Best Bankruptcy & Debt Lawyers in Portland

About Bankruptcy & Debt Law in Portland, United States

Bankruptcy & Debt law in Portland, United States is designed to provide relief to individuals, families, and businesses who are struggling with overwhelming debt. It allows them to eliminate or reorganize their debts under the protection of the court. By filing for bankruptcy, individuals and businesses can obtain a fresh start and work towards a more stable financial future.

Why You May Need a Lawyer

While it is possible to file for bankruptcy on your own, the complex legal process and the intricacies of local laws can make it challenging. Here are some common situations where you may require the assistance of a lawyer:

• When you are unsure whether bankruptcy is the right option for your specific situation
• If you are facing foreclosure and want to explore alternatives to keep your home
• If you have significant assets or valuable property that you wish to protect
• In situations where your debts involve complex legal issues
• To ensure all necessary paperwork is correctly prepared and filed

Local Laws Overview

In Portland, United States, the Bankruptcy & Debt laws are primarily governed by federal laws. However, there are some key aspects of local laws that are particularly relevant:

• Exemptions: Oregon has specific exemptions that allow you to protect certain property from being included in the bankruptcy estate.
• Means Test: In order to qualify for Chapter 7 bankruptcy, you must pass a means test that compares your income to the median income in Oregon. Otherwise, Chapter 13 bankruptcy may be an option.
• Foreclosure Laws: Understanding local foreclosure laws is crucial if you're trying to prevent the loss of your home through bankruptcy proceedings.

Frequently Asked Questions

1. Can bankruptcy eliminate all my debts?

No, not all debts can be eliminated through bankruptcy. Certain types of debts such as child support, alimony, most tax debts, and student loans cannot be discharged. However, bankruptcy can still help by providing relief for other types of debts.

2. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves liquidating your non-exempt assets to repay your debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off your debts over a period of three to five years.

3. Will bankruptcy stop foreclosure on my home?

Yes, when you file for bankruptcy, an automatic stay is triggered, which temporarily halts all collection activities, including foreclosure. This can provide you with an opportunity to explore alternatives and negotiate with your mortgage lender.

4. Will I lose all my property if I file for bankruptcy?

No, you will not necessarily lose all your property. Exemptions provided by state and federal laws allow you to protect certain assets from being liquidated in bankruptcy. It is essential to consult with a lawyer to understand which exemptions may apply to your specific situation.

5. How long does bankruptcy stay on my credit report?

Bankruptcy can stay on your credit report for up to 10 years. However, its impact on your credit rating lessens over time, and you can work towards rebuilding your credit after your bankruptcy is discharged.

Additional Resources

If you need further information or assistance, the following resources can be helpful:

• United States Bankruptcy Court - District of Oregon: https://www.orb.uscourts.gov
• Oregon State Bar - Bankruptcy Section: https://www.osbar.org/public/legalinfo/1066_bankruptcy.htm
• Legal Aid Services of Oregon: https://lasoregon.org

Next Steps

If you are facing financial challenges, it is advisable to consult with a knowledgeable bankruptcy lawyer in Portland. They can assess your situation, explain the best course of action, guide you through the legal process, and provide the support you need to regain control of your finances.