Bankruptcy has long been viewed as the ultimate financial failure, and many people believe that it’s a one-way ticket to a bleak financial future. However, this couldn’t be further from the truth. Bankruptcy provides a fresh start, a chance to eliminate debt, and even an opportunity to rebuild your finances. 

In this blog post, we’ll share the inspiring story of Chris, a client who was able to buy a commercial property just a few years after filing for bankruptcy. We hope his story will help you understand how bankruptcy can be a stepping stone towards a brighter financial future.

Chris’s Bankruptcy Story

They were in dire straits when Chris and his wife first came into our office. They were behind on their mortgage payments and lived off credit cards. They believed that filing for bankruptcy would mean the end of their financial life, but we quickly dispelled that myth. We helped them file for Chapter 13 bankruptcy, which allowed them to eliminate their second mortgage, gave them time to catch up on their first mortgage, and wiped away their general debt. This process allowed them to restructure their finances and start fresh.

The Chapter 13 bankruptcy process requires a lot of documentation, but it’s ultimately worth it. Once the process was completed, Chris could start rebuilding his finances. A few years after their bankruptcy was finalized, Chris contacted us with some exciting news: he wanted to buy a commercial building. This was a surprisingly short time frame for someone who had filed for bankruptcy, but it was a testament to how the process had given Chris a fresh start.

Bankruptcy Is a Fresh Start

Chris needed copies of all the documents from our firm to purchase the property, and that’s when he reached out to us. Now, every week when we drive past that building, we feel great satisfaction knowing that we helped Chris get his financial house in order and buy an investment property. It proves bankruptcy doesn’t have to be a one-way ticket to financial doom.

Bankruptcy can be daunting, and it’s not a decision that should be made lightly. However, if you’re struggling with debt, it’s important to remember that it can be a tool to help you rebuild your finances. Filing for bankruptcy can be the first step towards a better financial future. It allows you to eliminate your debts, restructure your finances, and start anew. Chris’s story proves bankruptcy doesn’t mean the end of your financial life – it can be the beginning of a brighter future.

Contact Experienced Bankruptcy Attorneys for Help

If you’re interested in filing for Chapter 13 Bankruptcy, contact OlsenDaines. We have offices located throughout Oregon and Washington with experienced bankruptcy attorneys ready and willing to help you relieve your debt. To schedule your free, no-obligation consultation with one of our attorneys, simply call us or fill out our online form!

Bankruptcy is often associated with losing everything, including your hard-earned retirement savings. But contrary to popular belief, filing for bankruptcy doesn’t necessarily mean that you have to surrender all your retirement accounts. There are ways of protecting your retirement accounts from creditors during bankruptcy. In this blog post, we’ll discuss different types of retirement accounts, what counts as a qualified account, and how you can safeguard your retirement savings.

The Two Types of Retirement Accounts

When it comes to retirement accounts, there are two types: qualified and non-qualified. Non-qualified accounts are regular investment accounts that you use to save for retirement. These accounts are not protected during bankruptcy, so creditors may seize your investments if you file for bankruptcy. On the other hand, qualified accounts are tax-advantaged retirement accounts that the IRS recognizes and approves. These accounts are usually exempt from bankruptcy proceedings, meaning your creditors can’t touch them.

What You Need to Know About Qualified Accounts

The most common types of qualified accounts are 401(k)s and IRAs. A 401(k) is a retirement savings account offered by an employer, while an IRA is an individual retirement account. These accounts are tax-deferred, meaning you won’t have to pay taxes until you withdraw the money in retirement. If you file for bankruptcy, you can protect your 401(k) and IRA from creditors as long as you follow specific rules and regulations.

One of the most important things you need to do to protect your retirement accounts in bankruptcy is to provide accurate and complete information about your retirement plans. Your bankruptcy attorney will review your account statements and determine whether they qualify as protected retirement accounts. If you have a mix of qualified and non-qualified retirement accounts, your attorney may advise you to transfer your assets to your qualified accounts to shield them from creditors.

How Bankruptcy Exemptions Can Protect Your Assets

Another way of protecting your retirement savings during bankruptcy is to use exemptions. In some cases, state or federal laws may allow you to exempt certain assets from bankruptcy proceedings, including retirement accounts. However, the specific amount of exemption you can claim will depend on the type of retirement account, its balance, and the laws of your state.

It’s also worth noting that filing for bankruptcy may impact your retirement plans. For instance, if you have a 401(k) loan when you file for bankruptcy, you may be required to repay the loan in full or risk losing your 401(k) savings. Similarly, if you have already started receiving retirement benefits, such as Social Security or pension payments, you may not be able to discharge them in bankruptcy.

