According to the U.S. Bankruptcy Court for the District of Oregon, more than 8,700 people in the Portland area filed for Chapter 7 Bankruptcy last year alone. The Great Recession has hit everyone hard — even people who thought they were making good choices about their finances, like buying a home, getting an advanced degree, taking a home equity line of credit to make improvements or investing in the stock market.
If you're considering Chapter 7 Bankruptcy, you should know that you are far from alone. Thousands and thousands of people have gone through it before you and are already experiencing what it's like to live without debt. Even more, The Law Offices of Alexzander C. J. Adams, P.C., is ready to guide you through the process. It can seem like a maze, but we know what turns to make to get you the debt relief you need.
What Is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy offers a fresh start for people with a great deal of debt, few assets and a limited income. The process is straightforward and relatively inexpensive. It begins by filing a petition with the bankruptcy court.
Many people are afraid to file Chapter 7 Bankruptcy because they are worried about losing their cars or their homes. If you are concerned, you should know that you may be able to keep these things if you choose to keep up on the payments. If you do not want to keep your home or car — for example, if you are underwater on your mortgage or are overwhelmed by large car payments — you can make your home or car part of your bankruptcy proceedings.
Not everyone qualifies for Chapter 7 bankruptcy. In order to be eligible, you must pass a means test mandated by law, meeting certain income requirements. If you do not pass the means test, Chapter 13 bankruptcy may be a better option for you. Your attorney can help you understand what you qualify for.
Contact a Beaverton Chapter 7 Bankruptcy Lawyer
Talk with Portland lawyer Alex Adams. 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.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.