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McCord & Hemphill | Bend Attorneys | Bankruptcy | Estate Law

Bankruptcy

Bankruptcy is a time-honored practice.  Your right to bankruptcy relief is enshrined in Article I, Section 8 of the U.S. Constitution.  The fundamental goal of the bankruptcy system is to give debtors a financial “fresh start” and relief from burdensome debts.  Bankruptcy is a powerful tool for many people.  However, bankruptcy is complicated and may cause other problems and is best undertaken with the help of an experienced attorney.

  • Bankruptcy Frequently Asked Questions
  • Bankruptcy Pros and Cons
  • Common Types of Bankruptcy Proceedings
    • Chapter 7:  Chapter 7 bankruptcy is the most common type of bankruptcy.  Chapter 7 involves “liquidation.”  This means that the Bankruptcy Court will appoint a trustee to review all of your assets to determine whether any assets may be sold.   If any assets are sold, the trustee divides the money between your creditors.  However, there are protections in the bankruptcy system called “exemptions”, which exempt many items from being sold.  For more information detailed information about Chapter 7 bankruptcy, please refer to our page about Chapter 7.
    • Chapter 13:  Chapter 13 bankruptcy is a debt reorganization involving a payment plan.  There is no liquidation of assets.  Instead, you propose a payment plan to the Bankruptcy Court, whereby you agree to repay all or part of your debts.  The plan must be approved by the Bankruptcy Court.  To be approved, the plan must meet certain legal standards about the amount of the payments.  Chapter 13 payment plans must be between three and five years long.  For more detailed information about Chapter 13 bankruptcy, please refer to our page about Chapter 13.
    • Chapter 12:  Chapter 12 cases are similar to Chapter 13, but are reserved for family farmers and fishermen.  For more information about Chapter 12 bankruptcy, please refer to our page about Chapter 12.
  • Bankruptcy Hearing: the Meeting of Creditors
  • Bankruptcy Trustee
  • Bankruptcy Help Videos
  • Bankruptcy and Your Credit
  • Life After Bankruptcy
  • Bankruptcy Classes
  • Client Data Entry Portal
  • Bankruptcy Disclosures

NOTICE: Brian T. Hemphill, P.C., is a debt relief agency helping people to file for bankruptcy relief under the Bankruptcy Code.

Further Information About Bankruptcy:

First, bankruptcy cannot support you in the future, so if nothing has changed from what brought you to this financial situation, a bankruptcy will not help over the long term. Bankruptcy only works in conjunction with a long term plan to succeed.

Second, bankruptcy will not eliminate many obligations, notably those arising from student loans, recent tax obligations, governmental fines, and those arising from fraud or theft. Sometimes it can help indirectly, as eliminating substantial credit card and/or medical debt might free up your paycheck to pay the taxes or student loans.

Third, bankruptcy is often not a good choice for those with substantial assets, as the law requires that assets other than those considered essential to the debtor (some equity in a home, some equity in a motor vehicle, typical retirement assets, and normal home furnishings are the most typical) be liquidated to allow the discharge of debts.

Fourth, high income-earners are denied the opportunity to discharge debts without making payments on at least a portion of the debts over a period of time.

However, for many who simply do not have the income to meet their current debt obligations, bankruptcy is the best answer.

The first step is a frank discussion of your current situation, and determination of whether bankruptcy is the best option for you. If not, we will discuss how to improve your situation another way.

If bankruptcy is the answer, we will discuss what steps need to be taken to put us in a position to file the petition for you, and how the petition will (1) Damage your credit (but allow you to start rebuilding it); (2) Discharge your debts; (3) Affect your assets; and (4) Change your monthly budget.

Either way, you will leave the consultation with a solid plan for improving your financial future.

Further articles about bankruptcy below:

Judgment Liens After Bankruptcy

Brian Hemphill April 18, 2016 October 15, 2020

Judgment Liens After Bankruptcy
Judgment Liens After Bankruptcy

Bankruptcy Filing Fees 2020

Brian Hemphill April 21, 2014 October 15, 2020

Bankruptcy Filing Fees 2020
Bankruptcy Filing Fees 2020

Federal Bankruptcy Exemptions Now Available in Oregon

Brian Hemphill September 9, 2013 October 15, 2020

Federal Bankruptcy Exemptions Now Available in Oregon
Federal Bankruptcy Exemptions Now Available in Oregon

Life After Bankruptcy: Rebuilding your Credit with a New Credit Card

Brian Hemphill July 10, 2013 October 19, 2020

Life After Bankruptcy: Rebuilding your Credit with a New Credit Card
Life After Bankruptcy: Rebuilding your Credit with a New Credit Card

Bankruptcy and Personal Injury Claims

Brian Hemphill November 28, 2012 October 19, 2020

Bankruptcy and Personal Injury Claims
Bankruptcy and Personal Injury Claims

After-Acquired Assets in Bankruptcy: Inheritances, Life Insurance Benefits and Divorce Settlements

Brian Hemphill November 20, 2012 October 19, 2020

After-Acquired Assets in Bankruptcy: Inheritances, Life Insurance Benefits and Divorce Settlements
After-Acquired Assets in Bankruptcy: Inheritances, Life Insurance Benefits and Divorce Settlements

Will the Bankruptcy Trustee Come to My Home?

