Frequently Asked Bankruptcy and Financial Questions

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 This  trustee is responsible for reviewing your financial information,  overseeing the liquidation of non-exempt assets, and ensuring that  creditors receive a fair distribution of the proceeds. 

In Chapter 7 bankruptcy, your non-exempt property may be sold to pay off your debts. In Chapter 13 bankruptcy, you may be able to keep your property and pay off your debts over time through a repayment plan.  It is best to discuss your situation with an attorney who can explain what is exempt (or protected) and what is not.

Bankruptcy will have a negative impact on your credit score, but it is possible to rebuild your credit over time. Many people find that their credit actually improves after bankruptcy because they are able to eliminate their debt and start fresh. Clients of KSwartzLaw automatically get enrolled in a free credit rebuilding program after they receive their bankruptcy discharge.

Once you have been served with a summons, you have a small window to respond or the creditor will automatically receive a judgment against you.  Once the Judge signs the judgment, the creditor has the legal right to garnish your wages or a bank account.  Filing for bankruptcy will stop the creditor from being able to garnish you.  You should speak with an attorney as soon as possible after receiving the Summons to discuss your options in order to prevent being garnished.

A Chapter 7 will stay on your credit report for 10 years.  A Chapter 13 will stay on your credit report for 7 years.

You can file for bankruptcy again but there are waiting periods depending on the chapter that you filed.  

Find step by step instructions here: https://kswartzlaw.com/stmts

If you need to request a copy of your tax transcripts from the IRS and Oregon Dept of Revenue (ODR), you can request them online here:

IRS - https://www.irs.gov/individuals/get-transcript

ODR - https://www.oregon.gov/dor/Pages/return-copy.aspx