Considering Filing for Bankruptcy in Oregon?
Understanding the Pros & Cons of Filing for Bankruptcy
Most people think of bankruptcy as a last resort, reserved only for when all other options fail. However, there are times when it might be the most reasonable choice in getting your finances back on track. Sometimes, bankruptcy is the only way to stop a wage or bank garnishment, repossession, or foreclosure. While declaring bankruptcy is often thought of as the last case scenario, it can actually be beneficial in the long run. The end result of filing depends on your situation and the type of bankruptcy you declare.
When you’re facing huge, overwhelming debt, bankruptcy might be the best option. As a bankruptcy firm, Wisehart Law, PC can help you understand the pros and cons of filing bankruptcy as they apply to your unique situation.
To learn more about how we can help,
contact Wisehart Law, PC or call (503) 850-2992.
Your initial consultation is free.
How Filing for Bankruptcy Can Help:
- Completely or substantially eliminating credit card and other debts
- Allowing you to schedule out payments for non-dischargeable tax debt
- Letting you rework a vehicle that is worth less than what you owe
- Providing alternatives to losing your home due to foreclosure
- Stopping financially-detrimental wage or bank garnishment
Is Bankruptcy Right for Me?
To decide whether or not filing for bankruptcy is the best solution, you think about your situation and speak with a bankruptcy lawyer. Below are some other factors you might want to consider before filing for bankruptcy:
- Learn about all the bankruptcy options that are applicable to your situation. The most common options are Chapter 7 and Chapter 13. If you are a business owner, Chapter 11 might better suit you.
- Ensure that you are eligible to file for the type of bankruptcy you want.
- The debts that are forgiven depend on the type of bankruptcy you file for. Understand which debts will and won’t be forgiven and if your credit card debt will be covered as well.
- Be aware of how your property will be affected depending on which bankruptcy you file for. There is a possibility you could lose your home or other property like your car.
- Ensure that your pension plans are safe (401(k), IRA, life insurance policies, etc.)
- Ensure that those who co-signed from your loans are protected from making payments to your debt.
- Understand that your personal life will be invaded. The bankruptcy court will need to know everything about your financial history. In addition, your friends and family may find out about your bankruptcy, especially in a case where your personal property needs to be sold in order to pay off your debt.
Take time to consider your alternatives. Bankruptcy is not right for everyone. To be more clear about it, speak with a bankruptcy attorney in Portland at Wisehart Law.
Get A Seasoned Advocate in Your Corner
Struggling with substantial debt is difficult enough—filing bankruptcy on top of everything else can seem incredibly daunting. At Wisehart Law, PC, we're here to help you navigate the process. Thanks to our years of experience in bankruptcy law, we have a thorough understanding of Oregon's current bankruptcy laws.
Our firm is dedicated to assisting those in need. We’ve proudly helped hundreds of clients navigate the legal process of filing bankruptcy, conducting lengthy meetings and coordinating with service agencies. Notably, we have successfully helped a disabled veteran keep his childhood home by working through Chapter 13 bankruptcy and fighting for property tax debt forgiveness while simultaneously helping him devise a plan to avoid the same issue in the future with upcoming taxes.
At Wisehart Law, PC, we understand that every situation is unique and we will work directly with you to address the details of your case. No matter how complex your circumstances, we can help you find your best option.
Call (503) 850-2992 to request a free initial consultation.