Your Attorney Can Help Protect Your Accounts

Recently, I had a conversation with a client who had two different types of accounts – a nonqualified account and an IRA, which is a qualified account. After filing for bankruptcy, our next step was to meet with the trustee to verify the types of accounts the client had. Unfortunately, there was some confusion, and the trustee initially believed that both accounts were non-qualified. This could’ve resulted in the client surrendering some of her accounts. Fortunately, we had the proper documentation in place, and we could demonstrate that the money in her IRA was totally protected and exempt from any creditors. For the client, it was a relief to know that her assets were protected and that we had done the work beforehand to ensure that her documentation was in order.

Filing for bankruptcy can be a stressful and daunting experience, especially when you need clarification on what will happen to your retirement savings. However, with the right legal guidance and strategies, you can protect your retirement accounts during bankruptcy and ensure that you have a secure financial future. Remember, if you’re considering filing for bankruptcy, it’s crucial to work with an experienced bankruptcy attorney who understands the intricacies of bankruptcy law and can help you make informed decisions. Don’t let bankruptcy erode your retirement plans – take steps to safeguard your future today!

Contact OlsenDaines for Bankruptcy Help Today

From our free bankruptcy consultations to our complimentary credit rebuilding program, bankruptcy attorneys at OlsenDaines are here to help you with every step of the bankruptcy process. We are the largest and most experienced consumer bankruptcy law firm in the Pacific NW. We are able to address your financial difficulties with the expertise and careful planning you are seeking. Contact us today!

When dealing with a medical crisis, the last thing you want to worry about is the financial burden that comes with it. Unfortunately, medical bills can stack up quickly, and it is not uncommon for individuals to find themselves drowning in debt. This was the case for my client Susie. She felt overwhelmed, and her creditors were hounding her relentlessly, leading her to a dark place where she even attempted suicide. In this blog post, I will share how Susie found hope and relief through Chapter Seven bankruptcy and how it could help you, too.

What Is Chapter 7 Bankruptcy?

Chapter Seven bankruptcy is a legal process designed to help individuals and businesses eliminate unsecured debts, such as medical bills, credit card debt, and utility bills. This type of bankruptcy allows filers to discharge their debts, leaving them with a clean slate. This process may seem daunting, but an experienced bankruptcy attorney can guide you through it and ensure that your assets are protected.

For Susie, Chapter Seven bankruptcy was the answer to her prayers. She had accumulated medical bills that were putting a lot of pressure on her, and her creditors’ relentless calls only worsened her depression. As soon as we filed her case, the harassing phone calls stopped, and she felt a weight lifted off her shoulders. With her debts discharged, she could focus on her mental and physical health and rebuild her life.

Medical Debt in Bankruptcy

It is crucial to note that not all medical debt will qualify for discharge in Chapter Seven bankruptcy. However, it is still worth discussing your options with a bankruptcy attorney because alternative solutions are available, such as Chapter 13 bankruptcy or debt settlement. An experienced attorney will assess your situation and determine the best course of action based on your circumstances.

Bankruptcy Provides a Fresh Start

It is understandable if you feel hesitant or embarrassed to file for bankruptcy. The truth is that bankruptcy was designed to provide a fresh start to individuals or businesses struggling financially. It is not something to be ashamed of, and you are not alone. Many people have turned to bankruptcy to get a second chance. Susie herself admitted that she felt relieved and grateful for the help she received, and it even saved her life.

Medical crises can be overwhelming, and the financial burden that comes with them only adds to the stress. The good news is there are solutions to help you get back on track. Chapter Seven bankruptcy is just one of the options available that can eliminate your debts and give you a fresh start. If you are in a situation like Susie’s, help is available, and it doesn’t cost anything to call and discuss your options. Don’t suffer in silence. Take that first step towards finding financial freedom.

Contact Experienced Bankruptcy Attorneys for the Help You Need

The bankruptcy attorneys at OlsenDaines are here to help you with every step of the bankruptcy process. We are the largest and most experienced consumer bankruptcy law firm in the Pacific NW, with offices throughout Oregon and Washington. We can address your financial difficulties with the expertise and careful planning you are seeking. Contact us to schedule your free case evaluation today!

Are you considering bankruptcy but wondering how it might affect your family business? If so, you’re not alone. Many small business owners find themselves in a position where they need to file for bankruptcy but are worried about the impact it will have on their company. In this blog post, we’ll explore how filing for bankruptcy can affect your family business and provide helpful information to ease your worries.

Membership or Shares in the Family Business

When you file for bankruptcy, the first thing that is considered is your assets. It’s important to note that your LLC or corporation must only file for bankruptcy if it’s also experiencing financial difficulties. However, the value of your membership or shares in the corporation will be considered. The bankruptcy law protects your assets, so there are limits to what can be taken or seized by creditors. This is where your membership or shares in the family business come into play.

