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Unexpected and unforeseen challenges in life happen. If you are struggling to repay your debt and do not see a way out of the foreseeable future, then filing for bankruptcy may be the right choice. Filing for bankruptcy can mean much more than merely getting out from under your debts. 

Loss of employment, foreclosure, sickness, and other obligations can pile up. Bankruptcy can provide you the opportunity for a fresh start and relieve you from a great deal of anxiety. The relief provided through bankruptcy can allow you to pursue other financial opportunities and allow you and your family to resume your normal activities while dealing with your creditors.

Arellano Law Firm can work to stop repossession actions, creditor harassment calls, and wage orders. You can utilize Chapter 7 bankruptcy to liquidate your debts, including medical bills, utility bills, payday loans, and credit card debts. We will provide friendly bankruptcy services while always being sensitive to your needs.

What is Chapter 7 Personal Bankruptcy?

In Oregon, Chapter 7 bankruptcy is the simplest and most common form of bankruptcy. A Chapter 7 bankruptcy is also known as a “liquidation bankruptcy” because certain assets may be sold to pay off unsecured debts, debts without collateral (e.g., a house, a car). Most debts that remain are then eliminated.

For the bankruptcy to proceed, an assessment of your finances must show that your disposable income will not cover your debts. If you qualify for chapter 7, most of your unsecured debt will be eliminated, including:

  • Payday loans
  • Medical bills
  • Personal Loans
  • Apartment leases
  • Collection amounts
  • Lawsuit debt/judgments
  • Repossession of foreclosure deficiencies

Some debts cannot be eliminated in personal bankruptcy, including:

  • Student loans
  • Criminal fines
  • Child support

You Will Need To Undergo Credit Counseling to File a Chapter 7 Bankruptcy

To file for bankruptcy, you must attend credit counseling with a court-approved agency. A court order known as an automatic stay is issued when your petition is filed, preventing creditors from proceeding with debt collection activities, such as repossessions, foreclosures, garnishments, civil lawsuits, evictions, etc., without getting permission from the bankruptcy court first.

As a well-informed and dependable firm, Arellano has earned a well-deserved reputation for providing high-quality representation. We will work closely with you to safeguard your financial future if you are considering personal bankruptcy. During our consultation, we will explain all your debt-relief options, including bankruptcy protection. While filing for bankruptcy is a serious consideration, it can help eliminate your debt burden and give you a fresh financial start.

Whether the debt is secured or unsecured, the lawyers at the Arellano Law Firm have experience handling either kind. Depending on the type of debt, our staff can file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy to manage your debts effectively and ensure you receive the fresh start and clean slate you deserve.

Arellano Law Firm can assist you with creditor lawsuits, foreclosures, repossessions, high-interest-rate credit cards, etc. Our legal team will handle your case with the personal attention it deserves. Contact our office today to speak with our experienced bankruptcy attorneys.

Call us today at (503) 305-3425 or contact us through our website, Arellano Law Firm, to set up your consultation.

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