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What is Chapter 7?
If you make less than median income (for the state of Oregon), we can file a Chapter 7.  This solution involves liquidating your assets and redistributing the money to your creditors.  Afterwards, you have a "Fresh Start" with no harassment from creditors or wage garnishments.

What are Chapter 7 exemptions?
Certain assets are exempt from liquidation, up to a certain value.  This includes housing, furniture and tools of your trade.

What is Chapter 13?
If you have assets you would like to keep, we can propose a plan to repay your creditors over 3 to 5 years. 

Can  filing for bankruptcy help with my student loans?
Filing for bankruptcy does not discharge student loan debt.  There is a provision for "undue hardship",  but the threshold is rather high.  

What paperwork do I need?
To start, you will need to itemize
A list of all your debts, even those you wish to pay off in full
Itemized list of your possessions and assets
Monthly living expenses
Major financial transactions in the past two years

 You will also need to collect:
All deeds and titles
Tax returns from the past two years

What if I don't have a job or foreseeable income?
You can still declare bankruptcy if you are unemployed, but there may be better options to discuss.

I'm married.  Do me and my spouse file together or separately?
It depends on your circumstances.  Sometimes its beneficial for just one partner to file, sometimes it's better to file jointly.

How long does the process take?
Chapter 7 takes about 3 to 4 months.  Chapter 13 takes about 3 to 5 years because structured repayment is involved.

Who is the Trustee?
The bankruptcy trustee is responsible for collecting repayments, liquidating assets, and distributing repayment to the creditors.  Typically, they take a percentage as payment.

Can I apply for a loan after declaring bankruptcy?
This depends on the creditor.  Some may refuse, others will try and market to you.


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