Bankruptcy Attorney in Tigard
Breathing New Life into Your Finances
Understandably, the word “bankruptcy” inspires a lot of fear and uneasiness. People tend to think of bankruptcy as a last resort, rather than as a valid method for restoring one’s finances. The truth is that bankruptcy can help prevent repossession, wage garnishment, foreclosure, and it can provide the perfect opportunity for one to rebuild credit score. Our experienced Tigard bankruptcy lawyer at Wisehart Law, PC. has helped numerous clients achieve debt relief, and he would be honored to do the same for you.
Contact Wisehart Law, PC.in Tigard today at (503) 850-2992 to discuss your case during a free initial consultation.
Understanding Your Options
When making the decision to file for bankruptcy, you will have to decide which chapter is most suitable for your circumstances – Chapter 7 or Chapter 13.
Here are some of the differences you should be aware of:
- Chapter 7 Bankruptcy: A Chapter 7 bankruptcy, also known as a liquidation bankruptcy, wipes out most of a person’s unsecured debts, such as medical bills and credit cards. It is an option that works best for low-income debtors who have few or no assets. If your income is too high, you likely will not qualify and must consider another option.
- Chapter 13 Bankruptcy: If you do not qualify for a Chapter 7 bankruptcy because you earn a higher income, consider filing for a Chapter 13 bankruptcy. Through this option. You must repay a portion of your debts through a structured repayment plan that might lasts 3 to 5 years. When your repayment plan comes to an end, your remaining debts will be discharged. Moreover, a Chapter 13 bankruptcy also allows you to keep your property, including non-exempt assets, if you can pay your credits an amount equal to the value of the non-exempt property.
If you are unsure which option is best for your circumstances, Wisehart Law, PC. will help you examine your choices and help set you on the most appropriate path. Do not make the mistake of tackling this daunting task on your own, without legal assistance.
How Long Will a Bankruptcy Stay on My Credit Report?
One of the most pressing questions debtors have when considering bankruptcy is how long it will stay on a credit report. If you file for a Chapter 7 bankruptcy, it will remain on your credit report for 10 years. If you file for a Chapter 13 bankruptcy, it will remain on your credit report for 7 years. Although this might sound like a long time, consider how long it might take you to pay off your debts and rebuild your credit score. In many cases, for most, it is impossible.
Get Started on Your Bankruptcy Case Today!
If you are struggling with an overwhelming amount of debt and cannot seem to ever make a dent in it, contact Wisehart Law, PC. to learn more about your legal options and how you can overcome this financial dilemma. Attorney Wisehart has the compassion, knowledge, and skill to effectively guide you through the process, so you can obtain the relief you deserve.
Contact the law office today at (503) 850-2992 to set up a free consultation.