Find a Bankruptcy Lawyer in Beaverton, Oregon

Find the right Bankruptcy attorney in Beaverton, OR

In Beaverton, Oregon, bankruptcy is a judicial process in which the debts of a person or business can be cleared or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically useful than requiring the debtor to pay off everything they owe. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal requirement. It is designed to prevent debt which has minimal chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Therefore, it is a good idea to talk with an seasoned bankruptcy lawyer in Beaverton, Oregon. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each particular case, the counsel of a Beaverton bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Beaverton, Oregon

In Beaverton, Oregon, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Beaverton, Oregon will be similar everywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are completely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other form of bankruptcy most often used in Beaverton is Chapter 13. It allows a person to pay off their debt over a prolonged period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Beaverton Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Beaverton is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Beaverton bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Beaverton

Beaverton is a city in Washington County, Oregon. It is near Portland. In 2010, Money Magazine listed it as one of the "100 Best Places to Live" amongst the smaller cities in the United States.

Top employers include Reser's Fine Foods, Leupold Stevens, Nike, Inc., Phoenix Technologies, Linux Technology Center (IBM), Tektronix, Maxim Integrated Products, VeriWave, and Intel. The legal force also has a strong presence in Beaverton because many attorneys practice and reside here. These attorneys work in small firms or law offices and focus on providing their clients with excellent legal services.

Other reasons for recognition include the fact that in 2006, Beaverton's very own Murrayhill Little League baseball team was qualified for the 2006 Little League World Series. Also, in 2002, the city's little league softball team won second place in the Little League Softball World Series. Beaverton is also known to have one of the largest fencing clubs in the nation--Northwest Fencing Center.

Overall, Beaverton is an exciting place to live in or visit!

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