What is bankruptcy?
In simple terms, bankruptcy is a fresh start. It’s a legal proceeding where where a person or company who is having difficulty meeting financial obligations can discharge their debts. The right to file bankruptcy is provided for by federal law and most bankruptcy proceedings in Oregon are handled in the federal courthouses located either in Eugene or Portland. Filing any type of bankruptcy stops most creditors from seeking to collect debts. The ultimate goal for most people filing bankruptcy is to obtain a discharge order from the judge which will effectively eliminate the creditors’ ability to collect that debt.
In plain English? Bankruptcy wipes clean debt you will probably never be able to pay. You can start over and stop drowning in debt and stress. And we’ll help you get there.
Should I consider filing for bankruptcy?
There is no minimum amount of debt a person must have prior to filing a bankruptcy. However, there are several factors you should consider before you do.
- Do you owe so much money that repayment is unlikely or impossible during the foreseeable future?
- Is a creditor threatening or seeking to foreclose or repossess property you hold?
- Have your creditors commenced or threatened to commence a lawsuit?
- Are creditors or collection agencies making frequent calls to collect on unpaid bills?
- Is your credit irreparably harmed or damaged at this moment?
- Are your wages being garnished?
Ultimately it is not the amount of debt you have, but what that debt is doing to you that is the most important factor in deciding if bankruptcy is right for you. If you are feeling stressed, overwhelmed and consumed by financial difficulties and can’t see a way out, then it is time to look for an advocate. You need relief and you need an experienced attorney on your side.
What kinds of bankruptcy are there?
For individuals and small business owners the most common types of bankruptcy are Chapter 7 and Chapter 13. There are a lot of reasons you might choose one or the other, and every case is different. That’s why we provide a free bankruptcy consultation where you can discuss your options one-on-one with attorney Kevin J. Rank.
Helping you know your options is one of the best ways we can empower you at Rank & Associates, P.C. We promise not to push you into filing what may be best for us. Instead we want you to file for you and for your future. Check below for some information about the different kinds of filings, but then call to schedule your free consultation today.
What does this process look like? How long will it take?
You probably have countless questions right now. Bring them in! But we’ve also provided an outline of what most bankruptcy proceedings will look like so that you know What to Expect. We know you may be on a deadline and are probably eager to get things moving. You can start right now! See our Get Started page and you’ll be well on your way when you come in for your free consultation with Kevin Rank.