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SALEM
BANKRUPTCY
ATTORNEYS IN SALEM
OREGON BANKRUPTCY LAWYERS
Need Bankruptcy Help?
If you need the very best in Oregon bankruptcy law, the legal team at Gunn & Gunn Attorneys will give you the representation you need. We will work with our clients to ensure they get the necessary relief they need from the burden of debt. If you are a Salem, Oregon resident currently in need of debt assistance, or if you live in Marion and Polk Counties, contact the law firm of Gunn & Gunn. If you have any questions about how bankruptcy can help you get a fresh start, call our office and meet with one of our attorneys to review your individual situation. Don’t wait to take the next steps to regaining financial independence.
The object of a bankruptcy (Chapter 7, Chapter 11 or Chapter 13) is to rid the debtor of debts. Debts (i.e. bills) can be either dischargeable or non-dischargeable. Debts that are non-dischargeable “survive” the bankruptcy. Fortunately, most debts are dischargeable. However, whether a debt can be discharged depends upon not only upon the type of debt, but also the type of bankruptcy filed. Because each case is different, an individual assessment of your financial situation is the only way to know how a bankruptcy will impact you. That is not something you are going to find doing research online, but comes only after meeting with an experienced bankruptcy attorney at our office.
Bankruptcy officially begins upon filing of a petition with the United States Bankruptcy Court. The petition requests that the Bankruptcy Court grant the debtor “relief” from the debts. The bankruptcy petition request for relief of the debts. Along with the petition the debtor is required to file various “schedules”. These bankruptcy schedules list of all creditors (debts), list all property, detail household income and expenses, claim exemptions, and the debtor’s financial affairs. The Petition and Schedules are signed under the penalty of perjury, declaring that the debtor has accurately listed all of the debtor’s assets and all of the debtor’s liabilities and has truthfully disclosed the debtor’s financial affairs.
Obtaining a “fresh start” and obtaining relief from over-burdensome debt is the promise of a bankruptcy case. However, the rules and conditions to obtain the fresh start can be complex and technical. Bankruptcy is not something you should do on your own. Instead, give us a call and hire the best bankruptcy attorneys in the Salem area.
“We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the most widely known form of bankruptcy. It is designed to eliminate unmanageable, unsecured debt to give you a fresh start. It is for the most part a liquidation proceeding. This does not mean all of your property is liquidated, however, liquidation of non-exempt assets is the overall structure of a Chapter 7.
Most debts can be discharged or eliminated in a Chapter 7. Some debts cannot be eliminated such as child support and alimony, debts arising from drunk driving or fraud, some student loans and some tax debts. Some of these debts can be handled more appropriately through a Chapter 13 bankruptcy case
As soon as a Chapter 7 is filed, the federal court issues a stay requiring all creditors to stop contacting you. A trustee is appointed to review your financial affairs and sell any unprotected assets, but you normally get to keep everything you own, such as your home, car, household goods, and pensions. If the trustee finds no assets to sell, which is true about most of the time, it is reported as a ‘no asset’ case and the case is closed. The court then issues you a discharge. The creditors whose debts have been discharged, or canceled, are forever prohibited from taking any action to collect the debt.
What is Chapter 13 Bankruptcy?
Chapter 13 is a type of bankruptcy proceeding available to individuals and sole proprietorship businesses to reorganize and eliminate debts. A Chapter 13 is a restructuring plan, designed to restructure your financial affairs. With the assistance of an attorney, you will prepare a reorganization plan, by which you will pay your debt. The plan usually lasts for three to five years. During that time you under the protection of the Bankruptcy Court, and payments are made to a court-appointed trustee who then pays your creditors according to the plan.
You do not need to pay all of your creditors in a Chapter 13 case. Certain types of debt must be paid in full, but most debt can be eliminated. The amount you pay over the life of the plan will depend upon your income level, the nature and character of your debt, the nature and extent of your assets, and other individual factors. Each Chapter 13 case is individual, and as such there is no “one size fits all” Chapter 13 plan.
Chapter 13 can often solve problems and offer relief not available under a Chapter 7 bankruptcy. You can keep your assets, stop home foreclosures and take up to five years to get caught up on back mortgage payments, protect co-signers, and modify contracts with secured creditors such as car or furniture loans. You may also be able to eliminate a second mortgage on a home, or do a “lien strip”, which can improve your equity position in your home. Chapter 13 can also release you from certain debts that cannot be eliminated in Chapter 7.
How much does bankruptcy cost?
A bankruptcy case has a Court filing fee: Chapter 7 is $306. Chapter 13 is $281. These fees are paid to our office and we forward the funds to the court when the case is filed.
The attorney fees vary on a case-by-case basis. Naturally, bankruptcy cases with secured creditor issues (e.g., mortgage arrears) or tax issues are more involved and may have higher attorney fees. Thus, it is difficult to accurately estimate the cost of a bankruptcy without a full consultation with one of our attorneys. However, you should know that the attorney costs associated with your bankruptcy are modest when compared to the amount of debt that will be eliminated through the bankruptcy process.
When analyzing bankruptcy costs, remember you are purchasing a service and not a product. You cannot purchase bankruptcies at the local store. If this were the case, you could easily compare the identical product from store to store. Bankruptcy representation is a service and you should choose an attorney and firm with which you are comfortable and confident. This means the lowest priced bankruptcy may not be your best value and, conversely, the highest priced representation does not necessarily mean the best for you.
We offer a free consultation with one of our attorneys who will discuss your personal situation and let you know what we will charge to handle your case. During your initial visit, you will get to know your attorney, and can then decide if we are the right law firm to help you through this difficult process.