oregon 5. Frequently Asked Questions about Filing for Bankruptcy in Oregon 6. The Process of Filing for Bankruptcy in Oregon 7. Things to Avoid before Filing Bankruptcy 8. Stopping Home Foreclosure through Bankruptcy 9. Typical Filing Fees to File for Bankruptcy in Oregon 10. Filing for Bankruptcy: A Fresh Start 11. Bankruptcy News Blog 12. Bankruptcy Links 13. New Featured Lenses 14. Additional Links less… Filing for Bankruptcy in Oregon The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor’s unsecured creditors. In exchange, the debtor is entitled to a discharge of most of their debt. Certain debts (e.g. spousal and child support, student loans, some taxes) will not be discharged even though the debtor is generally discharged from his or her debt. Many individuals in financial distress own only exempt property (e.g. clothes, household goods, an older car) and will not have to surrender any property to the trustee. The amount of property that a debtor may exempt varies from state to state. Chapter 7 relief is available only once in any eight year period. Generally, the rights of secured creditors to their collateral continues even though their debt is discharged. In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor’s property and the amount of a debtor’s income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors. Benefits of Filing for Bankruptcy Filing for bankruptcy is a serious and important decision that has significant ramifications. The Portland bankruptcy lawyers of Baxter & Baxter, LLP, can help you decide whether filing for bankruptcy is right for you. We can advise you on whether you qualify for a Chapter 7 liquidation, or would be better served by entering into a Chapter 13 repayment plan. Among the many benefits of filing for bankruptcy are: * Stop garnishments on bank accounts and wages * Stop home foreclosures * Stop harassing phone calls from bill collectors and collection agencies * Prevent utilities from being shut off * Stop car and truck repossessions * Eliminate some back taxes * Pay off back child support Chapter 7 Bankruptcy Individuals can file for bankruptcy under Chapter 7 (liquidation) or Chapter 13 (a “consumer reorganization”, or debt adjustment case). In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. Other assets, if any, are sold (liquidated) by the interim trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. Common exceptions to discharge include child support, income taxes less than 3 years old and property taxes, student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by a court for any crimes committed by the debtor. Spousal support is likewise not covered by a bankruptcy filing nor are property settlements through divorce. Despite their potential non-dischargeability, all debts must be listed on bankruptcy schedules. Chapter 13 Bankruptcy Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3- to 5-year period. This written plan details all of the transactions (and their durations) that will occur, and repayment according to the plan must begin within thirty to forty-five days after the case has started. During this period, creditors cannot attempt to collect on the individual’s previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed. Common Myths about Filing for Bankruptcy in Oregon There is much misinformation about bankruptcy, including who can file, what the effects are, and what the process is. Below are a number of common myths about bankruptcy and explanations of the truth. Bankruptcy Relief is No Longer Available. This is absolutely not true. The new bankruptcy laws have made the process more burdensome in some cases, and altered eligibility for certain people, but for most people, if they were eligible before, then they are likely eligible now for bankruptcy relief. If I file bankruptcy I will have to repay some or all of my debts. This is false in most cases. For individuals, Chapter 7 is still available for most people, as set forth above. Sometimes if the analysis shows too much income on either the means test or current budget, you may have to do a repayment plan in a Chapter 13, but usually not. I will lose all my property if I file bankruptcy. False. Whether you get to keep your property depends on the value (or amount of equity) in any particular item of property and what exemptions you have available to protect the value in that asset. In the vast majority of cases in California, you will be able to keep your property. Of course, analysis by a bankruptcy professional is necessary to accurately make that determination. Bankruptcy will Destroy My Credit. False. It is true that bankruptcy can be reported on your credit report for up to 10 years after your case is filed, but the actual effect on your credit score varies depending on what your score was before you filed bankruptcy, and it is temporary because you can start rebuilding your credit immediately after filing your case. In many