Bankruptcy Attorney Salem Oregon
If you are in the midst of a financial crisis, and do not know where to turn, let the law firm of Shlesinger & deVilleneuve advise you on what your options may be. With the downturn in the economy, many hard working Americans whose lives have been forever changed unexpected medical bills, homes that have not held their value, or the loss of a job, Seeking bankruptcy can be the only viable option for moving forward with your life. Some of the more common reasons people are driven to declare bankruptcy include:
- Medical Expenses: This is the most often cited reason for declaring bankruptcy. In fact, medical bills are the cause of 62% of all bankruptcies.
- Divorce/Separation: When you go from a two-income household to two households each with a single income, it’s going to have a negative impact on your finances. In addition, there are the legal fees for the divorce process, as well as dividing the assets, child support, and spousal support payments. A divorce causes significant financial strain.
- Job Loss: There are various reasons a person might lose their job. This becomes a real financial strain when the employee is unable to find a new job with similar or better pay.
- Poor/Excess Use of Credit: Overuse of credit cards and installment accounts is a quick way to accumulate a lot of debt, that is difficult to get out from under.
- Foreclosure or Short Sale: Losing a job or suddenly being hit with a stack of medical bills you didn’t expect can leave you unable to pay your mortgage. Also, the real estate fluctuates and sometimes people find themselves with a house that is not as valuable as it once was.
Chapter 7 & 13 Attorneys in Salem Oregon
There are two types of bankruptcy, Chapter 13 and Chapter 7. Both of these options will provide you some debt relief, it is also important to be aware that regardless of which type you file, your credit will be negatively impacted for no less than seven years. Also, there are certain types of debt that cannot be relieved including student loans, taxes owing, and child support.
- Chapter 7 Bankruptcy: If you file Chapter 7 you will be relieved of much of your debts; in other words, you will not be responsible for repaying them. However, any property that you own, will need to be sold and the proceeds from the sale used towards the balance of the total amount of debt you owe. This is a major disadvantage of Chapter 7, however, one advantage is that you will be out from under a majority of your debt.
- Chapter 13 Bankruptcy: A Chapter 13 bankruptcy works to rearrange your debt and establishes a schedule for repayment. The schedule is usually stretched over a three to five year time period and during that time you will make payments toward all or a portion of your total debt. A Chapter 13 is more expensive to file, however, usually a person will be able to keep their property or home.
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