Cullison & Kane is a debt relief agency that has more than 10 years of experience helping residents of Oregon file for relief under the Bankruptcy Code. We offer a free, no-obligation consultation, and it is our goal for you to leave our office with a feeling that you see a "light at the end of the tunnel."

We are committed to getting to know our clients and their financial goals, and will spend the time it takes to understand your financial situation, and then work to find as many options as we can to get you relief.

A fundamental goal of the federal bankruptcy laws is to give the honest but unfortunate debtor a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.

This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability from specific debts, and prohibits creditors from ever taking any action against the debtor to collect those debts.

If you file bankruptcy it will stop repossessions and foreclosures, stop garnishments, and your assets will be protected.

CHAPTER 7

• Commonly referred to as "Liquidation", involves an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors.
  
  
• There is usually little or no nonexempt property in most chapter 7 cases and, therefore, there is often no liquidation of assets in chapter 7 cases. These cases are called "no-asset cases." The debtor normally receives a discharge approximately 90 days after the petition is filed.
  
  
• If a debtor's income is in excess of certain thresholds, the debtor may not be eligible for chapter 7 relief.
  
  
• Chapter 7 is available for individuals and corporations.
  

CHAPTER 13

• Referred to in the Bankruptcy Code as "Adjustment of Debts of an Individual with Regular Income," is designed for an individual debtor who has a regular source of income and is not available for corporations.
  
  
• Chapter 13 can be a better choice for an individual because it enables the debtor to keep valuable assets and allows the debtor to propose a plan to repay creditors over a period of 36-60 months.
  
  
• Chapter 13 is also available to debtors who do not qualify for chapter 7 relief. The debtor must make monthly payments to the chapter 13 trustee, who distributes the money to creditors according to the debtor's chapter 13 plan, and the debtor does not receive a discharge until after the payments required under the plan are completed.
  
  
• The debtor is protected by the Court from all collection activity while the plan is in effect. Additionally, more debts are eliminated under chapter 13 than under chapter 7.
  
  
• Chapter 13 offers individuals an opportunity to save their homes from foreclosure. Individuals can stop foreclosure proceedings and may cure delinquent mortgage payments and/or property tax payments over time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan and possibly lower the payments.
  
  
• Chapter 13 also has a provision that protects co-signors from collection efforts while the debtor is in bankruptcy.
  

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