Bankruptcy
What is bankruptcy?
In simple terms, bankruptcy is a fresh start. It’s a legal proceeding where where a person or company who is having difficulty meeting financial obligations can discharge their debts. The right to file bankruptcy is provided for by federal law as a protection for hardworking people who have fallen on tough times. Overwhelming debt prevents people from one of our dearly held rights – the pursuit of happiness. Lawmakers realized early on that protecting people from creditors and inescapable debts would help our country flourish.
In plain English? Bankruptcy wipes clean debt you will probably never be able to pay. You can start over and stop drowning in debt and stress. At Rank & Karnes Law, P.C. we know a good bankruptcy lawyer can help you immediately.
Should I consider filing bankruptcy?
Some people think there’s a magical number or amount of debt you should have when considering bankruptcy. There isn’t one! There is no minimum amount of debt a person must have prior to filing a bankruptcy. However, there are several factors you should consider before you do.
- Do you owe so much money that repayment is unlikely or impossible during the foreseeable future?
- Is a creditor threatening or seeking to foreclose or repossess property you hold?
- Have your creditors commenced or threatened to commence a lawsuit?
- Are creditors or collection agencies making frequent calls to collect on unpaid bills?
- Is your credit irreparably harmed or damaged?
- Are your wages being garnished?
- Are you spinning your wheels on interest payments without making any headway with your debt?
Ultimately it is not the amount of debt you have, but what the debt is doing to you. That is the most important factor in deciding if bankruptcy is right for you. If you are feeling stressed, overwhelmed and consumed by financial difficulties and can’t see a way out, then it is time to look for an advocate. You need relief and you need an experienced attorney by your side.
Check your financial position with an easy questionnaire.
Still not sure if bankruptcy is right for you? We’ve put together a list of questions to help you determine just how bad your financial situation is. This is an easy litmus test. Answer yes to at least two of these questions and you should definitely give us a call for a free one-on-one consultation with a Salem OR bankruptcy lawyer.
Are there different kinds of bankruptcy? What kind of bankruptcy would I file?
Chapter 7
The most common and simple type of bankruptcy, it allows you to eliminate unsecured debt and get a fresh start in very little time.
Chapter 13
Create a structured repayment plan that allows you to consolidate and modify your debts, pay only what you can afford and keep important assets like your home.
Chapter 11
A reorganization for businesses and some individuals, this can help your business stay open and helps you work out a plan to repay creditors over time.
Chapter 12
Bankruptcy reserved only for farmers and fishermen and designed to help you save the land and equipment you need to maintain your business.
How much will bankruptcy cost?
Costs for each type of bankruptcy vary quite a bit. However, we know that you’re struggling already and we try to make the process as affordable and accessible as we can. We will help you file most Chapter 7 bankruptcies for only $500 up front, and we offer payment plans. We allow you to pay the majority of fees after your case is filed. That’s when you’re no longer being harassed by creditors or garnished.
How long will it take?
Once again, this varies quite a bit depending on which type of bankruptcy you file. For a Chapter 7 bankruptcy the process will be done in approximately 4-6 months. You’ll probably wonder why you didn’t call us sooner! For other types of bankruptcy, the process can take 3-5 years. But once you’ve started the process you’ll immediately be free of harassing phone calls from creditors and all legal actions against you will stop (like garnishments and foreclosures). Even though the actual bankruptcy will take longer, the relief will still be immediate. Let us help you get the peace and relief that comes with having a great bankruptcy lawyer on your side during a difficult time.
An experienced bankruptcy lawyer will make all the difference.
You’re in a tough situation. Figuring out if bankruptcy is right for you is highly personal. That’s why we are dedicated to giving our clients the best information and a personal consultation. At Rank & Karnes Law, P.C. we have more than 40 years combined experience at your disposal. When you come in for a free consultation you won’t be meeting with an intern. You’ll sit down with an experienced Salem OR bankruptcy lawyer who is happy to review your specific situation and financial circumstances. They’ll give you options and maybe offer solutions you hadn’t considered. Then you’re empowered to take control of your financial future.
Meet your new Salem OR bankruptcy lawyer.
Our lead attorneys Kevin Rank and Keith Karnes are happy to help and consult with anyone in the state of Oregon. They both practice in our Salem, Oregon office but take phone consultations for cases across Oregon and Washington. Get to know more about your new bankruptcy lawyer here.
Get help today.
Request a free consultation
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.