My name is Ken Kissir, I am a family law and bankruptcy attorney in Gresham, Oregon, and have been practicing law for 20 years. I am here to provide my expertise as a bankruptcy attorney. Excessive debt, including credit card debt, is a financial and emotional burden. Debtors often feel trapped & defeated by carditor’s harassing phone calls and relentelss bills in the mail.
Medical expenses, divorce, overspending, loss of employment, or other life-changing events are some of the reasons people turn to bankruptcy.
What is Chapter 7 Bankruptcy?
Chapter 7, or a “straight” bankruptcy, is the most common type of bankruptcy. It wipes out most unsecured debts (like credit card or medical care debt) and gives you a fresh start. Some debts, for example those owed to a former spouse under a divorce degree or divorce settlement, or in most cases student loans, are not discharged in Chapter 7. Other debts, such as income taxes, may be discharged under certain circumstances.
Chapter 7 takes approximately 3 to 4 months to be completed. In Chapter 7, you are entitled to keep certain types of your property (known as “exemptions”) up to specific maximum dollar values.
If the Trustee determines that there are no assets available for you sell (this happens about 95% of the time), the case is reported as a “no asset” case and it is closed. Because in the vast majority of cases the debtor has no non-exempt assets, a Chapter 7 will give that person a relatively quick Fresh Start. Usually, all debts listed in the bankruptcy are discharged and the creditors are forever prohibited from trying to collect those debts from you.
Is Bankruptcy Right for You?
The first question you will have is whether bankruptcy is right for you. Besides getting rid of outsanding debts, bankruptcy
can can also do the following things to provide you relief:
- Stop garnishment
- Stop foreclosures
- Stop harassing phone calls
- Put a stop to collection agency abuse]
- Prevent utility shut offs
- Stop car repossessions
- Get your car back after a repo
- Eliminate some income taxes
- Stop driver’s license suspensions
- Stop lawsuits
What is the Bankruptcy Process?
- Prepare and file the petition and schedules
- Attend the meeting with the Trustee in about 30 days.
- Provide any information requested by the Trustee.
- Surrender any property you are giving back.
- Negotiate any reaffirmation agreements.
- Attend reaffirmation hearing, if required.
- Receive discharge notice from court about 100-110 days after filing.
- Check your credit report 2-3 months after receiving your discharge.
- Dispute any incorrect items on your reports.
- Call your lawyer if you have any problems with creditors or credit reports.
- Put the bankruptcy behind you and rebuild
I am a debt relief agency, I help people file for bankruptcy under the bankruptcy code.