|BANKRUPTCY is about starting fresh a new beginning. Sometimes there is simply no choice. You just want to gain back control of your life, and finances are a big part of that. Do not feel any shame about it - in today's economic mess, many people and businesses are hurting. BEND OREGON IS NO EXCEPTION TO THIS NATIONWIDE PROBLEM.
The loss of a job, a drop-off in clients, the negative housing market, the credit crunch, and other factors, all contribute to the need to explore bankruptcy. The bottom line is you need to take control of your finances and protect your family.
Sometimes that means a bankruptcy is the necessary choice. Don't be fooled, this is not a matter where any lawyer will do. Do not trust an internet bankruptcy service and by no means should you try this yourself. Bankruptcy is complicated and DIY could put you in a worse position. Get the important advice you need from a local attorney. There is no such thing as a dumb question!
Let Us Help You Stop a Foreclosure.
Oregon bankruptcy laws may benefit you by facilitating postponement of the foreclosure process.
You may be able to stop a foreclosure by filing a Chapter 13 bankruptcy. This procedure allows you to get caught up with any backpayments on your mortgage. A Chapter 13 bankruptcy can allow for your second mortgage principal amount to be reduced. Some people, however, are not concerned about keeping their house (especially with home values "underwater") and may qualify for a Chapter 7 bankruptcy.
If you have several rental properties, in certain cases a Chapter 11 bankruptcy might be appropriate, depending on your goals.
Before taking the bankruptcy route, check with us to see whether a loan modification is the right first step. A loan modification is where your current lender modifies the terms of your current mortgage with the goal of providing terms that will work for you.
Let Us Help You Restart Your Finances.
You might be getting threatening phone calls and letters from harassing creditors. Today, creditors are more aggressive than ever. Once the Bankruptcy petition is filed, we immediately notify the creditors. You will have an protective bankruptcy lawyer on your side! The Bankruptcy Court issues an Automatic Stay, meaning that the creditors can no longer contact you. We take care of the paperwork, advise, and attend all Bankruptcy related hearings with you. Call us for a consultation.
Not just bankruptcy expertise.
Know your Short Sale and Foreclosure options.
Chapter 7 Bankruptcy
This is where you liquidate all of your non-secured debts. If you have a house but have no equity, you probably can keep the house, as well as your car (although you would still need to make those payments). Some property that the bankruptcy trustee deems worth selling will need to be given up. If you have little in the way of property that's paid for, then the decision becomes less difficult.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is a procedure that forces unsecured creditors to take a discounted amount and is made payable under a supervised plan, which won't be approved unless you can afford it. A Chapter 13 Bankruptcy takes place when you have sufficient income beyond your personal overhead to pay some of the bills. It is determined based on a calculation as required by law. The repayment plan does not exceed five years. Again, it is a way to take control of your budget and aggressive creditors.
In a Chapter 13 bankruptcy, it may be possible to retain your house and remove your second mortgage. This is a potentially huge benefit with the wave of large dollar second mortgages obtained in the recent past.
Life After Bankruptcy.
A bankruptcy will remain on your credit report for 10 years, but you will get offers for credit right after your bankruptcy. Stick with the reputable, well known lenders.
Get credit soon to build up your credit score. Your bankruptcy will become less and less of an issue as you rebuild your credit and creditors will notice your recent history of good repayment. Within around 3 years, your ability to get financing should be significantly less expensive then it was right after filing bankruptcy.
However, do not overextend your borrowing, maintain a budget, and take good care of your finances, to avoid any future pitfalls.
How long does a Bankruptcy Take?
A Chapter 7 bankruptcy takes about three months. A Chapter 13 bankruptcy could go on for 3 -5 years, although once the initial paperwork and hearing are completed, the remainder of the time simply involves the debtor making monthly payments to the bankruptcy trustee, pursuant to the Chapter 13 repayment plan.
Relative Expense of Chapter 7 vs. Chapter 13 Bankruptcy Plans.
A Chapter 7 bankruptcy is generally less expensive than a Chapter 13. However, in a Chapter 13, you can often finance some of the attorney fees as part of the repayment plan.
Don't feel demeaned. Make the choice to feel empowered and proactive. Choose our bankruptcy attorneys for your trusted, confidential representation, rock-steady negotiations, and your bankruptcy filing. Take the first step toward a fresh start and a new beginning.
Call today, and visit our convenient Bend, Oregon law office.
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