Understanding The Benefits Of Chapter 7 Bankruptcy
At Christopher J. Kane, PC, I help Oregon residents and small businesses find debt relief through bankruptcy. There are several types of bankruptcy, and the right one for you depends on several factors including your income and amount of debt. I have over 23 years of bankruptcy experience and can guide you through Chapter 7 or Chapter 13 bankruptcy.
Commonly referred to as liquidation, Chapter 7 bankruptcy 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.
What Assets Can Be Liquidated?
While many people worry that they will lose most of their assets if they file for bankruptcy, this is not actually the case. Individuals filing for bankruptcy are allowed certain exemptions under federal and Oregon law. This will allow you to keep your primary residence, car and other key assets.
There is usually little or no nonexempt property in most Chapter 7 cases and, therefore, you are often not required to liquidate any assets when you file for bankruptcy. These cases are called no-asset cases. The debtor normally receives a discharge approximately 90 days after the petition is filed.
Can Anyone File For Chapter 7 Bankruptcy?
If a debtor’s income exceeds certain thresholds, the debtor may not be eligible for Chapter 7 relief. However, you may still be able to file for Chapter 13 bankruptcy where you can pay off your debts over a three- to five-year period of time instead of having them discharged.
Contact Attorney Kane For Trusted Support
If your family or business is struggling with debt, I can help. Schedule a consultation at my Portland office to evaluate your financial situation and recommend a solution that is right for you. Call Christopher J. Kane, PC, at 971-808-4518, or contact me online.
I am here to answer all your questions and guide you through bankruptcy from our initial conversation through your case’s completion. I want to help you find a solution that relieves your problems long-term.
My firm is a debt relief agency. I help people find bankruptcy relief through the Bankruptcy Code.