Uncertain economic times call for difficult decisions. You may have suffered from a decrease in income due to job loss, medical expenses, or any number of reasons. Before these financial obligations become overwhelming, it makes sense to consult with an experienced attorney.
BEFORE DECIDING, CONSULT AN EXPERIENCED OREGON LAWYER
What is involved in filing for bankruptcy? Is it the right thing for you to do at this time? Michael A. Neal, based in Salem, Oregon, can help answer these and many more questions about personal bankruptcy during a simple consultation in his office.
TWO OPTIONS FOR PERSONAL BANKRUPTCY
The bankruptcy code offers two options for those filing for personal bankruptcy:
Fresh Start – Chapter 7
Filing for a Chapter 7 personal bankruptcy is best for those with large bills they are unable to pay, including medical bills. It is often referred to as a Fresh Start bankruptcy because all or a majority of debts are forgiven.
If a party has assets in excess of those allowed by Oregon law, major assets and valuables are sold (liquidated) by a representative of the court. Proceeds are used to benefit creditors. Certain types of property are usually exempt from liquidation, including primary private residences (homesteads), personal vehicles, and possessions as long as their equity value is within Oregon's exemption limits.
Repayment Plan – Chapter 13
Chapter 13 is an option for those who believe they can repay their debts if given some help. Generally, debts are consolidated and a payment plan is negotiated which allows a debtor to keep non-exempt assets. Interest rates may be decreased and penalties and late fees waived. A representative of the court administers the repayment program, which generally takes three to five years.
The best part of Chapter 13 is that you may keep your property—regardless of whether it is exempt or non-exempt—as long as you keep to the payment plan and do not miss any payments.
CHOOSING A QUALIFIED ATTORNEY IS CRUCIAL
Bankruptcy may become complex. Select an attorney with the financial background and bankruptcy experience to ensure that your bankruptcy is properly structured to provide the best possible benefit for you and your family.
WHAT DEBTS DOES BANKRUPTCY NOT COVER
Bankruptcy cannot relieve you of all debts. The following will probably still be your responsibility:
Alimony & child support
Student loans
Drunk driving judgments
Criminal fines
Criminal restitution
GET YOUR QUESTIONS ANSWERED - CONTACT US FOR A CONSULTATION TODAY
Michael A. Neal, PC, is a debt relief agency helping people file for bankruptcy relief under the Bankruptcy Code. There is a small consultation fee for matters concerning personal bankruptcy. Call Michael A. Neal, PC, at 971-240-5948 or contact the office online.
Michael A. Neal, PC, serves the Oregon cities of Salem and Keizer, as well as all central and northern Willamette Valley communities in Marion, Polk, Yamhill, Linn, Lane, Benton, and Clackamas counties.