Consumer Bankruptcy Lawyers in Medford, Oregon

Find the right Consumer Bankruptcy attorney in Medford, OR

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. 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 Medford, Oregon bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Medford, Oregon

In Medford, 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 proceeds turned over to the creditors, most remaining debt is absolved. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Medford, Oregon is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Medford, Oregon

Chapter 13 Bankruptcy in Medford, Oregon is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each distinct case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

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

The answer to this question depends heavily on your distinct situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an experienced local Medford, 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 specific situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Medford

Medford is located in Jackson County, Oregon. It has a population of around 75,000 people. The city was named by its civil engineer, David Loring, after his own home town.

Some popular attractions include Alba Park, Bear Creek Corporation, Harry David, Claire Hanley Arboretum, Vogel Plaza, Roxy Ann Peak and Prescott Park.

Top employers include Rogue Valley Medical Center, Providence Medford Medical Center, Harry and David Operations Corp, Benchmark Maps, Falcon Northwest, Pacific International Enterprises, and Lithia Motors. Medford is also home to many attorneys, who practice in various areas of law. Thus, the legal force in Medford is capable to handle any and every legal need.

All in all, Medford is a wonderful place to live and visit!

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