Value of Your Membership or Shares

If the membership or shares do not have enough value to a trustee, they will not be at risk of bankruptcy. That said, it’s important to have a professional look closely at the value of your ownership interest in the LLC or Corporation, as this is what the trustee will assess. In many cases, your membership or shares may not be worth enough to be at risk of bankruptcy. In assessing the value of your ownership interest in the LLC or corporation, you should contact a professional with experience in bankruptcy law. They can help you determine whether your family business is at risk and guide you on the right path forward. They’ll discuss the valuation of your membership or shares and whether you need to take action to protect them.

Bankruptcy Often Does Not Impact Your Ownership Interest

In most cases, you can file for bankruptcy without impacting your ownership interest in the family business. For example, in a recent client’s case, we found that his portion of the family LLC wasn’t worth enough to be at risk of bankruptcy. He could file for Chapter 7 bankruptcy to eliminate his credit card, medical, and vehicle repo debts while keeping his ownership interest in the family LLC. In this way, bankruptcy could give Kyle the fresh start he needed while preserving his ownership status.

If you’re considering filing for bankruptcy and worried about how it might impact your family business, there’s no need to fret. While your membership or shares in the LLC or Corporation will be taken into account, they may not be at risk. By working with a professional experienced in bankruptcy law, you can determine the value of your interest and whether it will be impacted. In most cases, you can file for bankruptcy and keep your family business intact. So, don’t let the fear of default keep you from getting a fresh financial start. Consult with a professional and get the help you need.

Contact the Bankruptcy Attorneys at OlsenDaines Today

From our free bankruptcy consultations to our complimentary credit rebuilding program, bankruptcy attorneys at OlsenDaines are here to help you with every step of the bankruptcy process. We are the largest and most experienced consumer bankruptcy law firm in the Pacific NW, with convenient offices throughout Oregon and Washington. We can address your financial difficulties with the expertise and careful planning you are seeking. Contact us today to schedule your free bankruptcy consultation.

Are you one of those people who are overwhelmed by debt and are contemplating filing for bankruptcy? If so, this post is for you.

Filing for bankruptcy might seem complicated, but it doesn’t have to be. To make the process smoother and less stressful for you and your attorney, consider taking a few simple steps. In this post, we’ll discuss what great bankruptcy clients do to help their attorneys assist them effectively.

Provide Documents in an Appropriate Format

One of the most important things you can do to help your attorney is to provide all the necessary documents in an appropriate format. Typically, people use PDF documents in the business world, and most bankruptcy attorneys also accept PDF. If you provide documents in alternate formats like JPEG or TIFF format, it may take your attorney extra time to modify them before submitting them to the court. Some attorneys offer a portal where you can upload your documents, while others may prefer to receive them by email. Either way, it’s crucial to send all the documents in one email with multiple well-labeled attachments.

Organize Your Documents

Bankruptcy involves summoning a lot of paperwork, and you will need to provide financial information about your assets, debts, and income. Thus, you must ensure all your documents are well-organized before giving them to your attorney. Go through all your documents and create a checklist of required documents. Label each document using appropriate titles such as bank statements, pay stubs, tax returns, or insurance documents. It’s essential to provide all necessary documents since you need a document to ensure your bankruptcy case is completed on time.

Provide Accurate Information

To fill out the bankruptcy petition, your attorney will need accurate information from you. Therefore, it’s essential to be honest and forthright about your finances, assets, and debts. Providing inaccurate information will not only delay your case but can also result in legal consequences. Be sure to inform your attorney of any significant debt or assets you own, even if it’s not listed in your credit report or financial statement.

Answer All Questions Honestly

Your attorney will ask you many questions, some of which may seem too personal. They may ask about your income, expenses, past bankruptcies, or lifestyle. It’s vital to answer all the questions honestly since providing false or inaccurate information can have legal consequences. Your attorney may even re-phrase a question or ask it in a slightly different way to ensure they get an accurate response.

Keep in Touch With Your Attorney

You and your attorney are a team, and communication is vital to ensuring the bankruptcy process runs smoothly. If you have any questions or concerns regarding your case, contact your attorney immediately. Ensure that you respond to all their queries promptly and honestly. Keep your attorney updated on any changes to your finances or personal life, such as job loss, marriage, or relocation.

Bankruptcy can be an overwhelming experience, but with the proper support, it doesn’t have to be. By following these tips, you can make the bankruptcy process smoother and easier for you and your attorney. Remember to provide all the necessary documents in an appropriate format, be honest and accurate about your financial information, and keep in touch with your attorney throughout the process. By doing these things, you will increase the chances of a successful bankruptcy filing and move towards a new financial beginning.

Do you have questions regarding the bankruptcy process? Wondering if bankruptcy is right for you? Whatever questions you may have, we can help. Call today to schedule your free consultation with one of our experienced bankruptcy attorneys in the Vancouver-Portland metro area.