What is Bankruptcy?

Portland Bankruptcy Attorneys

Helping Individuals, Families, and Small Businesses with Debt Relief

Bankruptcy is a legal process that allows a person (the debtor) to get relief from much, if not all, of his or her debt. Depending on the debtor’s income, he or she will be able to get rid of (discharge) his or her debt in a matter of a few months or in a few years (up to five).

If your income is at or below the average income for your state you may file a Chapter 7 bankruptcy. Chapter 7 discharges most debts in only a few months. In a typical Chapter 7 bankruptcy you pay NO MONEY to you creditors.

If you make more than the average income, you still have the option of filing a Chapter 13 bankruptcy, where you pay back a small percentage of the money you owe over a period of up to 5 years. After the repayment period ends, you receive a discharge on all remaining debt.

Bankruptcy is not the end of the world and does not mean you are a bad person.

Bankruptcy is a legal way to get relief from debts that you can no longer pay – for whatever reason. Many famous people have filed for bankruptcy and gone on to be financially successful. A partial list includes:

Donald Trump
Michael Jackson
Mark Twain
Burt Reynolds
Thomas Jefferson
Dorothy Hamill
Johnny Unitas
Henry Ford
The Power of Bankruptcy!

In either chapter, the bankruptcy filing STOPS any legal or collection efforts against you. This means that garnishments, foreclosures, and all other collection efforts must stop. In some cases legal actions and collections can be restarted with the court’s permission, but in most cases, once the bankruptcy is filed, collection on the debt is forever stopped.

Call the bankruptcy attorneys at Owens / Pinzelik, P.C. at 503.224.3100 or contact us to see if bankruptcy can help you.

Our initial bankruptcy consultations are FREE. Call now to schedule your free no obligation consultation and find out if our bankruptcy attorneys can help you and your family.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy code. These materials have been prepared and are provided for informational purposes only and are not intended as legal advice.

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