Portland bankruptcy attorney
People often decide that bankruptcy is the best decision given their financial circumstances, but the decision doesn’t end there. If a person decides to file for bankruptcy, they must still decide whether a Chapter 7 or Chapter 13 bankruptcy is best. Chapter 7 typically is quicker, requires no further payments to creditors, but can also result in losing some of one’s property in the process. Chapter 13, on the other hand, will not cause the filer to lose his or her property, but it requires filing a repayment plan that will last three to five years. Also, Chapter 13 might be available where Chapter 7 is not. Typically, to file Chapter 7, one must have income below a certain threshold, so one could make too much money to file for Chapter 7. Conversely, an individual must have “regular income” to file for Chapter 13 bankruptcy, so an unemployed individual might not be able to file for Chapter 13 bankruptcy.
There are several other factors to consider in deciding which bankruptcy would best suit an individual’s needs. If you are filing for bankruptcy in Oregon, a Portland bankruptcy attorney can help you decide which bankruptcy is best for your situation, or if bankruptcy is even right for your circumstances. This typically requires careful review of your debts, assets, income sources, and other circumstances. No two situations are the same, so it is advisable to speak to an attorney if you want to make sure you make the right decision.