Chapter 7 Bankruptcy

Every client’s financial story differs, and we believe in a personalized approach. 

During your initial consultation, we’ll go over your income, expenses, assets, and debts to get a clear picture of your finances. This detailed assessment allows us to determine if Chapter 7 is suitable and how it can best serve you. We’ll review which types of debts you hold, as only unsecured debts like credit cards and medical bills are generally dischargeable. 

One of the key concerns for bankruptcy filers is the possibility of losing assets. However, Salem bankruptcy laws has specific exemptions that help protect a wide range of essential property. For instance, a portion of your home equity may be exempt, allowing you to keep your home in many cases. Our team at KSwartzLaw is well-versed in Oregon’s exemption laws, and we help you retain as much of your personal property as possible for bankruptcy relief while discharging your debts.

Filing for Chapter 7 requires completing and submitting numerous forms to the U.S. Bankruptcy Court for the District of Oregon. These documents detail your assets, income, liabilities, and expenses, as well as information on recent financial transactions. 

With KSwartzLaw handling the paperwork, you can feel confident that your filing for bankruptcy petition is complete, accurate, and timely. We’ll help you understand what to expect and assist you in finding approved providers to fulfill these requirements.

After filing for Chapter 7, you’ll need to attend a 341 meeting, often called the Meeting of Creditors. This meeting allows the bankruptcy trustee and any creditors present to ask you questions about your finances, credit report, and bankruptcy filing. 

Although it may sound intimidating, KSwartzLaw will prepare you thoroughly and represent you at this meeting, ensuring you feel confident and protected throughout. We’ll explain the types of questions you may be asked and ensure that you’re well-prepared for any issues that might arise. Our goal is to make this step as smooth and stress-free as possible.

When your bankruptcy case concludes, most of your unsecured debts will be discharged, freeing you from the obligation to repay them. 

At this stage, KSwartzLaw goes beyond the basics to offer guidance on rebuilding your credit, managing finances, and planning for a brighter financial future. Although the court does not report bankruptcy to the credit bureaus, bankruptcy can impact your credit for up to 10 years. But our many clients find that with responsible planning, they can start rebuilding credit soon after discharge.

An automatic stay goes into effect once you file for Chapter 7 bankruptcy. This legal action stops creditors from pursuing collection activities, including wage garnishments, lawsuits, and phone calls. We’ll ensure your creditors comply with this stay, and if any creditor violates it, we’ll be ready to take legal action on your behalf.