Protecting Your Assets During Bankruptcy: How We Can Help

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Dealing with the possibility of bankruptcy or actually going through the process can be an extremely overwhelming situation for anyone. It is not uncommon for people to feel lost, anxious, stressed, and ashamed of their financial situation. 

At OlsenDaines, we understand how important it is for our clients to not only receive relief from their overwhelming debt but also to protect their hard-earned assets. That’s why we are here to assist you in navigating the complexities of how to protect your assets during bankruptcy.

Understanding Bankruptcy and Asset Protection

Most people file for bankruptcy due to job loss, medical debt, or divorce. Whatever the reason, our team of bankruptcy attorneys can help you navigate through this process and make sure that your assets are protected. One of the most significant concerns clients have is whether or not they will lose their assets if they file for bankruptcy. The answer is no, in almost all cases. We will work with you to protect your home, cars, retirement accounts, and other personal property. We are here to ensure that you keep the assets you value the most.

How to Stop Creditor Harassment

Another frequently asked question is whether bankruptcy will stop creditors from harassing and suing them. Again, the answer is yes. Once you file for bankruptcy, creditors are immediately notified through the federal court system and must immediately stop harassment, lawsuits, and any other form of collection of debts. We understand that the constant harassment can be troubling, and protecting our clients from continued harassment is a top priority for us.

Property Listing and Exemptions

As part of the bankruptcy process, you must list all of your property, both real and personal. This includes your home, vehicles, retirement accounts, and household goods and belongings. But there’s no need to worry – there are specific exemptions under state or federal law that protect your property throughout the bankruptcy process. We understand the nuances of federal bankruptcy law and will walk you through each step so that you understand how assets are protected and how a fresh start can help rebuild your life.

How to Rebuild Credit After Bankruptcy

Another question we commonly receive is whether or not filing for bankruptcy will affect future credit. While it is true that bankruptcy does affect credit scores, there are strategies we can use to mitigate any harm that may negatively impact your credit record. We can help you rebuild your credit score after bankruptcy and get back on track to a healthy financial future.

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Contact Us for Help Protecting Your Assets During Bankruptcy  

The legal process of filing for bankruptcy and protecting your assets can be confusing and overwhelming, but it doesn’t have to be. At OlsenDaines, our experienced bankruptcy attorneys can help. We will provide you with the guidance you need to protect your assets and navigate through the process of filing for bankruptcy. We are here to help you receive a fresh start and rebuild your financial future. We believe that everyone deserves the chance to move past their debts and have a bright financial future.

Contact us today to schedule a free consultation and get started on the path to financial freedom.

Protecting Your Assets: What to Do When You’re Behind on Mortgage and Car Payments

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Knowing how to protect your assets can be difficult, but an experienced attorney can help. It’s never a great feeling when you’re falling behind on your mortgage or car payments. You start to feel like you’ll never catch up or get back on track. It can be an incredibly stressful situation, especially if you’re relying on that car to get to work or don’t want to lose your home. Luckily, you have options. Filing for bankruptcy can be a great solution for protecting your assets and giving you the breathing room you need to get back on your feet. In this post, we’ll go over what happens when you’re behind on mortgage and car payments and how you can protect yourself by filing for bankruptcy.

What To Expect When You’re Behind On Payments

The first thing you need to know is that when you’re behind on your mortgage or car payments, creditors have the legal right to take possession of the asset and sell it to recoup the money you owe. Foreclosure or repossession of assets can obviously be a nightmare scenario, especially when it comes to your home. The good news is that bankruptcy can stop this process, at least temporarily.

How Filing for Bankruptcy Can Help You Protect Your Assets

When you file for bankruptcy, creditors are required by law to halt any foreclosure or repossession proceedings. This break in collection efforts can give you the time you need to catch up on payments and get back on track.

Of course, filing for bankruptcy isn’t a magic wand that will make all your debts disappear. However, it does give you more options when it comes to paying back what you owe. When you file for Chapter 13 bankruptcy, for example, you can create a payment plan to pay back debts over a period of three to five years. The payment plan can include the arrears on your mortgage or car loan, which you can pay back in smaller, more manageable installments. A plan with smaller payments can be a huge relief for those who are struggling to make the full payments all at once.

