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Will I File For Chapter 7 Or Chapter 13 Bankruptcy?

While you know that bankruptcy is necessary, it can feel overwhelming as you try to determine which type you will apply for and how it will impact your daily life. Whether you file for Chapter 7 or Chapter 13 bankruptcy depends on several factors, such as your level of debt and your income.

While you consider debt relief solutions, experienced counsel from Christopher J. Kane, PC, can help you understand your options. I have over 23 years of experience helping Oregon residents understand their debt and the steps they need to take to secure a better financial future.

How Does Your Income Factor Into The Decision?

A “means test” determines whether you are eligible to discharge your debts in Chapter 7 bankruptcy, or whether your family will reorganize debt using Chapter 13 bankruptcy. The means test looks at your income, debt level and the number of people in your household to determine whether you can afford to repay some or all of your debt over time.

If you are unable to repay your debt given your situation, you can file for Chapter 7 bankruptcy and discharge a portion of your debt. If you have the means to repay your debt, we can help you create a manageable repayment plan through Chapter 13 bankruptcy.

You may wonder how you could ever repay your debts when they feel so unmanageable now. Fortunately, we may be able to negotiate lower payments with your creditors and lump them into a single, manageable monthly payment.

Solutions Tailored To Your Situation

There is no one-size-fits-all solution to resolving debt burdens. Each individual and family has different needs. I can help you find the solution that meets your circumstances – call my Portland office at 971-808-4518 or use our online form to set up a free initial consultation.

My firm is a debt relief agency. I help people find bankruptcy relief through the Bankruptcy Code.