Helping You File for Bankruptcy
If you are facing financial challenges due to overwhelming debt, you are not alone. Bankruptcy can be a positive step toward taking back control of your financial future, so it might be perfect for you now. To find out if it would be right to file, talk to our Tualatin bankruptcy lawyers from Pacific Cascade Legal.
Our team of knowledgeable and understanding attorneys is here to help guide you through the bankruptcy process. We understand that financial struggles can be intimidating, so we are here to help you find a way out without adding to the stress you might already be feeling. You deserve a fresh financial start, so let’s find it together.
See the Benefits of Bankruptcy
Bankruptcy can provide significant benefits for people in the middle of serious financial difficulties. When you file for bankruptcy with the help of a professional bankruptcy lawyer, it will be even easier to see all the positive sides of the process.
A few benefits of bankruptcy that you can appreciate are:
- Provides relief from the stress and anxiety of overwhelming debt.
- Stops creditor harassment, including phone calls and letters demanding payment.
- Prevents or delays foreclosure, repossession, or wage garnishment in some cases.
- Allows for a clean slate to restart building credit and savings.
At our Tualatin bankruptcy law firm, our team of dedicated attorneys has the experience and knowledge necessary to handle even the most complicated bankruptcy cases for individuals and business owners. If your debt seems heavy now, please call so we can discuss how bankruptcy and its benefits might be the right solutions.
Three Main Forms of Bankruptcy
There are several different forms of bankruptcy that individuals and businesses can file, each with its own specific rules and requirements, such as:
- Chapter 7 Bankruptcy: Also known as “liquidation” bankruptcy, Chapter 7 is the most common type of bankruptcy for individuals. In this type of bankruptcy, the bankruptcy court will appoint a trustee who will sell non-exempt assets to pay off as much of the individual’s debt as possible. However, many assets, such as a primary residence, vehicle, and certain personal belongings, may be protected under state and federal exemptions, which means that they are not sold, regardless of the debt amount. Chapter 7 is recommended for people who can pass the means test and have significant debt.
- Chapter 13 Bankruptcy: Also known as “reorganization” bankruptcy or the “wage earner’s” bankruptcy, Chapter 13 is an option for individuals with a steady income who want to repay their debts over time. In this type of bankruptcy, the debtor follows a court-approved repayment plan, typically lasting three to five years. Chapter 13 is recommended for people with a reliable income yet can’t catch up on debt, credit, and loan payments.
- Chapter 11 Bankruptcy: Primarily designed for businesses, Chapter 11 is a type of bankruptcy that allows a company to reorganize its finances and operations to repay its debts over time. Under this type of bankruptcy, the business continues operating while creating a reorganization plan to restructure its finances and reduce its debts. The repayment plan is subject to court approval, though.
No matter which type of bankruptcy is appropriate for your situation, our team of experienced Tualatin bankruptcy attorneys can help guide you through the process and ensure that you have a fair chance for a successful outcome.
What is Chapter 12 Bankruptcy?
Chapter 12 bankruptcy is a type of bankruptcy specifically designed for family farmers and fishermen. It allows eligible family farmers or fishermen with "regular annual income" to restructure their debts and continue their farming or fishing operations. Due to the exclusive requirements to use it, Chapter 12 bankruptcy is typically less complicated and less expensive than other bankruptcy options while also offering greater flexibility for repayment plans. If you are a family farmer or fisherman in Tualatin or the surrounding region, then we should consider if Chapter 12 would work for you.
Explore Financial Solutions – Call Our Law Firm
Financial struggles can be overwhelming, but they do not have to be permanent. No matter your circumstances, there is hope for your financial future. Our Tualatin bankruptcy lawyers are here to help guide you through the bankruptcy process and help you regain control of your financial life. We can even consider bankruptcy alternatives if we determine that bankruptcy isn’t the right option based on your financial situation. Contact us today to schedule a consultation and take the first step toward a better financial future.
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