One thing to keep in mind is that bankruptcy can have an impact on your credit score. is something that will need to be weighed against the benefits of getting back on track with your payments. That being said, if you’re already behind on payments, your credit score is likely already taking a hit, and bankruptcy can actually help you start to rebuild your credit over time. It’s not a decision to be taken lightly, but it can be a very viable solution for those who are struggling to keep up with debt.

How Do You Know If You’re Eligible to File for Bankruptcy?

An important note for those who are considering bankruptcy is that there are certain requirements you’ll need to meet to be eligible. For example, to file for Chapter 13 bankruptcy, you’ll need to have a reliable source of income to make the payments on your repayment plan. You’ll also need to meet certain debt limits, which can vary depending on where you live. Working with a bankruptcy attorney can help you understand your options and whether bankruptcy is the right choice for you in protecting your assets.

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How Our Attorney’s Can Help You Protect Your Assets

When facing the daunting task of being several months behind on mortgage payments due to medical debt and a medical leave of absence, clients named Steven and Gloria were fortunate enough to have federal bankruptcy laws on their side. By working with OlsenDaines Law firm, their home was saved, and they were able to pay back the amount they owed over a five-year period. This payment plan allowed them to stay in their home, raising their three minor children in a stable environment. By retaining the services of OlsenDaines, all creditors were referred to the firm, and the federal bankruptcy petition was prepared accurately and thoroughly. With the guidance of an attorney, clients can rest assured that their matters will be handled carefully and with their best interest in mind.

Contact Us for Help Protecting Your Assets

If you’re falling behind on your mortgage or car payments, it can be an incredibly stressful time. However, it’s important to know that you do have options, and one of those options is bankruptcy. By filing for bankruptcy, you can protect your assets, create a payment plan to catch up on debts, and even start to rebuild your credit over time. It’s not a decision to be made lightly, but it can be a very effective way to get back on track and give yourself a fresh start. If you’re struggling with debt, contact a bankruptcy attorney to discuss your options and see if bankruptcy is the right choice for you. Contact us today to schedule your free bankruptcy consultation.

How to file an adversary proceeding for student loan bankruptcy

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As most people dealing with debt know, there are many different kinds of debt and some types are more difficult to eliminate in bankruptcy than others. Student loan debt is one such debt that’s not automatically discharged in bankruptcy proceedings. Unfortunately, this fact has led many people to believe that student loans can’t be discharged at all. Many borrower can discharge student loan debt through bankruptcy, but it requires additional steps.

This post explains how to file an adversary proceeding for student debt bankruptcy in Oregon, and help you decide whether it’s the right move for you.

How Do You File an Adversary Complaint for Student Loan Bankruptcy?

Getting student debt discharged through bankruptcy requires filing for an adversary proceeding. An adversary proceeding is a legal action that occurs within a bankruptcy case; it’s a formal process used to address specific issues or disputes between various parties that cannot be resolved through the regular bankruptcy process.

What are the Steps to Getting Student Debt Discharged through Bankruptcy?

The first step should always be consulting with an experienced bankruptcy attorney. Bankruptcy laws are extremely intricate, and this process is no exception. Need help finding a student loan lawyer? Check out our blog on how to hire the best student loan lawyer for you. 

If you and your bankruptcy attorney believe your case meets the criteria, you should proceed with these steps:

  • File the complaint: The complaint is filed with the bankruptcy court overseeing your case. There are specific forms and procedures you need to follow, which your attorney will be familiar with. Filing the complaint initiates the adversary proceeding and sets the legal process in motion.
  • Serving the parties involved: After filing the complaint, it must be properly served to all relevant parties, including the student loan lender or servicer. This ensures that everyone involved is aware of the legal action and can respond accordingly.
  • Responses and negotiations: The opposing party will respond to your complaint. This usually leads to negotiations or settlement discussions. Your attorney will guide you through these interactions and help you make informed decisions about potential resolutions.
  • Court proceedings: Depending on the progress of your adversary proceeding, you might need to attend a deposition and trial. Your attorney will represent your interests and present your case to the judge.
  • Decision rendered: The judge will ultimately make the decision. If the court rules in your favor, your student loans will be fully discharged.  The judge can also order a partial discharge if it appears you can pay back some but not all of your student loans.

How Do They Decide Whether to Discharge Your Student Debt?