cases, especially for people who have very low credit scores before filing bankruptcy, their credit scores go up shortly after filing bankruptcy, as long as they maintain payments on obligations thereafter. Frequently Asked Questions about Filing for Bankruptcy in Oregon This information is presented by the Portland, Oregon bankruptcy attorneys Bankruptcy Practice Group of Baxter & Baxter, LLP. The Bankruptcy Practice Group of Baxter & Baxter, LLP represents individuals in Chapter 7 and Chapter 13 bankruptcies. We offer a free initial phone consultation. We can stop collection calls from debt collectors. We can advise consumers whether to file for bankruptcy, and what form of bankruptcy to file. Our rates are competetive, and an uncontested no-asset Chapter 7 bankruptcy can be filed for as little as $1,250. I have already filed a bankruptcy, can I file again? Yes, if your previous bankruptcy was filed a specified amount of time in the past. If your previous bankruptcy was a Chapter 7 liquidation, you need to wait eight years from the date the previous case was filed. If your previous bankruptcy was a Chapter 13 wage earner repayment plan, you need to wait four years to file a new Chapter 7 case and two years to file a new Chapter 13 case. Can I stop a garnishment of my bank account or paycheck? Yes. Almost all garnishments can be stopped with the exception of child support or spousal support obligations. Some creditors that hold claims that will not be discharged like student loans can start garnishment again as soon as your discharge is entered. Can I stop a home foreclosure on my mortgage? Yes. A Chapter 13 bankruptcy will stop a foreclosure on your home. You can propose a payment plan to pay off your past-due mortgage payments over three to five years. Can I stop collection calls and letters? Yes. Once you file for bankruptcy, the automatic stay prevents almost all of your creditors from taking any action to enforce any debt. This includes collection calls, letters, and lawsuits. Can I leave a creditor off my schedules? No. You are required to list all debts. Even debts that you want to keep paying. In fact, just because a debt is not listed on a bankruptcy schedule does not mean it is not included in the bankruptcy. In many cases even unlisted debts are discharged. The Process of Filing for Bankruptcy in Oregon Consumers often have questions about the basic process of filing for a bankruptcy in Oregon. The dedicated Portland, Oregon bankruptcy attorneys of Baxter & Baxter, LLP, can guide you through this process. Here are the basic steps of filing for bankruptcy in Oregon: 1. Gather documentation and file initial petition and schedules 2. Attend the initial meeting with the Trustee 3. Provide additional requested documents 4. Negotiate reaffirmation agreements 5. Attend reaffirmation hearing (if applicable) 6. Receive discharge (often as little as 3 months from filing) 7. Get a Fresh Start! The steps in filing a bankruptcy are straightforward, but the requirements must be followed properly to get a swift and final discharge. The Portland bankruptcy attorneys of Baxter & Baxter, LLP, can help you though the process of filing bankruptcy in Oregon. If you would like a free telephone consultation with an Oregon bankruptcy lawyer, call (503) 297-9031 today! Things to Avoid before Filing Bankruptcy The Portland, Oregon bankruptcy attorneys of Baxter & Baxter, LLP, are zealous advocates for our clients. Our relationship to our clients is built on trust, and it is of the utmost importance that clients are completely candid with us so that we can give fully informed advice. Some actions that consumers take prior to filing for bankruptcy in Oregon can have profound effects on the bankruptcy case once it is filed. Here is a common list of things that consumers should avoid doing once they decide to file for bankruptcy. * Don’t sell, give away or transfer ownership of any personal property, real estate, or other property prior to filing your bankruptcy case. * Don’t use credit cards or incur more debt. * Don’t give money or repay loans to friends or family members. * Don’t leave assets off your bankruptcy forms, including lawsuits, workers comp claims, or other possible cases you may have. * Don’t take money out of retirement plans, IRAs, or 401Ks * Talk to your lawyer if you are expecting a large tax refund. * Don’t put your money into someone else’s bank account or put your name on someone else’s account. * Don’t get married or move in with someone, especially if that person has a high income. Stopping Home Foreclosure through Bankruptcy Bankruptcy offers a way to stop the foreclosure sale and to retain your property, even over the foreclosing creditor’s objection! I offer a free bankruptcy consultation so you can see if a bankruptcy may help you to avoid the loss of your property which will occur if the foreclosure continues. For many of our clients, and perhaps for you, facing a