Portland, OR Bankruptcy Defense Lawyers
Introduction
Feeling overwhelmed by debt? You’re not alone. Many individuals and businesses in Portland, OR, find themselves in precarious financial situations due to various reasons like job loss, medical expenses, or simply spending beyond their means. At Delancey Street, we understand the emotional and financial toll that debt can take on you and your family. Our experienced bankruptcy defense lawyers are here to guide you through the complexities of bankruptcy law, offering you a fresh start and a path to financial freedom.
Understanding Bankruptcy
Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the federal bankruptcy court. The U.S. Constitution authorizes Congress to enact uniform laws on the subject of bankruptcies, and these laws are codified in the Bankruptcy Code (Title 11 of the United States Code). The primary goal of bankruptcy is to give honest debtors a “fresh start” by relieving them from the burden of overwhelming debt.
Types of Bankruptcy
In Portland, OR, the most common types of bankruptcy filings are Chapter 7 and Chapter 13:
- Chapter 7 Bankruptcy: Also known as “liquidation bankruptcy,” Chapter 7 involves the sale of a debtor’s non-exempt assets by a trustee to pay off creditors. It’s a quick process, usually completed within a few months, and is ideal for individuals with limited assets.
- Chapter 13 Bankruptcy: This type involves a repayment plan that allows debtors to keep their property while repaying creditors over three to five years. It’s suitable for individuals with a regular income who can afford to make monthly payments.
Legal Nuances in Oregon
Bankruptcy law is primarily federal, but Oregon has specific exemptions that can affect your case. For instance, Oregon allows you to choose between federal and state exemptions, which can protect certain types of property from being sold off in a Chapter 7 bankruptcy. Consulting with a knowledgeable bankruptcy lawyer is crucial to understanding which set of exemptions will benefit you the most.
The Role of a Bankruptcy Defense Lawyer
Navigating the bankruptcy process can be daunting, but you don’t have to do it alone. Our team at Delancey Street is here to provide you with the legal expertise and emotional support you need.
Initial Consultation and Assessment
The first step in the bankruptcy process is an initial consultation where we assess your financial situation. We will review your debts, assets, income, and expenses to determine the best course of action. This initial assessment is crucial for identifying whether bankruptcy is the right solution for you or if there are alternative options available.
Filing the Petition
Once we determine that bankruptcy is the best option, we will help you prepare and file your bankruptcy petition. This involves gathering all necessary documentation, such as tax returns, pay stubs, and a list of your debts and assets. Filing the petition triggers an “automatic stay,” which immediately stops most creditors from pursuing collection actions against you.
Meeting of Creditors
After filing, you will be required to attend a meeting of creditors, also known as a “341 meeting.” During this meeting, the bankruptcy trustee and your creditors will have the opportunity to ask you questions about your financial situation and the information in your bankruptcy petition. Our lawyers will be by your side to guide you through this process and ensure that your rights are protected.
Discharge and Post-Bankruptcy Planning
The ultimate goal of bankruptcy is to obtain a discharge, which releases you from personal liability for most debts. Once you receive your discharge, you can start rebuilding your financial life. We will provide you with post-bankruptcy planning and advice to help you manage your finances and avoid future financial pitfalls.
Common Concerns and Misconceptions
Will I Lose All My Property?
One of the most common fears about filing for bankruptcy is the potential loss of property. While Chapter 7 bankruptcy does involve the liquidation of non-exempt assets, many types of property are protected under Oregon’s exemption laws. For instance, you may be able to keep your home, car, and personal belongings.
How Will Bankruptcy Affect My Credit?
Bankruptcy will impact your credit score, but it also offers a chance to rebuild it. A bankruptcy filing stays on your credit report for up to 10 years, but many people find that they can start rebuilding their credit within a few years by making timely payments and managing their finances responsibly.
Can Bankruptcy Eliminate All My Debts?
Bankruptcy can eliminate many types of unsecured debts, such as credit card debt and medical bills. However, some debts are not dischargeable, including certain taxes, student loans, and child support obligations. It’s essential to consult with a bankruptcy lawyer to understand which debts can be discharged in your case.
Hypothetical Scenarios and Client Stories
Scenario 1: Medical Debt
Imagine you’re a Portland resident who has accumulated significant medical debt due to a severe illness. Despite having health insurance, the out-of-pocket expenses have left you struggling to make ends meet. Filing for Chapter 7 bankruptcy could provide you with the relief you need by discharging your medical bills and allowing you to focus on your recovery.
Scenario 2: Small Business Owner
You’re a small business owner in Portland who has faced financial difficulties due to the economic downturn. Your business debts have become unmanageable, and you’re worried about losing your company. Filing for Chapter 11 bankruptcy could help you reorganize your debts and develop a repayment plan that allows you to keep your business running while paying off your creditors over time.
Scenario 3: Wage Garnishment
You’ve been struggling with credit card debt, and your wages are being garnished, making it difficult to cover your living expenses. Filing for bankruptcy can stop wage garnishment through the automatic stay, giving you immediate relief and the opportunity to address your debts in a more manageable way.
The Importance of Professional Help
Filing for bankruptcy is a complex legal process that requires a thorough understanding of federal and state laws. At Delancey Street, our experienced bankruptcy defense lawyers have the expertise to guide you through every step of the process, ensuring that your rights are protected and that you achieve the best possible outcome.
Why Choose Delancey Street?
- Experience: Our team has years of experience handling bankruptcy cases in Portland, OR, and we are well-versed in both federal and state bankruptcy laws.
- Personalized Service: We understand that every financial situation is unique. We provide personalized legal advice tailored to your specific needs and circumstances.
- Compassionate Support: Dealing with debt can be stressful and overwhelming. We offer compassionate support and guidance to help you navigate this challenging time.
Call to Action
If you’re struggling with debt and considering bankruptcy, don’t wait to seek help. Contact us today for a free consultation to discuss your options and take the first step towards financial freedom. Call us at [phone number] or visit our website at [website URL] to schedule an appointment.
Conclusion
At Delancey Street, we believe that everyone deserves a fresh start. Our experienced bankruptcy defense lawyers are dedicated to helping you overcome your financial challenges and achieve a brighter future. Whether you’re dealing with overwhelming medical bills, business debts, or wage garnishment, we have the expertise and compassion to guide you through the bankruptcy process and beyond. Don’t let debt control your life—reach out to us today and take the first step towards reclaiming your financial freedom.