Bankruptcy Lawyers In Oregon

Bankruptcy is becoming a more popular way for people to get out of debt.  With the economy the way it is, and the unemployment rate continuously rising many people have no other way out of debt then filing for bankruptcy.  There are two main ways to file for bankruptcy, and lawyers will help you go over the options to help you figure out which one would be best for you.  The two different ways are Chapter 7 bankruptcy, and Chapter 13 bankruptcy.  Here is a explanation of them both.

Chapter 7:

Chapter 7 is the most popular way to file for bankruptcy all over the country.  Another word for chapter 7 bankruptcy is called liquidation.  When people file for chapter 7 they get a trustee appointed to them, and this trustee will take all the assets of the person filing and will try to sell them.  The money that is made by selling these things will go to the debtors that the person owes the money to.

The trustee does not get everything the person owns, the person that files for bankruptcy is able to keep certain things.  When filing for Chapter 7 there are things that are exempt from being able to be taken for selling.  These things are listed here and you will be able to keep these things.

• Trade books, professional tools
• Prescription health aids
• Money that you get from Social Security, disability, and unemployment benefits
• Money you receive from a court judgement
  

There are other things that are exempt depending on what state you live in, as well as which type of bankruptcy that you file for.

Chapter 13:

Chapter 13 is another type of bankruptcy that the general public can file.  This type of bankruptcy doesn't get rid of all your debts though.  When you file for Chapter 13 the courts with your help will set up a payment plan that you will be able to follow.  This will consolidate all the bills that you owe and you will have to pay it back within five years.  This is good for the people that has a steady job, and just ran into some bad luck and got behind on their bills.  After filing you will be able to set up payment plans through the court system that will help you repay your debt.  The good thing about this is that the person filing gets to keep all the stuff that they had ever bought.

There are other types of bankruptcy for business owners, farmers, and many other people that might be in financial hardship.  Chapter 7 and Chapter 13 are just the most popular with the everyday person.  Although filing bankruptcy is a last resort way to get out of debt people have to know that there are some debts that bankruptcy will not take care of.  These things are listed here and you will have to pay them whether you file for bankruptcy or not.

• Child support
• Purchases over $900 made within 30 days filing for bankruptcy
• Cash advances of over $725 within 70 days of filing
• Alimony
• Most school loans
• Most court order debts

These are just a few and there are more, there are also more in other states depending on where you live.  One thing that you have to do before being eligible for filing bankruptcy is that you have to go to a certified credit counsellors.  After you go to credit counselling and they deem that you are eligible for bankruptcy you can proceed.

There are many different ways you can find bankruptcy lawyers in your area.  The best way is to either look in the phone book, or you can search for them on the Internet.  Sometimes it is good to look them up on the Internet because you will be able to read any comments that people may have about them that have used them before.  These will usually be found in forums or blogs once you find a lawyer that you think might help you the most.  Good luck in your search and we hope this site has helped you determine which bankruptcy may be best for you.