Are you facing piles of debt that you cannot pay back? Filing for bankruptcy can be a way out from under your mounting bills.
Filing for bankruptcy can be complicated and it requires the help of a bankruptcy attorney to correctly guide you through the process. Find out what it takes to file for bankruptcy in Oregon.
Talk To A Bankruptcy Attorney
Before filing for bankruptcy, consult with an attorney to review your financial situation and determine if it is the right option for you. An attorney will determine which type of bankruptcy is best for you and can ask questions about your debts, income, and other financial information.
Know the Perils Of Exemption Planning
Before filing for bankruptcy you will need to determine which property and assets you own are exempt. This means they will be protected from creditors and can’t be touched by the court-approved trustee. You will need to use a strategy to manage your assets to ensure they’re protected. It’s important to work with your bankruptcy attorney when determining what’s exempt.
Prepare Documents And Information
Your bankruptcy attorney will give you a list of documents and information you will need to prepare your bankruptcy petition. Some information your lawyer will need can include income statements, pay stubs, and a list of your assets and debts. This will help give your attorney a better picture of your financial situation. You are required to provide information on all of your assets, debts, and income, no matter the value or source.
Complete Credit Counseling
Before filing for bankruptcy, you will need to take a credit counseling class. This course is required by the court to ensure you know what is involved with filing for bankruptcy. It also makes sure that you know how to avoid similar financial problems in the future. Your attorney can help you find a court-approved class.
Submit A Petition For Bankruptcy
Your attorney will prepare a petition for bankruptcy for you to sign and submit to the court. Once these documents are filed with the court, an Automatic Stay will begin. This means that your creditors cannot harass you for payments, try to collect money from you, garnish your wages to repay the debts, or sue you to collect payments.
Get A Trustee
When you file for bankruptcy the court will appoint a trustee to work with you during the bankruptcy proceedings. This person will collect payments and guide you through the process during your case.
Attend A Meeting Of Creditors
As part of the bankruptcy proceedings, you are required to attend a meeting of creditors. During this, the trustee and your creditors can ask you questions about your financial status, your income, assets, and your debts. Your bankruptcy attorney will be present during this meeting and will also help prepare you for potential questions you might face and how you should answer them.
Attend A Debt Education Course
In addition to taking a credit counseling class, you will also need to attend a debtor education course. This should be taken after you file for bankruptcy. You will need to complete the course and provide proof to the court. Your attorney can help you find a class and ensure it fits the court’s requirements.
Follow The Guidelines
Depending on the specifics of your case, and the type of bankruptcy you are filing, you will need to submit payments to the trustee. You will also need to track which of your debts will be discharged – and when.
Receive Discharge Information
You will need to work with your attorney to determine which of your debts has been discharged at the conclusion of your bankruptcy proceedings. If any debt was not discharged, you will then need to make payment arrangements.
Rebuild Credit
After filing for bankruptcy, you will need to work to rebuild your credit. An attorney can provide guidance on what steps you can take to re-establish your credit sooner and make you more enticing to lenders.
Report Collection Attempts
During and after your bankruptcy proceedings, it’s essential to let an attorney know if creditors are harassing you for payments. During your bankruptcy, an automatic stay is put in place to stop harassment and collection attempts.
Let Us Help You
When you’re facing substantial debt, let our lawyers at The Law Offices of Alexzander C.J. Adams, P.C. help you file for bankruptcy. We work for you, the people, and not institutions. Contact us for a free case evaluation, or no-obligation consultation. We are dedicated to helping you overcome this small bump in the road and assisting you to get on with your life.
