Best Bankruptcy Lawyers in Portland

About Bankruptcy Law in Portland, United States

Bankruptcy is a legal process that provides individuals and businesses with financial relief when they are unable to pay their debts. In Portland, United States, bankruptcy law is governed by both federal and state regulations. Filing for bankruptcy allows individuals and businesses to either eliminate their debts entirely or create a manageable repayment plan, depending on the type of bankruptcy filed.

Why You May Need a Lawyer

Bankruptcy can be a complex and overwhelming process, which is why hiring a lawyer specializing in bankruptcy law is highly recommended. A bankruptcy lawyer can provide crucial guidance and support throughout the process, ensuring that your rights are protected and that you maximize the benefits of filing for bankruptcy. Here are some common situations in which you may need a bankruptcy lawyer:

• If you are unsure whether bankruptcy is the right option for your financial situation
• If you need help assessing your eligibility for different types of bankruptcy
• If you are dealing with a significant amount of debt and need assistance in organizing and presenting your financial records
• If you are being threatened with legal action by creditors
• If you need representation in bankruptcy court hearings

Local Laws Overview

Bankruptcy laws in Portland, United States primarily follow the regulations set forth in the United States Bankruptcy Code. However, there are certain local aspects that you should be aware of when filing for bankruptcy:

• Oregon's bankruptcy exemptions: In Oregon, you can choose to use either the federal bankruptcy exemptions or the state-specific exemptions. It is important to understand the differences between these options and determine which set of exemptions will benefit you the most.
• Means test: Like in other states, in order to qualify for Chapter 7 bankruptcy in Portland, you must pass a means test. This test compares your income to the state's median income and determines if you have sufficient disposable income to repay your debts.
• Reaffirmation agreements: If you have secured debts, such as a car loan or a mortgage, you may be required to sign a reaffirmation agreement to keep the property secured by the debt. Consulting with an attorney can help you navigate these agreements and understand their implications.

Frequently Asked Questions

1. Can I file for bankruptcy without a lawyer?

Yes, it is possible to file for bankruptcy without a lawyer, but it is not recommended. Bankruptcy law is complex, and making mistakes during the filing process can have serious consequences. A bankruptcy lawyer can ensure that you meet all requirements, avoid errors, and guide you through the proceedings.

2. Will bankruptcy eliminate all of my debts?

Bankruptcy does not eliminate all types of debts. Certain debts, such as most student loans, child support, alimony, and some tax obligations, are generally non-dischargeable. However, bankruptcy can still provide significant relief by discharging or reorganizing many other types of debt.

3. Will bankruptcy ruin my credit forever?

While bankruptcy does have a negative impact on your credit score, it is not a permanent mark. Bankruptcy will remain on your credit report for a period of time, typically seven to ten years, but you can start rebuilding your credit immediately after filing. It is important to establish healthy financial practices and demonstrate responsible credit management to gradually improve your creditworthiness.

4. Can I keep any of my assets if I file for bankruptcy?

In Portland, individuals who file for bankruptcy are allowed to keep certain assets known as exempt property. These exemptions vary depending on federal and state law and may include your primary residence, personal belongings, retirement accounts, and more. Consult with a bankruptcy attorney to understand which of your assets can be protected under bankruptcy law.

5. How long does the bankruptcy process take?

The duration of the bankruptcy process can vary depending on the type of bankruptcy filed and the complexity of your case. Chapter 7 bankruptcy typically takes around three to four months to complete, while Chapter 13 bankruptcy, which involves a repayment plan, can take three to five years. Your attorney can provide a more accurate timeline based on your specific circumstances.

Additional Resources

If you are seeking more information or assistance regarding bankruptcy in Portland, United States, the following resources can be helpful:

• United States Courts - Bankruptcy Basics: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics
• Oregon Department of Justice - Bankruptcy Information: https://www.doj.state.or.us/consumer-protection/debt-collection/bankruptcy-information
• Oregon State Bar - Lawyer Referral Service: https://www.osbar.org/public/ris

Next Steps

If you are considering filing for bankruptcy in Portland, United States, and require legal assistance, it is advisable to take the following steps:

1. Research bankruptcy lawyers in Portland who specialize in bankruptcy law.
2. Contact multiple attorneys to schedule initial consultations to discuss your specific situation.
3. During the consultations, ask about their experience, fees, and approach to handling bankruptcy cases.
4. Select an attorney who you feel comfortable with and who has a good track record.
5. Prepare all necessary financial documents and provide them to your chosen attorney.
6. Work closely with your attorney throughout the bankruptcy process, providing any additional required information or documentation promptly.
7. Attend required court hearings and follow your attorney's guidance to ensure a successful bankruptcy filing.