Portland Debt Relief Lawyer
It seems like the most recent Great Recession has taken its toll on almost everyone these days. Even people who worked hard to make the best financial decisions are finding that they are only one or two paychecks away from not being able to make ends meet.
If you are an individual person, not a business, in financial trouble, you generally have two bankruptcy options: Chapter 7 bankruptcy and Chapter 13 bankruptcy. At The Law Offices of Alexzander C. J. Adams, P.C., we can explain the differences between the two, helping you decide which one is right for you and your family.
- Chapter 13: Chapter 13 bankruptcy is where you, under court protection, pay a portion of your bills back a little bit at a time. Your repayment plan will be based on what you can afford to pay. Once the plan payments are complete, your debt is discharged. This often results in paying a much smaller percentage of the debt through the court than what you would pay in full.
- Chapter 7: Chapter 7 bankruptcy generally eliminates your unsecured debts with certain exceptions, while allowing you to review options on your secured property to determine whether keeping these debts is in your best interest. If you want to keep your car or house, you simply have to keep up with the payments. If you're buried in a bad lease or loan, you can give your car or house up if you want to with no penalties.
Bankruptcy and United States Laws
Bankruptcy laws exist for a reason: Our founding fathers realized that in order to pay taxes, live, support their families and generally be good, upstanding citizens, Americans had to have a way out of crushing debt loads. They created our bankruptcy laws as a legitimate way to get relief.
It's in Section 8 of the United States Constitution — "The Congress shall have Power ... To establish ... uniform Laws on the subject of Bankruptcies throughout the United States."
Where did the founding fathers get the idea that bankruptcy is a basic right and vital to maintain the health of a free and democratic society? Maybe they took inspiration from the Christian Bible?
"At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD's release." (Deuteronomy 15:1-2)
Whatever the source, and contrary to what your may have heard or believe, bankruptcy isn't something that only slackers do and it's nothing to be embarrassed about.
Most people file because of reasons beyond their control. Many people got caught up in the boom/bust cycle of the recession. They bought homes just before the market crashed. Many lost jobs. They faced major medical bills without insurance or their marriages ended in divorce. They've been through enough financial stress and they deserve the relief the law allows.
Bankruptcy: The Hardest Part
What's the hardest part of bankruptcy? Honestly, it's making the decision to pick up the phone and call The Law Offices of Alexzander C. J. Adams, P.C. We'll make the rest easy. Nobody will come to your house and inventory your things. Nobody will tell your friends and neighbors about your financial situation. It's a cordial and civil process that we try to make as easy as possible.
If you're considering filing for bankruptcy, we urge you to talk with us sooner rather than later. Many people put off filing and make mistakes that cost them financially, mentally and emotionally.
For example, many people spend their 401(k) retirement savings accounts to pay off creditors in a last ditch effort to "do the right thing." But, if you file for bankruptcy, your 401(k) is exempt. You get to keep it. One hundred percent. This is critical to know because every $1,000 removed from your 401(k) now can cost you $10,000 of potential retirement savings.
Contact a Beaverton Consumer Bankruptcy Lawyer
Talk with Portland bankruptcy attorney Alex Adams about your debt-relief options. To get started, schedule a free and confidential consultation at no obligation. Call us at 503-928-3864 or toll free at 888-560-8146. You may also complete our online contact form. Our main law office is located in Beaverton, just outside of Portland, Oregon, and we also have two convenient locations throughout the Greater Portland metropolitan area.