Portland Chapter 7 Bankruptcy Attorney

Face Chapter 7 Bankruptcy With Help From Your Lawyer

At David W. Owens, P.C. & Associates, we understand that many factors can lead to a personal 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 debt relief under Chapter 7 of the Bankruptcy Code. As your lawyers, we can guide you through the bankruptcy means test to discuss whether or not you qualify.

Under the means test, a debtor whose average annual gross household income exceeds the median income for the state — $42,495 for individuals filing in Oregon — may file a Chapter 7 bankruptcy only if the debtor qualifies under the means test. Means testing refers to a formula involving the debtor’s annual gross income minus deductions for living expenses based on the Internal Revenue Service local and national collection standards. If the debtor does not qualify to file a Chapter 7 after completing the means test, Chapter 13 bankruptcy may be a viable option.

Some people who qualify for Chapter 7 bankruptcy may wish to pursue Chapter 13 bankruptcy in order to avoid foreclosure and preserve equity in their home.

Asset Liquidation Does Not Mean You Lose Everything

If you are contemplating filing for bankruptcy, you may be concerned about keeping your home and other important assets out of the grasp of creditors. Under the Bankruptcy Code, there are state and federal bankruptcy exemptions that allow you to keep certain assets, up to a specific dollar amount. Our attorneys can help you differentiate between exempt and nonexempt assets.

After you file for Chapter 7 bankruptcy, you will be assigned a bankruptcy trustee. This trustee gathers and sells your nonexempt assets (asset/debt liquidation). The earnings from the sale are used to pay creditors in accordance with the law.

Contact David W. Owens, P.C. & Associates

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.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.