PORTLAND BANKRUPTCY ATTORNEYS
Helping Our Clients Create a Fresh Start
Sometimes debts become more than we can handle, and we need help dealing with them in order to get back on our feet. Levine Law Center understands the difficulty of financial struggles and is here to help. Our attorneys are knowledgeable in all aspects of bankruptcy law and will guide you on the road ahead of you.
To speak to one of our bankruptcy attorneys, call our office today at (503) 433-8340.
The best course of action will vary from person to person. For this reason, it is important to consult with one of our attorneys before you begin to file for bankruptcy. We will listen to your situation, recommend a course of action, and guide you toward what can work best for your situation.
Chapter 7 Bankruptcy
This type of bankruptcy allows you to clear yourself of most debts and start again with a fresh slate. Chapter 7 allows you to collect your assets, liquidate them, and pay off your debts with the proceeds. Some debts are exempt, which means they cannot be liquidated.
Debts that cannot be liquidated include:
- child support arrangements
- spousal support arrangements
- fraudulent debts
- certain taxes
- student loans
Generally, secured debts such as your mortgage and car payments will not be liquidated, and you will be able to keep these items.
However, in order to secure these debts, you must create and sign a Reaffirmation Agreement. This legal document states that you cannot go bankrupt due to these items for at least 8 years after you complete your current bankruptcy.
Chapter 13 Bankruptcy
This type of bankruptcy allows you to create a 3 to 5-year repayment, depending on what will work best for your financial situation.
You can use this legal action to:
- prevent a foreclosure on your home
- prevent repossession of your car
- pay back taxes
- prohibit interest from accruing on your debts
If you make payments on time until the end of the payment period, then all of your remaining dischargeable debts will be released.
To file this type of bankruptcy, you must have a regular income and have little disposable income to apply to your repayment plan.
Let Our Portland Bankruptcy Lawyers Help You
At Levine Law Center, our lawyers are knowledgeable in all aspects of law and offer compassionate guidance. We will work closely with you to develop a bankruptcy strategy that will work best for your situation.
Contact our firm online or call us at (503) 433-8340 to schedule your consultation.
