Bend Chapter 7 Bankruptcy Lawyers
Helping You Pursue Debt Relief Options
If you're having trouble keeping up with your financial obligations, you may consider filing for Chapter 7 bankruptcy. This form of financial relief allows eligible unsecured debts to be discharged, giving you a fresh start. The process for pursuing Chapter 7 is complex. You must meet a specific income requirement, gather all financial statements, and ensure you fill out all forms accurately and timely submit them. A mistake could have substantial ramifications, and it's important to get help from an attorney from the beginning of your case until its resolution.
At Baxter Harder, LLC, our Bend Chapter 7 bankruptcy attorneys can skillfully guide you through the process of resetting your finances. When you turn to us, we'll go over the Chapter 7 filing process. We'll explain what debts may be discharged, which may be liquidated, and which may be exempt. Our goal is to ensure you have a thorough understanding of what's entailed, allowing you to make informed decisions about how to proceed.
To learn more about Chapter 7 bankruptcy and how we can help, contact us at (541) 238-9210 today.
What Is the Process for Filing Chapter 7?
To get started with your Chapter 7 bankruptcy, you must submit a petition to a court.
Along with the petition, you must include various other documents, including statements of your:
- Financial affairs
Before the Chapter 7 proceedings begin, you must attend credit counseling. This requirement must be completed within 6 months of submitting your petition.
After you've completed credit counseling, a trustee will be appointed to your case. The trustee is an unbiased party who sells your non-exempt property. They then distribute the funds to your creditors. Some of your property may be considered "exempt," which means it won't be sold.
Any remaining qualifying unsecured debt will be discharged, meaning you will no longer be liable and won't have to make payments on it.
After you file for Chapter 7, the court will place an automatic stay on your accounts. This order prohibits creditors from collecting on debts or taking legal action against you concerning your debts.
The entire process takes about 4 to 6 months. The Chapter 7 filing will remain on your credit report for up to 10 years. After that time, it is automatically removed.
What Debts Are Discharged?
If your Chapter 7 bankruptcy is granted, some of your debts will be discharged, and others won't. Whether or not the debt is cleared depends on the type it is.
Dischargeable debts may include:
- Unsecured credit cards
- Unsecured personal loans
- Medical bills
Debts that may not be discharged include:
- Child support
- Tax debts (with some exceptions)
- Student loans
How Do I Qualify for Chapter 7?
Eligibility for Chapter 7 bankruptcy depends on your income and whether or not you have enough funds to make payments to your creditors. Generally, to determine whether or not you qualify, you must take a "means test." The test is used to see where your income lies in relation to the median for the rest of Oregon.
If your average monthly income for the 6 months before filing for bankruptcy was below the median, you pass and may proceed with a Chapter 7 filing. However, if it's not, you must determine how much disposable income you have to pay off your debts. If your disposable income is above a certain amount, you would not qualify for Chapter 7. Still, you may be able to seek relief through Chapter 13.
Contact Baxter Harder, LLC Today
If you're considering filing for Chapter 7 and have questions about the process, reach out to our Bend team as soon as possible. We're here to answer your questions and help you understand if this type of relief is right for you.
Over 60+ Years of Combined Experience
Two Experienced Former Deputy District Attorneys at the Firm
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We Can Handle Complex Cases in Criminal, Civil, & Family Law
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When you choose our team of experienced lawyers, we will take the time to listen to your needs and remain focused on that as we proceed with your case. We have the knowledge, skills, and resources to provide the quality legal representation you need.