Bankruptcy FAQs
Every person who meets with us is in a unique situation that has led them to consider bankruptcy, but there are common threads shared by many. Below you’ll find some questions that we’ve been asked by clients recently that may shed light on your situation. These FAQs are not legal advice, but if you are looking for legal advice, we will be glad to discuss your options with you on the phone or at our office for no charge. We are an experienced bankruptcy law firm and fierce advocate for people in the Pacific Northwest.
It’s always free to speak with us and discuss your options – and you do have options.
Find an answer to your common bankruptcy questions with our video series!
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Oregon's Top Bankruptcy and Personal Injury Firm
General Bankruptcy FAQs
In order to discharge debts in a second bankruptcy, there must be a period of time between the first and second filing. The filing periods are different based on the type of bankruptcy that was filed and the new bankruptcy being filed. The time frame between two chapter 7 bankruptcies is 8 years, while the time between two chapter 13s is only 2 years. There are other rules with different types of cases.
Even if you are not ready to file a bankruptcy, it can be helpful to retain an attorney. Collection companies cannot talk to you if you have an attorney.
You can file before or after you are married and his or her credit will not be impacted. There are tricky rules related to how a bankruptcy court looks at the income of other people in your household so you should consult an attorney before making and life changes.
You will get a case number once the case is actually filed with the court. Your attorney will need a lot of financial information from you and you will have to complete the counselling course before you can get a case number.
Our retainer agreement is good for one full year. If you need additional time for some reason, just call us so that we can extend it. Unless an attorney has told you there is a specific reason to delay filing your case, you should work toward getting it filed as soon as possible.
You will get a lot of advertisements in the mail once your case is filed for this required course, We recommend using www.evergreenclass.com.
For most people, there is no change to your normal income tax filing and no additional taxes owing or tax savings due to a bankruptcy filing.
Legally anyone you owe money to can sue you as soon as there is a default and can garnish as soon as they get a judgment. Getting a judgment through small claims court takes about 15 days. However, it typically takes about 4 months after a default before someone is at risk of being garnished.
Bankruptcy and Houses
It depends. If you wish to keep the home, with Chapter 13 bankruptcy, you can stop foreclosure, resume payments, and cure the missed payments. If you have one mortgage and do not want the home, in most cases, the home simply goes back to the lender at the foreclosure sale with no deficiency judgment and there is no need to file a bankruptcy. If you have a second mortgage, the second may become an unsecured debt which could necessitate bankruptcy. This is a complex decision, but you have options. Give us a call and we will be happy to discuss them with you.
Yes, you have options. One option is to file another Chapter 13 to stop the foreclosure and catch up on missed house payments. Yes, you can do this after you have filed Chapter 7! This would not be a conversion but an entirely new case. Call our office to go over your options. It is always free to talk with us about your options while making these decisions.
Bankruptcy and Student Loans
Bankruptcy does not discharge a student loan. However, during the period you are in bankruptcy, they cannot attempt collection. For Chapter 7, this is four to five months. For Chapter 13, up to five years. Generally, student loans are not very actively collected. A lot of threats from letters but little in actual garnishment of wages. However, when they do actively collect, they usually issue a garnishment without filing a lawsuit. This is allowed for student loans for up to ten percent of your net wage.
When you file for Chapter 13 bankruptcy, they can’t make you make payments, which is why they pulled everything. However, you can continue to make payments voluntarily if you are able, and we recommend it if possible because they can continue to charge interest. Contact them to see about getting payments started back up.
Bankruptcy and Vehicles
The value is generally based on Kelley Blue Book private party value. If you have owned the vehicle for more than two and a half years, we may be able to reduce the amount you have to pay. Please call us and we’ll be happy to explain more.
It is up to you what to do. If you have owned the car for more than two and a half years we can put the car in the Chapter 13 plan and you will only need to pay what the car is worth over the term of the plan. This often results in a drastically lowered car payment. If you have owned the car for less than two and a half years, it can still be paid through the plan and often the payment and interest will be lowered. If you simply don’t want the car, it can be rejected and normally nothing is paid to the lender. It is always free to talk with us and go over your options.
Bankruptcy and Other Assets
Both are included and normally the unsecured debt is wiped out.
An emphatic NO!
Absolutely. You can call us on the phone or come in to see us. Either way, it is free and you can talk to us as much as you need to at no charge until you decide that you are going to need our help. We are very happy to suggest to clients a solution that doesn’t involve bankruptcy. So by all means give us a call. I am certain you have lots of options that you never even dreamed of.
Bankruptcy and Banking
Yes, be sure to contact your bank and terminate the electronic withdrawal before your next payment. Money in your bank account is your money. Since you will be wiping out the credit card balance in bankruptcy, any further payments would be a waste.
Credit unions will terminate your banking privileges when you file bankruptcy if you owe them money. As follows is an extract from the membership agreement common to all credit unions: Grounds for Expulsion from the Credit Union or Denial of Services (b) you cause the Credit Union a loss in any way (including but not limited to unrestored account overdrafts, bankruptcy or loan charge off).
OlsenDaines Bankruptcy FAQs
Yes, we help business clients large and small with Chapter 11 bankruptcies. If you need to start considering reorganization, call us today and let us answer your questions.
Yes, we have extensive experience helping clients navigate the intricacies of Chapter 12 bankruptcy. You can call and schedule an appointment on the phone or in person at our office. It is always free to talk with us about your options.
Download Adobe Scan from either the Google Play Store or Apple App Store. It is free to use and available for iOS and Android devices. This app allows you to scan documents with your cell phone and convert them into a PDF format.
- Open the app and either log in to your existing Adobe account or create a new account if needed. Allow the app to access your camera.
- Make sure your phone is parallel to the document that you are scanning and that all four corners of the document are visible.
- If your document has multiple pages, continue to take pictures of each needed page before saving it as a PDF.
- When you have all the pages you need, click on the picture on the bottom right of your app with the blue number in the corner.
- On the top right of the next screen, you can click the little pencil icon, rename your document if you like and then click “OK”.
- To save your pictures as a PDF, click “Save PDF” also at the top right of that same screen.
- On the next screen, you can either send the PDF you just created by clicking on the “Share” link next to the document you just created, or at the bottom right, you can click on the camera icon to create another document.
- The documents that you create will stay in this app so if you need to find them later, just open the app, click on the little house at the top right of your screen, and there they all are.
- Here’s a link for additional help if you’re having trouble with the app: https://www.adobe.com/devnet-docs/adobescan/android/en/scan.html
Free Bankruptcy and Personal Injury Consultations
Nearly 40 years ago, our bankruptcy firm was one of the first law practices to offer free consultations to potential bankruptcy clients. It is our mission to educate, inform and empower people about their legal options for dealing with debt. We believe information goes a long way toward helping with the stress of filing bankruptcy.
Bankruptcy FAQs in Portland OR and Salem OR
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