Best Bankruptcy Lawyers in Beaverton, OR

The good news is that it is almost always possible to protect your home, car and other assets in a bankruptcy. The federal bankruptcy laws and the related laws in each state allow you to protect some or, in most cases, all of your personal property through what are called "exemptions." How the exemptions are used in a bankruptcy petition makes all the difference. Call our office to discuss your options and how we can protect your assets.

While you are required to list all of your debts in a bankruptcy petition, not all debts are treated equally in a bankruptcy. If you want to keep your car, you will need to make sure you are current on your loan payments. You will also need to sign a reaffirmation agreement with the car creditor. A reaffirmation agreement is a voluntary agreement that a secured creditor enters into with the Chapter 7 debtor which, if approved by the Bankruptcy Court, will allow the debtor to keep and pay for the car even after the bankruptcy. It establishes a new, legally binding loan after the bankruptcy, subject to all of the same rights and remedies the creditor had before the bankruptcy filing.

The short answer is: Yes, filing bankruptcy will stop a foreclosure. However, filing a Chapter 7 bankruptcy will only temporarily stop a foreclosure for a few months. This may give you enough time to relocate to a new residence or attempt a short sale.

A Chapter 7 bankruptcy will wipe out most of your unsecured debts, including credit card bills, medical bills, collections, personal loans, payday loans, prior vehicle repossessions, etc. A Chapter 7 does not get rid of your traffic tickets, parking tickets, past-due child support and certain tax debts.

If you are married and you need to file bankruptcy, your spouse is not required to file bankruptcy as well. However, it often makes sense for both spouses to file a joint bankruptcy. For starters, our fee for an individual filing is the same as for a joint filing. One of the primary reasons for filing a joint bankruptcy petition, however, is medical bills - in Oregon, medical debt accrued by one spouse is treated by law as joint debt. In other words, both spouses are liable for any medical debt incurred while they are married. If only one spouse files bankruptcy, his or her obligation to pay a particular medical bill is wiped out, but the other spouse will still be held responsible to pay the bill.