Advice From a Portland Bankruptcy Attorney
There are many reasons for filing personal bankruptcy. Some of these reasons are mounting medical expenses, excessive credit card debt, loss of employment, and divorce. Many of these events create not only financial difficulty but also serious personal health issues. That makes it especially important that individuals consider all available options and to make sure whatever action they settle upon is in their long term interest.
Once you determine that filing for personal bankruptcy is your best available option, you should learn more about the federal laws and contact a bankruptcy attorney in Portland. Personal bankruptcy is a very important decision and the laws that govern it can be very complicated. A Portland bankruptcy attorney can guide you through the intricate maze of current personal bankruptcy laws.
Make sure you choose a reputable Portland bankruptcy attorney who has years of experience in the personal bankruptcy field. When the time comes to deal with creditors, you want an attorney that you can trust and rely on. A Portland bankruptcy attorney will address your needs in your personal bankruptcy case and will have the expertise to take care of all the necessary paperwork involved in the process. Your Portland bankruptcy attorney will guide you through the whole personal bankruptcy procedure and assess, prepare and file your case. During the creditors meeting your lawyer will also handle any issues that may arise.
There are typically two types of personal bankruptcy that may be filed. In the majority of Chapter 7 personal bankruptcy filings, the debtor has no assets. All of the debtor’s assets are typically exempt property or are subject to the liens of secured creditors. In “no asset” personal bankruptcy cases, there is no distribution to the unsecured creditors. Chapter 13 personal bankruptcy was established for someone who has a home or car they wish to keep. A repayment plan is set up that allows the filer to retain those assets.
Once your personal bankruptcy case has been filed, all of your creditors will be advised and a court issue will stop wage garnishing, creditor harassment, and foreclosures. This is often the first time you can breathe a sigh of relief as the phone stops ringing and you can get back on track with your life. Filing for personal bankruptcy is a life altering event, but by carefully choosing the right Portland bankruptcy attorney, you can expect to return to a normal way of life.
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