Your Bankruptcy Attorneys
Bankruptcy happens. When it does, work with the bankruptcy attorneys in Beaverton whose primary goal is to protect and advocate for you. The Carlson Law Group will sit down with you to explain your rights under the bankruptcy code, and options that may be available to you if you are confronted with the likelihood of having to file for bankruptcy.
Beyond your initial consultation, we will spend time listening to the facts to understand the uniqueness of your particular case. This step is something larger law firms don’t have time for, and small firms don’t have the experience to provide. Bankruptcy is not a one-size-fits-all proposition. A strong knowledge of your case can often make the difference between filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
Bankruptcy is not an easy decision. No one should file a bankruptcy without serious deliberation. But if you find yourself in a financial situation you need assistance with, call The Carlson Law Group to review the possibility of filing bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
More About Bankruptcy
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was the most comprehensive overhaul of the US Bankruptcy Code in 25 years. It changed much about the practice of bankruptcy. Not the least of the changes was the requirement of “means testing.” Each person who files consumer bankruptcy must now complete a “means test” to determine if he or she will be allowed to file a Chapter 7 Bankruptcy.
Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is known as a “consumer liquidation bankruptcy.” This allows an individual, or a husband and wife to file for protection under the court’s bankruptcy laws. When you file for chapter 7 protection, the bankruptcy court will issue what is known as a “bankruptcy stay.” This is an order of the court that your creditors cannot contact you, pursue litigation against you, or even charge you interest while you are in bankruptcy.
You will generally be in bankruptcy for three months. During the three months that you are in bankruptcy, you will attend a hearing with the trustee that is assigned to the case. Your Bankruptcy lawyer will attend the hearing with you. The trustee’s job is to find out if there are non-exempt assets that he or she can administer. Most people who file for Chapter 7 protection do not have assets that are administered by the trustee. This is because the code provides certain exemptions, i.e. assets a person may keep after they file bankruptcy, such as a vehicle worth no more than $3,000.00, or furniture worth no more than $3,000.00.
If you have assets which are more extensive, we will need to discuss them before you file for bankruptcy protection. At the end of the three month period, the court will issue your discharge order in most cases. This is the order that discharges your debts. Once you have completed your bankruptcy you will be able to begin rebuilding your credit.
Chapter 11 Bankruptcy
A Chapter 11 allows business, and sometimes individuals, to reorganize their debts. Chapter 11 bankruptcy is available to businesses or individuals with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00. Although it is available to individuals, it is more often used for corporations. The requirements of Chapter 11 are complex and onerous; however, if a corporation is in need of restructuring its debt load or if an individual has personal debts that are too large for a Chapter 13, Chapter 11 can many times be the best option.
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is sometimes known as “consumer reorganization.” This form of bankruptcy allows consumers to reorganize their debt and to pay off a portion of that debt over time. In a Chapter 13 bankruptcy, your bankruptcy attorney will work with you to develop a “Plan” that proposes repayment of a portion of your debts over a period of time, usually between three and five years.
Chapter 13 plans are good for cases that involve debts that will not be discharged in a typical Chapter 7 filing, such as recent taxes, student loans, or child support. Also, if you find yourself in foreclosure, Chapter 13 can often be a good tool to help you save your home. Many Chapter 13’s are now filed as a result of the “means testing” requirement of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.