Brian Hemphill November 14, 2012 October 19, 2020

Will the Bankruptcy Trustee Come to My Home?
Will the Bankruptcy Trustee Come to My Home?

The Bankruptcy Hearing: The “Meeting of Creditors” or “341 Hearing”

Brian Hemphill September 24, 2012 October 19, 2020

The Bankruptcy Hearing:  The “Meeting of Creditors” or “341 Hearing”
The Bankruptcy Hearing: The “Meeting of Creditors” or “341 Hearing”

Bankruptcy Exemptions

Brian Hemphill August 6, 2012 October 19, 2020

Bankruptcy Exemptions
Bankruptcy Exemptions

Who is the Bankruptcy Trustee?

Brian Hemphill July 9, 2012 October 19, 2020

Who is the Bankruptcy Trustee?
Who is the Bankruptcy Trustee?

What is the “Bankruptcy Estate”?

Brian Hemphill June 27, 2012 October 19, 2020

What is the “Bankruptcy Estate”?
What is the “Bankruptcy Estate”?

The Co-Debtor Stay in Bankruptcy

Brian Hemphill June 19, 2012 October 19, 2020

The Co-Debtor Stay in Bankruptcy
The Co-Debtor Stay in Bankruptcy

Omitted Debts: What if I accidentally leave a debt out of my bankruptcy?

Brian Hemphill May 29, 2012 October 23, 2020

Omitted Debts: What if I accidentally leave a debt out of my bankruptcy?
Omitted Debts: What if I accidentally leave a debt out of my bankruptcy?

Omitted Debts: Can I intentionally leave a debt out of my bankruptcy?

Brian Hemphill May 29, 2012 October 23, 2020

Omitted Debts: Can I intentionally leave a debt out of my bankruptcy?
Omitted Debts: Can I intentionally leave a debt out of my bankruptcy?

Bankruptcy Eligibility: Can I File Bankruptcy?

Brian Hemphill May 7, 2012 October 23, 2020

Bankruptcy Eligibility:  Can I File Bankruptcy?
Bankruptcy Eligibility: Can I File Bankruptcy?

Bankruptcy Laws: What rules apply in Bankruptcy?

Brian Hemphill May 3, 2012 October 23, 2020

Bankruptcy Laws: What rules apply in Bankruptcy?
Bankruptcy Laws: What rules apply in Bankruptcy?

What is the “Bankruptcy Code”?

Brian Hemphill April 16, 2012 October 23, 2020

What is the “Bankruptcy Code”?
What is the “Bankruptcy Code”?

Repeat Bankruptcy Filings: Can I File Bankruptcy Again?

Brian Hemphill March 30, 2012 October 23, 2020

Repeat Bankruptcy Filings: Can I File Bankruptcy Again?
Repeat Bankruptcy Filings: Can I File Bankruptcy Again?

How does Bankruptcy affect Utility Bills and Utility Services?

Brian Hemphill March 18, 2012 October 23, 2020

How does Bankruptcy affect Utility Bills and Utility Services?
How does Bankruptcy affect Utility Bills and Utility Services?

Can I Discharge Traffic Tickets and Traffic Fines in Bankruptcy?

Brian Hemphill February 10, 2012 October 23, 2020

Can I Discharge Traffic Tickets and Traffic Fines in Bankruptcy?
Can I Discharge Traffic Tickets and Traffic Fines in Bankruptcy?

What is Chapter 12 Bankruptcy?

Brian Hemphill February 1, 2012 October 23, 2020

What is Chapter 12 Bankruptcy?
What is Chapter 12 Bankruptcy?

What is “Redemption” in Chapter 7 Bankruptcy?

Brian Hemphill January 23, 2012 October 23, 2020

What is “Redemption” in Chapter 7 Bankruptcy?
What is “Redemption” in Chapter 7 Bankruptcy?

There is No Shame in Bankruptcy

Brian Hemphill January 18, 2012 October 23, 2020

There is No Shame in Bankruptcy
There is No Shame in Bankruptcy

“Tools of the Trade” Exemption Increased

Brian Hemphill November 22, 2011 October 23, 2020

“Tools of the Trade” Exemption Increased
“Tools of the Trade” Exemption Increased

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