Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the fastest, most straight-forward personal bankruptcy filing. Congress set up bankruptcy as debt relief for honest people who find themselves drowning in unsecured debt. This usually happens because of unforeseen circumstances – injury, business failure, hospitalization, family problems, unemployment, and many more. When you have so much debt that repayment feels impossible and your debts are preventing you from being able to live and function normally then it is time to seek advice from a bankruptcy attorney.
At Rank & Karnes Law, P.C. we help people with Oregon Chapter 7 bankruptcy all the time. We’ll be able to walk with you from consultation to discharge. Read on to learn more about the process. But also, don’t hesitate to call us – we’ll talk things through with you one on one if that’s easier! We offer free bankruptcy consultations with experienced lawyers, so you know you don’t have to do this alone. Call 503-385-8888 at any point in the process and we’ll answer your questions.
What can I expect if I file Chapter 7 bankruptcy?
First you’ll come in and meet with your new bankruptcy attorney one on one. Here are some things you’ll want to check and information you’ll want to have when you come in to that meeting. You’ll use this questionnaire at this first free consultation. You and your attorney will review your financial position and he’ll help you understand all of your options. If you decide to file for Oregon Chapter 7 bankruptcy, we’ll give you a break down of the process.
One of the first things we’ll do is called a Means Test. Don’t worry, you’re not on trial here, your finances are. We weigh your income and assets against your debts and liabilities. This test will determine if you are eligible for Chapter 7 bankruptcy, or if you need to explore other options like Chapter 13 bankruptcy. Rank & Karnes Law, P.C. will be with you either way. Not every bankruptcy firm will handle Chapter 13s, but we are proud to say that when you choose us, every option is open to you.
If you decide to file Chapter 7 bankruptcy you’ll pay our office $500 up front. When you retain us we’ll help you file for bankruptcy right away. This immediately halts legal proceedings against you, and problems like wage garnishment and harassing calls from debt collectors. They’re no longer your problem! If they call you, you simply refer them to us, your attorney’s office. We’ll handle it from here, so you can focus on recovery.
I've decided to file, what comes next and how long will it take?
After your initial appointment and filing you’ll gather paperwork needed to file. This will include documentation of your income and debts. We’ll help you figure out what you need and then help you organize it for your bankruptcy case. When your case is ready we’ll file the paperwork. We then prepare you for a Meeting of the Creditors. This is a meeting where you and your attorney will meet with the bankruptcy trustee. Most hearings finish in approximately 10-15 minutes and should not be a difficult experience. Creditors rarely attend the ‘Meeting of the Creditors’ hearing. Instead, you meet with the bankruptcy Trustee. The Trustee confirms your identity and makes certain we filed the schedules and petitions truthfully and accurately.
After we help you file, we wait for an official discharge from the Bankruptcy Court. Discharge means that your creditors no longer have power over you! Chapter 7 bankruptcy means that your debts no longer exist and cannot be collected by any of your creditors. When we receive your discharge notice we get to celebrate your fresh start together.
The entire Chapter 7 bankruptcy filing process usually takes approximately four months. But relief is immediate when you have expert advice and a team to walk beside you. We’ll stop repossessions, garnishments and harassing phone calls as soon as you file with us. Don’t wait, schedule your free consultation today by calling 503-385-8888.
Other common questions about Oregon Chapter 7 bankruptcy.
Can I keep my car and home?
In most Chapter 7 bankruptcy filings a person can keep their furniture, cars, home and other personal belongings. However some assets may be sold to pay creditors and you will need to inventory your debts and assets during the bankruptcy process. This is a great question to take to your free consultation where we can help you with more specific information.
What kinds of debt are eliminated by filing Chapter 7 bankruptcy?
Chapter 7 bankruptcy can eliminate many kinds of debt to help you get your clean slate. These include credit card debt, consumer debt (like car and personal loans), hospital bills and small business debt. There are some kinds of debt not eligible to be discharged by Chapter 7 bankruptcy, including alimony and support, fraud debt, some taxes, and most student loans.
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We know that facing financial difficulties is hard, and you don’t have to do it alone. Schedule a consultation with us and we’ll help you create a brighter future.