Find a Bankruptcy Lawyer in Oregon City, Oregon

Find the right Bankruptcy attorney in Oregon City, OR

In Oregon City, Oregon, bankruptcy is a judicial process in which the debts of a person or business can be absolved or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically proficient 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 obligation. It is designed to prevent debt which has little 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 experienced bankruptcy lawyer in Oregon City, 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 individual case, the counsel of an Oregon City bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Oregon City, Oregon

In Oregon City, Oregon, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Oregon City, Oregon will be about the same as anywhere else in America. 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 complete, and the proceeds handed over to the creditors, the debt is viewed 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 totally 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 normally used bankruptcy system in Oregon City is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Oregon City Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Oregon City

Oregon City, Oregon is the county seat of Clackamas County. It has a population of about 32,000. It has the distinction of being the first U.S. city west of the Rocky Mountains to be incorporated. It was incorporated in 1844.

Oregon City played a role in the early development of the Western U.S., particularly the Oregon Territory. It was a popular destination for settlers who wanted to make land claims, after traveling the Oregon Trail, and surviving the likely bouts of dysentery, as well as the almost-inevitable loss of oxen during ill-advised attempts to ford rivers.

More recently, Oregon City, Oregon's economy was dominated by the lumber industry. However, in the 1980s, the lumber industry in the Pacific Northwest began to decline. However, the economy of Oregon City was able to transition into high-tech industries, as well as some light manufacturing (manufacturing which is not very labor or energy-intensive, and typically has minimal environmental impact).

If you live in Oregon City, Oregon and need a lawyer, chances are good that you'll be able to find one. Thanks to its diverse economy, there are Oregon City, Oregon lawyers who specialize in just about any area of law.

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