The judge will make a decision based on your specific situation. The decision is based on three main guidelines:

  • Are you unable to maintain a minimal standard of living for you and your dependents? This is determined by current income and expenses.
  • Is there a likelihood you will be able to pay back your loans in the future? Factors the judge will consider include disabilities, long-term unemployment, and other adverse circumstances.
  • Have you made a good faith effort to repay your loan up until this point? If you’ve enrolled in an income-driven repayment plan, applied for forbearance or forgiveness programs, or consolidation, this can be used as evidence that you have made a good faith effort to pay.

Are You a Candidate for Student Loan Debt Discharge through Bankruptcy?

If student debt is crushing your ability to become financially independent, you may be a good candidate for student debt forgiveness. Of course, as with any possible legal strategy, it’s vitally important to get an opinion from a lawyer with specialized knowledge – in this case, an experienced bankruptcy attorney. An lawyer who focuses his practice on bankruptcy issues will understand the ins and outs of this particular area of law and can review with you some important considerations before you move forward.

While discharging student loans through bankruptcy is not guaranteed, taking the right steps and seeking professional guidance can increase your chances of achieving a favorable outcome and gaining relief from your student loan debt. If you’re ready to start exploring your options for filing an adversary complaint for student loan bankruptcy, give us a call today. Our experienced Oregon-based bankruptcy attorneys are ready to answer all your questions.

How Much Do Bankruptcy Lawyers Charge?

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If debt has become an insurmountable problem for you, then filing for bankruptcy may be the best way to get back on your feet. However, the idea of spending money on an attorney may not sound very appealing if you’re already struggling financially. Knowing your options will help you make an informed decision so you can determine the best course of action for your situation. To help you get started, here’s a breakdown of how much bankruptcy lawyers charge and what you can expect when working with one.

How Much Do Bankruptcy Lawyers Cost?

While all experienced attorneys are expensive, a bankruptcy lawyer will likely be the least expensive attorney you will ever hire. Chapter 7 attorney fees typically run between $1,000 and $2,000. Meanwhile, Chapter 13 fees generally range from $3,000 to $6,000.

If you aren’t sure which type of bankruptcy you should choose, our skilled attorneys are here to help! With 40 years of experience helping individuals and businesses throughout the state of Oregon, we know the ins and outs of bankruptcy laws and can seamlessly guide you through the process.

Can I File Bankruptcy Without a Lawyer?

Though bankruptcy lawyers are less expensive than other attorneys, the fees can still feel overwhelming. For that reason, many people wonder if they even need the help of an attorney.

While it is possible to file for bankruptcy without a lawyer, doing so could become complicated and expensive. Filing for bankruptcy is an intensive process that can easily become overwhelming, and mistakes along the way could cost you. An experienced debt relief attorney will relieve stress by making the process simple, all while ensuring you get the best outcomes possible.

Will I Have to Pay a Bankruptcy Lawyer Up Front?

Depending on which chapter of bankruptcy you are filing for, you may not need to pay all of your attorney fees up front. While Chapter 7 typically requires you to pay your fees in full before filing, Chapter 13 often allows you to pay in installments as a part of your repayment plan.

Don’t let fees hold you back from getting the help you need. At OlsenDaines, we offer free legal consultations where we can examine your situation and discuss payment options before charging you anything. Our firm has also made a commitment to value-based pricing so we can remain as affordable as possible; in most cases, we can be retained for as little as just $200.

How Can I Pay for a Bankruptcy Lawyer?

Many people wonder how they are supposed to afford a bankruptcy lawyer if they are already struggling to pay creditors. If you’re struggling to come up with the money for attorney fees, don’t panic – there may be some options available.

Since everybody’s situation is different, we strongly recommend starting with a free legal consultation. At OlsenDaines, one of our experienced attorneys will examine your case and discuss how we can help you afford our services.

Affordable Bankruptcy Attorneys in Oregon

The attorneys here at OlsenDaines decided to become bankruptcy lawyers for a very particular reason; we sincerely want to help our neighbors get back on track financially. It is gratifying to help our community thrive, which is why we strive to keep our services as affordable as possible by offering free consultations and value-based pricing. If you are looking for experienced and affordable bankruptcy attorneys, we have you covered. Just contact us today to schedule your free initial case evaluation.