If you are struggling with a massive amount of debt that you can’t
seem to pay down, check out the following frequently asked questions about
bankruptcy to learn more about whether this may be a good choice for resolving
your financial issues.
How can Chapter 7 bankruptcy help me?
Commonly referred to as
liquidation bankruptcy, Chapter 7 bankruptcy is one of the most common ways in which borrowers
who are overwhelmed with debt can achieve a financial fresh start. By
filing for Chapter 7 bankruptcy, borrowers can effectively discharge a
number of their debts – like their credit card debt, their medical-related
debt, car loan debt, etc. – while still being able to retain some
of their personal property (which, in some cases, may include their home
What do I need to do to qualify for Chapter 7 bankruptcy?
To qualify for Chapter 7 bankruptcy, a borrower has to first pass a means
test, which compares the borrower’s debt to income ratio against
a general average. Additionally, borrowers can only file for Chapter 7
bankruptcy if they have not done so within the past eight years or if
they have not filed for a Chapter 13 bankruptcy within the past six years.
When is Chapter 13 bankruptcy a better choice than Chapter 7?
If borrowers do not qualify for Chapter 7 bankruptcy because their income
is too high and/or because they have recently filed for Chapter 7 bankruptcy,
then filing for Chapter 13 bankruptcy will be the next best option to
helping them resolve their serious debt. In Chapter 13 bankruptcy, a borrower
will work with the bankruptcy court to establish a repayment plan that
will specifically lay out how the borrower will repay all of his debts
within three to five years.
Lincoln City Bankruptcy Attorneys
Matters related to bankruptcy need to be handled with the utmost care to
ensure that debtors’ rights are properly protected and that their
financial issues are resolved as favorably as possible. Regardless of
whether a business or individual is considering filing for bankruptcy
or whether either has a history of previous bankruptcies, the
Lincoln City bankruptcy attorneys at Andrews Ersoff & Zantello Attorneys at Law can provide our clients
with the support and professional legal assistance necessary to protect
their interests and rights at every stage of the legal process.
Our skilled legal professionals have years of experience handling various
bankruptcy-related issues, and we are dedicated to working closely with
each of our clients to ensure that they are fully protected and that they
are able to achieve a financial fresh start while resolving their debts.
Our primary goal is to assist our clients in settling and moving past
their financial issues so they can focus on their personal success and future.
Contact the experienced Lincoln City bankruptcy attorneys at Andrews Ersoff &
Zantello by calling (541) 994-7350 or by emailing us using the form at
the upper right-hand side of the screen. While we can provide you with
additional information about our services, we will also give you professional
legal advice regarding your best options for proceeding with your financial affairs.