Affordable Chapter 13 Bankruptcy in Oregon
SERVING PORTLAND OR – BEAVERTON – BEND – GRESHAM OREGON
Chapter 13 bankruptcy stops all collections and foreclosures. It allows you to continue your business, stop the foreclosure of your home, pay only the debts that need to be paid and eliminate other unsecured debts in most circumstances.
If your home is in foreclosure, Chapter 13 bankruptcy stops the foreclosure and allows you 60 months to catch up the payments. You can immediately start working on a loan modification or refinance.
If you have valuable assets which you want to keep, chapter 13 allows you to keep them and pay their value to your creditors over time.
Why File for Chapter 13 Bankruptcy?
In Chapter 13 if you want to keep your car, the interest will go to 6% or less, and the payments can be adjusted. If you financed your car over 2 ½ years ago you can also reduce the loan balance to the current value of the car. Usually, credit cards and medical debts, and other unsecured debts go away. Lawsuits stop, as do garnishments and sheriff sales and seizures of assets. Taxes sometimes go away depending on how old they are and whether the taxing agencies have filed a lien or if you have entered into payment arrangements. Taxes that don’t go away can be paid over-time in the bankruptcy, usually without penalties and interest. Only in chapter 13 can you sometimes strip off your second mortgage. It depends on the value of your home and the amount owed on your first mortgage. This can’t be done in a Chapter 7.
Student loans, child support, spousal alimony, court fines and penalties, and restitution never goes away. If you have a small business an experienced bankruptcy attorney can help you keep it. Like the big companies, you can eliminate some of the debts, reorganize others and continue in business.