Facing Chapter 7 Bankruptcy With Help From Your Lawyer
At David W. Owens, P.C. & Associates, Attorneys at Law, we understand that many factors can lead to bankruptcy. Many are beyond our clients' control. Illness, accidents and job loss can all lead to difficult economic circumstances that are best solved by filing for bankruptcy. If you are considering bankruptcy as an option, talk to the attorneys at our Portland law firm about the course of action that will work best for you.
About Chapter 7 Bankruptcy
If your monthly income is more than the state median, you must satisfy a complex means test in order to be eligible for relief through Chapter 7 bankruptcy. As your lawyers, we can guide you through the test to discuss whether or not you qualify. Those who do not qualify for Chapter 7 bankruptcy may still be eligible for Chapter 13.
Under the means test, the law assumes abuse of the bankruptcy system if your total current monthly income over five years, minus certain expenses, is more than $10,000 or 25 percent of your non-priority unsecured debt, as long as that amount is at least $6,575. Special circumstances may help you avoid this requirement.
After you file for Chapter 7 bankruptcy, you will be assigned a bankruptcy trustee. This trustee gathers and sells your nonexempt assets. The earnings from the sale are used to pay creditors in accordance with the law.
Contact David W. Owens, P.C. & Associates, Attorneys at Law
To schedule a free and confidential consultation about your Chapter 7 bankruptcy concerns, please call us at 503.766.3042 or contact us by e-mail.
