Gordon Hall- Attorney
4040 Douglas Way
Lake Oswego, OR 97035
Phone: 503-635-9393
Email: [email protected]
Bankruptcy
The world of bankruptcy is shrouded in mystery and negative preconceptions. We are here to make the process as straight forward and understandable as possible. At times, people from all walks of life find themselves in financial trouble and sometimes filing bankruptcy is the best option for a fresh start. In our experience, the most common reasons people file for bankruptcy are loss of income, garnishment of wages, excess credit card debt, divorce or inability to pay medical bills. These things can happen to most people. We are here to help you solve your financial problems. Below is some basic information about the common types of bankruptcy.
Chapter 7 Bankruptcy (liquidation)
Chapter 7 is the most common form of bankruptcy. It eliminates all eligible debt and allows you to hold onto property that is “exempted” by law. It is quick and resolves most debt issues. Since 2005, qualifying for Chapter 7 has become a bit harder. Our job is to qualify you for Chapter 7 if that is the action you choose, and to maximize your exemptions so you can hold on to as much of
your property as the law allows.
Chapter 13 Bankruptcy (repayment)
Chapter 13 involves a payment plan where you pay part or all of your debts over time using your disposable income. The plan takes three to five years depending on your recent income. Upon completion of your plan, any remaining debt will be discharged.
Why file Chapter 13 instead of Chapter 7?
Here are some reasons: [1] You may not qualify for Chapter 7; [2] You can hold on to your home and car, even if you are behind on the loan payments, as long as you can afford to make the current loan payments and pay on the missed payments; [3] you may be able to reduce the debt owed on a car; [4] You can pay recent tax debt over time without interest or penalties; and [5] You may be able to remove a second mortgage.
4040 Douglas Way
Lake Oswego, OR 97035
Phone: 503-635-9393
Email: [email protected]
Bankruptcy
The world of bankruptcy is shrouded in mystery and negative preconceptions. We are here to make the process as straight forward and understandable as possible. At times, people from all walks of life find themselves in financial trouble and sometimes filing bankruptcy is the best option for a fresh start. In our experience, the most common reasons people file for bankruptcy are loss of income, garnishment of wages, excess credit card debt, divorce or inability to pay medical bills. These things can happen to most people. We are here to help you solve your financial problems. Below is some basic information about the common types of bankruptcy.
Chapter 7 Bankruptcy (liquidation)
Chapter 7 is the most common form of bankruptcy. It eliminates all eligible debt and allows you to hold onto property that is “exempted” by law. It is quick and resolves most debt issues. Since 2005, qualifying for Chapter 7 has become a bit harder. Our job is to qualify you for Chapter 7 if that is the action you choose, and to maximize your exemptions so you can hold on to as much of
your property as the law allows.
Chapter 13 Bankruptcy (repayment)
Chapter 13 involves a payment plan where you pay part or all of your debts over time using your disposable income. The plan takes three to five years depending on your recent income. Upon completion of your plan, any remaining debt will be discharged.
Why file Chapter 13 instead of Chapter 7?
Here are some reasons: [1] You may not qualify for Chapter 7; [2] You can hold on to your home and car, even if you are behind on the loan payments, as long as you can afford to make the current loan payments and pay on the missed payments; [3] you may be able to reduce the debt owed on a car; [4] You can pay recent tax debt over time without interest or penalties; and [5] You may be able to remove a second mortgage.