If you’re facing financial difficulties, a lawyer can be your best advocate. We have filed more than 1,700 bankruptcy cases in Oregon. We have also filed in California on behalf of clients holding property in multiple jurisdictions. We represent debtors and creditors in Bankruptcy Court.
Recent changes in the Bankruptcy Code have presented special challenges to businesses and consumers who come into contact with the Bankruptcy system. We work to keep up on the laws and to protect you, your assets and your business.
Chapter 7 is the fastest and most common form of bankruptcy for consumers. It provides for immediate debt relief and, in many cases, the ability to keep your car or home. Although Chapter 7 is referred to as “liquidation” bankruptcy, in most cases nothing is liquidated. If you have assets of high value such as bank deposits, CDs, real estate without mortgages, or expensive autos without loans, Chapter 7 may not be right for you. Also, if you have a high income and the ability to pay your debts without bankruptcy, you may need to consider another chapter.
Chapter 11 is generally for businesses, but not always. Many times, it can be useful for small businesses and for people that own multiple properties. If you have a very high income and high debts, Chapter 11 may be right for you.
You can reorganize your finances under Chapter 13 by proposing a “Plan.” The Plan is capable of accomplishing many goals, including reduction of income tax debt, elimination of second mortgages, and reduction of debts on property to the fair market value of the property. One common use of Chapter 13 is to catch up on past due mortgage payments or auto payments. You can also seek arrangements to pay past due child support obligations and student loan obligations in Chapter 13. Even though these types of debts cannot be eliminated in bankruptcy, repayment arrangements in Chapter 13 are often much less burdensome than wage garnishments or other consequences of nonpayment.
Find answers to your questions on our Bankruptcy FAQ page.