The Benefits of Chapter 7 Bankruptcy in Marion County, OR

by | Sep 13, 2017 | Law Services

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Some consider filing for chapter 7 bankruptcy to be a last resort but, while it must certainly not be entered into without careful and thorough consideration, it may turn out to be a powerful financial tool at your disposal. Bankruptcy is more common than you might think and the need to file for it may happen to anyone of any social standing, background, or age. Hiring the right attorney to help you along with the process will also help you to save time and money by ensuring that you do not miss any eligible debts and that you receive the most help with the fewest delays.

Debt Forgiveness

The entire function of chapter 7 bankruptcy in Marion County, OR is to offer a “fresh start” to those who file in which they may have certain eligible debts completely eliminated to reduce personal liability for the discharged debt. Student loans, child support, alimony, and some others are not typically removed, but the simple removal of a large portion of your debt is typically enough to give you a better chance at financial recovery. To learn more, you can simply click here and then look through your options or book a consultation with a qualified professional on the matter.

No Limitation

Chapter 7 bankruptcy will place no limitations on the amount of debt eliminated, unlike chapter 13 filings which do impose a rather strict limit on what may be filed. Under chapter 13, you are ineligible if your debt should exceed the limit, no matter if it is secured or unsecured debt, and this may yet leave you with chapter 7 as your only viable option. No matter the reason that you choose chapter 7, the best action you can take is to hire a bankruptcy attorney to help you through the process of filing as he or she will know who to call and what documents to file. Click here for more information.