Is Bankruptcy Right for You? Find Out Today
If you find yourself constantly worrying about how you'll pay your bills and debt, it may be time to consider filing for bankruptcy. Despite what the media often portrays, bankruptcy is a legal process that can help you get a fresh start financially without turning your life completely upside-down. When done correctly, bankruptcy can be overwhelmingly positive.
Our Bend, OR bankruptcy lawyers from Pacific Cascade Legal understand how stressful the thought of filing for bankruptcy can be. That's why our entire team is here to guide you through the process, answer your questions, and help you make the best decisions for your financial future. We are confident that after an initial consultation, you will begin to feel better about bankruptcy and what it can do for you.
Please call us at (541) 236-9655 so we can help you through this tough time.
Bankruptcy Benefits
A successful bankruptcy filing can bring about several benefits that can help you get back on your feet after debt becomes unmanageable. Every bankruptcy filing is unique, though, so not every benefit of bankruptcy might be available in your case. As your Bend bankruptcy attorneys, we will be there to guide you through the process, so you can be sure that you do get a chance to use and appreciate the benefits that are available.
Common benefits of a successful bankruptcy filing are:
- Immediate relief from creditor harassment and collection efforts (automatic stay).
- Discharge of unsecured debt, such as credit card debt or medical bills.
- Protection of certain assets, such as a home or car, from being seized to pay off debts.
- Ability to stop wage garnishments and bank levies.
- Improved credit score and credit report once completed.
- Opportunity for a fresh financial start.
- Potential to negotiate better repayment terms on secured debt, such as a mortgage or car loan.
Again, not all benefits are available in every case, especially when considering how much debt can be discharged. When we are working on your behalf, though, we can draw upon our decades of collective legal experience to make the most of your bankruptcy.
Chapter 7, 13 & 11 Bankruptcies
Bankruptcy is not a single type of legal action to resolve and discharge debts. What many people don’t realize until they start looking into bankruptcy is that there are several types of bankruptcy, each with its own set of rules and requirements.
Three common types of bankruptcy are:
- Chapter 7 Bankruptcy: This type of bankruptcy is also known as a "liquidation bankruptcy." With Chapter 7 bankruptcy, many types of unsecured debts, such as credit card debt and medical bills, can be discharged. However, certain types of debt, such as student loans and taxes, are not considered dischargeable, and a means test must be passed to even file. Chapter 7 is recommended for people with overwhelming debt and/or a negligible income stream.
- Chapter 13 Bankruptcy: This type of bankruptcy is also known as a "reorganization bankruptcy” or the “wage earner’s bankruptcy.” With Chapter 13 bankruptcy, a repayment plan is used to pay off creditors over three-to-five years. The repayment plan is based on your disposable income and the amount of debt owed. Chapter 13 is recommended for people who earn a steady income but can’t get ahead on debt payments.
- Chapter 11 Bankruptcy: This type of bankruptcy is typically used by businesses or individual business owners with high levels of debt. With Chapter 11 bankruptcy, the business is still allowed to operate like normal while the bankruptcy and debts are negotiated. Chapter 11 is recommended for people who rely on their businesses for income but have fallen into debt.
To see what type of bankruptcy is correct for your financial situation, call (541) 236-9655 and talk to our Bend bankruptcy lawyers. We can even start by asking an important question: “Is bankruptcy right for you?”
See the Bright Side of Bankruptcy – Call Now
At Pacific Cascade Legal, our experienced Bend, OR bankruptcy attorneys are dedicated to helping individuals and businesses navigate the bankruptcy process with as little stress as possible. We are here to help you get back on track by using bankruptcy the right way. If you're ready to take control of your finances and get a fresh start, contact us today to schedule a consultation. We're here to help you every step of the way.