Credit Report Repair Guide » Portland bankruptcy attorney

When Economies Flounder – Bankruptcy Filings Rise

Credit Repair Guru — Mon, 13 Sep 2010 02:27:29 +0000

As the economy continues to stagnate, the number of personal and corporate bankruptcies is on the rise. The tightening of credit and loss of home equity are two reasons for the surge, and the current upward trend is directly correlative to the recession, which some fear could dip again. Regardless of the reason, achieving the best possible outcome after making the decision to file is best when utilizing the services of a bankruptcy attorney. With their knowledge of local policies, legal contacts and overall expertise in the matter, they can get you through the proceedings as quickly as possible, and help you avoid making irreparable financial mistakes. Many people do not realize that once a bankruptcy is final, an individual cannot file again for another seven years, so you better get it right the first time.

While it’s no longer breaking news, the floundering economy is still largely on everyone’s mind. Rising unemployment, rising home foreclosures, mounting debt – together they have created the perfect economic storm for many individuals, businesses, even local and state governments. Caught in such as quagmire, more and more are using bankruptcy as a way out. The number of filings in the last year rose 21 percent from the previous year, at well over 1.5 million. Over a three-month period in 2010, more than 422,000 bankruptcy filings occurred, the highest quarterly number since 2005.

Both individuals and businesses that find themselves in financial peril have options, whether they are underwater on a house or simply unable to service their debt.

* Chapter 7 bankruptcy can protect individuals, especially homeowners, from facing recourse judgments against them in court. Lenders in recourse states may sue borrowers over short sale deficiencies or to recoup any losses from a foreclosure auction sale. Chapter 7 does not prevent foreclosure, but it will delay it. Sometimes, even in recourse states, a bankruptcy attorney can help you negotiate with a lender to prevent the deficiency judgment altogether. Chapter 7 allows for the discharge of debts allowing any individual the opportunity for a fresh start financially.

* Chapter 13 filing is possible for individuals who do not want to discharge all their debt, but instead need help negotiating with creditors in setting up a repay schedule, and putting an end to those harassing and annoying calls from collection agencies and debt collection departments.

* Chapter 11 proceedings are open to all businesses including corporations and sole proprietorships. While open to individuals as well, chapter 11 is favored by businesses because they are allowed to continue to operate and retain their assets as a “debtor in possession”.

A first consultation with a bankruptcy lawyer is often free. This is the time to discuss options and decide on the best course of action for your unique situation. The total cost of hiring legal representation is surprisingly low – especially considering the ultimate savings once all is said and done. While costs will vary depending on where you live, who you hire, and the complexity of your situation, it is usually no more than $2,000. In most cases, within three to five months after filing, the bankruptcy is final, and you can move forward. The first step is talking with a qualified attorney. Getting one’s financial house in order takes time and money, but the cost is a small price to pay for the peace of mind.

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Need To File Bankruptcy? Hire An Attorney And Get It Done Right

Credit Repair Guru — Thu, 29 Jul 2010 04:21:51 +0000

While laws vary depending on the state, individuals seeking bankruptcy protection have the choice of representing themselves. Going to court pro se, however, can potentially turn an already stressful situation into a disaster for the debtor. Due to the complexity of the laws, the requisite knowledge of codes and procedures, and the emotional stake the debtor has in the outcome, the best course of action is to hire a qualified bankruptcy attorney to get the job done right.

Individuals, unlike corporations and business partnerships, have the option of filing for bankruptcy protection pro se, or without an attorney. One misstep during proceedings, however, can cause a case to be dismissed, negatively impacting the debtor’s right to re-file the case or otherwise gain protection from creditors. It is a crime to commit bankruptcy fraud, whether or not one is aware they have done so. With a bankruptcy lawyer, all steps are taken in complete accordance with the laws governing the debtor’s situation. Even without making mistakes during the process, you have the potential to omit serious debts that could have been eliminated if you worked with an attorney.

After reviewing the financial situation of the debtor, the attorney decides if filing is unavoidable and, if so, whether chapter 7 or chapter 13 bankruptcy protection is appropriate. Taking immediate action, an attorney draws up the petition to submit to the court, providing a measure of protection from creditor harassment. Throughout the process, the debtor is apprised of the expected time frame for each step and how much it’s going to cost. Additionally, the debtor gains peace of mind knowing that their attorney has the expertise necessary to win them a fresh start.

It is important for individual filers going through the process alone to know that they are fully expected to abide by the rules of both federal and local courts. Familiarity with United States bankruptcy code and rules governing procedure is assumed of all pro se litigants – regardless of whether or not they actually are. In this case, the saying ‘what you don’t know can hurt you’ was never truer. Ignorance of the laws and procedures is no excuse, and it commonly results in a dismissed case at least, and at worst, long-lasting financial consequences.

Although not required by law, hiring a bankruptcy attorney is the first step an individual should take if debt begins to spiral out of control. If money is an issue, free legal representation may be an option. Many attorneys are able to provide flat-fees for services relating to bankruptcy filings as well as initial consultations which may not be as complicated or expensive as many believe. While self-representation is a hallmark of a free society, it is best to leave the matter of personal bankruptcy in the hands of a legal expert.

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Portland Bankruptcy Lawyer Offers Bankruptcy Tips

Credit Repair Guru — Fri, 25 Sep 2009 05:53:54 +0000

The thought of all the complicated paperwork that is involved during the personal bankruptcy process can be very overwhelming. How personal bankruptcy is going to impact your credit afterwards can also be a concern for most individuals. Many questions will go through your mind as you contemplate whether or not to file for personal bankruptcy. That is where an experienced bankruptcy lawyer in Portland should enter the picture.

It is a good idea to consult with a reputable bankruptcy lawyer in Portland who has years of experience handling personal bankruptcy cases. A Portland bankruptcy lawyer has the expertise to take care of all the required paperwork and will be able to give you the quality legal advice and representation you will need to file a successful personal bankruptcy case.

There are different methods you can use to find the right personal bankruptcy attorney. Local bar associations will be happy to give you the name of a Portland bankruptcy lawyer who specializes in personal bankruptcy. You can also get in touch with your relatives or friends for the name of a personal bankruptcy lawyer they have used in the past.

There are two types of personal bankruptcy that may be filed with the federal bankruptcy courts: Chapter 7 personal bankruptcy, which wipes out most of your debts, and Chapter 13 personal bankruptcy, which creates a debt repayment plan. Your bankruptcy attorney in Portland will counsel you as to which type of personal bankruptcy you should file. Under both Chapter 7 and Chapter 13 bankruptcy, creditor harassment and wage garnishment will immediately stop. If your wage is garnished because you have to pay child support, that wage garnishment will continue. However, if your wage is being garnished in order to pay unsecured credit card debt, that wage garnishment will stop.

Once your personal bankruptcy petition is filed with the courts, you will no longer be bothered by creditor harassment and personal stress. Filing for personal bankruptcy does not have the negative stigma it once did years ago. Sometimes we find ourselves presented with situations in life that we are unable to handle, and filing for personal bankruptcy is one way you can help get your finances under control.

A Portland bankruptcy lawyer can help steer you through the difficult process of personal bankruptcy by giving you the legal representation you need as well as being sympathetic to your case. The burden of all that debt will be lifted and you can look forward to a fresh financial start.