foreclosure is something that they never imagined would happen. For them, and perhaps you, the foreclosure is often the result of circumstances beyond their control, such as temporary loss of a job or an illness. An obvious solution to the foreclosure may be to sell the property before the date of the foreclosure sale. However, it is often not possible to conclude the sale before the date of foreclosure. Plus, most people want to keep their home and find a way to get caught up on their payments. You may be able to stop or avoid home foreclosure and keep your home by filing a Chapter 13 bankruptcy. The Portland, Oregon bankruptcy attorneys of Baxter & Baxter, LLP, can advise you on whether you should file for bankruptcy, and whether Chapter 13 bankruptcy is right for you. About Chapter 13 Bankruptcy and Preventing Home Foreclosure A Chapter 13 bankruptcy allows you to make payments to your creditors over a period of time (typically three to five years). While you are in your repayment plan, you are permitted to keep your property. The Portland bankruptcy attorneys of Baxter & Baxter, LLP, can advise you whether a Chapter 13 bankruptcy may help you keep your home and get you current on your mortgage. Filing for Chapter 13 Bankruptcy and Stopping Foreclosures Chapter 13 can be a very affordable solution, particularly when compared to the potential loss of the equity in your home. The cost of Chapter 13 is often less than the costs associated with a refinance or a second mortgage, which typically involves significant points, fees and closing costs. The Portland bankruptcy lawyers of Baxter & Baxter, LLP, offer competitive rates, and we can work with you to move swiftly to avoid home foreclosures. For a free phone consultation with a Portland, Oregon bankruptcy attorney, call (503) 297-9031 today! Typical Filing Fees to File for Bankruptcy in Oregon Consumers often wonder about much it will cost to file a bankruptcy in Oregon. The Portland bankruptcy lawyers of Baxter & Baxter, LLP, represent consumers in Chapter 7 and Chapter 13 bankruptcy. Our rates are competitive, and an uncontested no-asset Chapter 7 bankruptcy can be filed in Oregon for as little as a $1,250 fee. Below is some additional information about the cost of filing for bankruptcy. Cost for Filing Chapter 7 Bankruptcy in Oregon The U.S. Bankruptcy Court will charge a $299 fee for filing a Chapter 7 bankruptcy in Oregon. The Portland, Oregon bankruptcy lawyers of Baxter & Baxter, LLP, charge as little as $1,250 for a routine chapter 7 bankruptcy without contested matters or adversary proceedings. Every case is different, and the fee may differ depending on anticipated issues. We can work out a payment plan, including advising consumers on how to postpone payment of certain bills to gather the funds to file for bankruptcy. Cost for Filing Chapter 13 Bankruptcy in Oregon The U.S. Bankruptcy Court will charge a $274 fee for filing a Chapter 13 bankruptcy in Oregon. The Portland, Oregon bankruptcy lawyers of Baxter & Baxter, LLP, charge as little as $3,200 for a typical chapter 13 bankruptcy. The fee is often paid over time (sometimes the entire duration of the repayment plan. Every case is different, and the fee may differ depending on anticipated issues. As with Chapter 7 bankruptcy, we can work out a payment plan, including advising consumers on how to postpone payment of certain bills to gather the funds to file for bankruptcy. Filing for Bankruptcy: A Fresh Start The policy underlying the Bankruptcy Code is to give debtors a Fresh Start. The Portland bankruptcy attorneys of Baxter & Baxter can help you file for bankruptcy, guide you through the process of obtaining a discharge, and make it possible for you to get that Fresh Start. What Happens After Bankruptcy? After the U.S. Bankruptcy Court Judge enters the final discharge order in your case, it acts as a permanent injunction against your creditors. For all debts that are not reaffirmed or otherwise continued by the Court, those creditors are permanently barred or enjoined from attempting to collect from you, including collection letters, harassing phone calls, and suing you in court. You must repay any debts that are reaffirmed, or which the Court requires you to repay. Obtaining Credit After Bankruptcy? It is a common misnomer that consumers cannot obtain credit after bankruptcy. It is true that the bankruptcy will have an adverse consequence on your credit score and credit report. The bankruptcy itself will appear on your credit report for ten years. You may pay higher interest rates, obtain lower credit limits, or have other conditions placed on your credit than prior to your bankruptcy. However, these are often some of the same consequences of having active collection accounts on your credit report. Read more: Filing for Bankruptcy in Portland, Oregon Follow this link: Filing for Bankruptcy in Portland, Oregon
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