Discover How Bankruptcy Can Help You
Are you struggling with overwhelming debt and creditors constantly harassing you with phone calls and letters? Filing for bankruptcy may seem intimidating, but with the help of an experienced attorney, it can be a manageable and positive step toward financial stability. Our Beaverton, OR bankruptcy attorneys from Pacific Cascade Legal are here to guide you through the process and help you regain control of your finances. We are confident that you’ll start to see the many positive sides of bankruptcy after just one call to our firm.
What are the Benefits of Bankruptcy?
Some of the major benefits of filing for bankruptcy include:
- Debt relief: Bankruptcy allows individuals and businesses to discharge many types of unsecured debts, such as credit card debt, medical bills, and personal loans. This means that you will no longer be responsible for paying back those debts, and your creditors will no longer be able to come after you for payment.
- Protection from creditors: Filing for bankruptcy triggers an automatic stay, which halts most collection actions by creditors. This can stop foreclosure proceedings, wage garnishment, and harassing phone calls and letters from debt collectors.
- Fresh financial start: Bankruptcy can provide a clean slate for your finances, allowing you to start over and build a better financial future. You will be able to rebuild your credit over time and make better financial decisions moving forward.
- Peace of mind: Lastly, filing for bankruptcy can bring a sense of relief and peace of mind. It allows you to take control of your finances and make a plan for the future, rather than feeling trapped and overwhelmed by debt.
Three Common Forms of Bankruptcy
Three of the most common types of bankruptcy include:
- Chapter 7 bankruptcy: This is often referred to as "liquidation" bankruptcy. It requires a means test to see if your income makes you eligible to use it. Chapter 7 is typically a good option for those with little to no significant assets but a severe amount of unsecured debt.
- Chapter 13 bankruptcy: This is known as "reorganization" bankruptcy. In a Chapter 13 case, a repayment plan is used to pay back some or all your debts over a period of three to five years. This plan is based on your income and expenses and can allow you to catch up on missed mortgage or car payments while still discharging some of your unsecured debts.
- Chapter 11 bankruptcy: This type of bankruptcy is designed for businesses that are in debt but want to try to pay it off instead of shuttering entirely. A key benefit of Chapter 11 bankruptcy is that it allows the business to still operate like normal throughout the process.
It's important to note that each type of bankruptcy has its own eligibility requirements and potential drawbacks. By speaking with our Beaverton bankruptcy attorneys, you can confidently determine which type is right for you based on the unique details of your financial situation and income.
Let Us Walk You Through Bankruptcy
If you're struggling with debt, know that you're not alone. Our Beaverton bankruptcy attorneys are here to provide compassionate and experienced legal guidance to help you through this difficult time. We understand that each case is unique, and we will work with you to develop a personalized plan to get you back on the path to financial stability.
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