Consumer Bankruptcy Lawyers in Gresham, Oregon

Find the right Consumer Bankruptcy attorney in Gresham, OR

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt discharged. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Oregon are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Gresham, Oregon bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Gresham, Oregon

In Gresham, Oregon, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Gresham, Oregon.

Chapter 13 Bankruptcy in Gresham, Oregon

Chapter 13 bankruptcy in Gresham, Oregon is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Gresham, Oregon

Chapter 13 is usually a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Gresham, Oregon bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Gresham

Gresham is located in Multnomah County, Oregon. It is near Portland and was named after the Civil War General, Walter Quinton Gresham. The city is the fourth largest in Oregon.

Two very popular attractions are the Center for the Arts Plaza and the Gresham Art Walk. Alongside attractions, the city is also home to many established legal practices run by competent attorneys. These attorneys practice in various areas of law and are easily able to handle the legal needs of residents and local businesses.

Famous residents include Randy Alcorn, Shannon Bex, Brian Burres, Randy Couture, Mike Ekstrom, Nikki Fuller, Katie Harman, Fred Jones, Ronald A. Marks, Angela Via, and William P. Young.

Although some may consider this city overshadowed by nearby, popular Portland, Gresham is definitely worth making a visit to!

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