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What you need to know before filing a Chapter 7 bankruptcy

June 27, 2019 by Chris Kane

Here at Christopher J. Kane, PC, we often get asked about how to qualify for a Chapter 7 bankruptcy requirements in Oregon. There is more than one type of bankruptcy you qualify for. Each case depends on your situation, assets and ability to repay. Chapter 7 liquidates the debtor’s assets to pay off remaining debt but may not be an option for everyone.

The process of Chapter 7 bankruptcy works similarly to other bankruptcy options. You must file with a bankruptcy court in the local area. The court wants to see a financial affairs statement, assets and liabilities schedules, executory contracts schedule, unexpired leases schedule and current income and expenditures schedule. For primary consumer debt relief, debtors file additional paperwork.

According to the United States Courts, all nonexempt assets of the debtor are sold to repay debts to creditors who have a claim. You may have to sell property, but there is no repayment plan like a Chapter 13 bankruptcy. Certain businesses such as sole proprietorships and partnerships may also qualify for Chapter 7.

Once the process starts, most collection actions automatically stop. You should not receive any more collection calls or other forms of harassment from their creditors. You may experience debt relief with six months of filing their petition. The length of time depends on how many assets must sell to pay remaining creditors.

Bankruptcy is a weighty decision you should consider carefully before filing any petition. Our web page has information on how you can find relief through filing a bankruptcy.

If you have questions, want more information or take advantage of our free consultation connect with us today! We are here to help.

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Filed Under: Bankruptcy

Welcome to the Portland Bankruptcy Law Blog

I'd like to help you overcome your financial problems. One good way to start is to provide you with accurate and timely information about the bankruptcy laws. I do that here through informative blog posts, with a new one published here every week. I've been doing this for years so there is a wealth of information for you here.

But please be aware that since you are unique person you need a highly personalized solution to your challenges. That requires the analysis and advice of a conscientious and highly experienced attorney. That's really the only sensible way to get the benefit of the many powerful and effective remedies that the law provides.

So I hope the information provided here is helpful to you. Please contact me for guidance to a much better place:

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