Oregon Bankruptcy Defense Lawyers
Introduction
Are you overwhelmed by debt and feeling like there’s no way out? We understand how stressful and emotionally draining financial troubles can be. At Delancey Street, we are here to guide you through these challenging times. Bankruptcy can be a daunting prospect, but with the right support, it can also be a path to a fresh start. Our experienced Oregon bankruptcy defense lawyers are dedicated to helping you navigate the complexities of bankruptcy law, ensuring your rights are protected every step of the way.
Understanding Bankruptcy in Oregon
Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. In Oregon, the most common types of bankruptcy filings are Chapter 7 and Chapter 13.
- Chapter 7 Bankruptcy: Often referred to as “liquidation bankruptcy,” Chapter 7 allows you to discharge most of your unsecured debts. This means you are no longer legally obligated to pay them. However, you may have to surrender some of your assets to pay off creditors. The process typically takes about 90 days from filing to discharge.
- Chapter 13 Bankruptcy: Known as “reorganization bankruptcy,” Chapter 13 allows you to keep your property and repay your debts over a three to five-year period through a court-approved repayment plan. This option is ideal for individuals with a steady income who can afford to make monthly payments towards their debts.
Common Concerns and Misconceptions
Bankruptcy is often surrounded by myths and misconceptions that can deter people from seeking the help they need. Let’s debunk some of the most common myths:
- Myth #1: Filing for bankruptcy means losing all your possessions.
Truth: In most cases, you can keep your home, car, and personal belongings. Oregon law provides exemptions that protect certain assets from being seized by creditors. - Myth #2: Bankruptcy will ruin your credit forever.
Truth: While bankruptcy can impact your credit score, it is not permanent. Many people find that their credit scores improve within a year or two after filing, as they are no longer burdened by unmanageable debt. - Myth #3: You can only file for bankruptcy once.
Truth: You can file for bankruptcy more than once, but there are time limits between filings. For example, you must wait eight years after a Chapter 7 discharge before filing another Chapter 7 case.
The Role of a Bankruptcy Defense Lawyer
Navigating the bankruptcy process can be complex and stressful. This is where we come in. Our Oregon bankruptcy defense lawyers provide invaluable assistance in several ways:
- Legal Advice and Guidance: We help you understand your options and determine the best course of action based on your unique financial situation.
- Filing the Petition: We assist with preparing and filing the necessary paperwork, ensuring all information is accurate and complete to avoid delays or complications.
- Representation in Court: Our lawyers represent you in court, advocating on your behalf during hearings and negotiations with creditors.
- Debt Discharge and Exemptions: We help identify which debts can be discharged and which assets are exempt, maximizing the benefits of filing for bankruptcy.
Case Studies and Client Stories
To illustrate how we can help, let’s look at a few hypothetical scenarios:
- Scenario 1: John, a small business owner, faced overwhelming debt after his business failed. By filing for Chapter 7 bankruptcy, we helped John discharge most of his debts, allowing him to start anew without the burden of past financial mistakes.
- Scenario 2: Mary and Tom were at risk of losing their home due to missed mortgage payments. We guided them through Chapter 13 bankruptcy, enabling them to create a manageable repayment plan and keep their home.
Legal Citations and References
Understanding the legal framework and procedural nuances of bankruptcy is crucial. Here are some key legal references:
- 11 U.S.C. § 522: This section outlines the federal bankruptcy exemptions that protect certain assets from being seized by creditors.
- Beezley Claim: Under Chapter 7, this provision allows for the discharge of debts not initially listed in the bankruptcy petition, provided certain conditions are met.
Conclusion and Call to Action
Financial stress can feel like a never-ending storm, but we are here to help you find calm waters. At Delancey Street, our experienced Oregon bankruptcy defense lawyers are committed to providing compassionate and effective legal support. Don’t let debt control your life. Contact us today to schedule a free consultation and take the first step towards financial freedom. We are here to help you every step of the way. Ready to take control of your financial future? Call us now or leave a comment below with any questions you may have. We are here to assist you 24/7!