Generally, Chapter 13 Bankruptcy cases in Oregon and Washington last 3-5 years. Many of our chapter 13 clients ask "what happens if my financial situation changes during that time?". This is a good question. Luckily, chapter 13 can be flexible. The bankruptcy laws allow a plan to be modified. So, if a debtors income has gone down it may be possible to reduce the plan payment to account for that change. Conversely, if the debtor's income has gone up during the Chapter 13 plan the Trustee or a creditor may argue that the payment should be increased because the debtor can afford a higher payment.
If there is a significant loss of income, or a substantial change the debtor may be eligible for a hardship discharge, or a possible conversion to Chapter 7 to get their discharge sooner.
A good Chapter 13 attorney will be able to guide you through the plan and make sure that your payment remain affordable. The sooner you inform your attorney about any financial changes during the bankruptcy the easier it will be to resolve those issues and keep you on the right track.
For more information visit www.pacificbankruptcy.com.
Showing posts with label Chapter 13 Bankruptcy. Show all posts
Showing posts with label Chapter 13 Bankruptcy. Show all posts
Monday, October 8, 2012
Monday, September 10, 2012
How to stop a garnishment by filing a Bankruptcy
A lot of people come to me because they have been sued by a creditor and are worried about their wages being garnished. Some of these people have wage garnishments already going on. If you are facing a garnishment you have reason to be concerned. In Oregon, a creditor can garnish up to 25% of your net pay. This can cause huge budget problems, especially for those already living paycheck to paycheck.
If you file Chapter 13 or Chapter 7 bankruptcy it will stop a garnishment in it's tracks. Keep in mind that your payroll department will likely need a bankruptcy case number at least a few days before your payday. Most of the time employers process payroll a few days, sometimes even a week before payday. Also, your attorney will need some time to prepare a bankruptcy case before it can be filed. The time to prepare a case depends on how complex your case is and also how good you are at giving your attorney what they need to prepare a chapter 7 or chapter 13 petition.
The bottom line is that if you have been sued, or are already facing a wage garnishment you need to act fast. You will want to check with your employer to see when their deadline is to get them a bankruptcy case number by to stop the next garnishment. Then, you will want to let your attorney know that date. Your attorney should be able to tell you what they need and when they need it to put a stop to a pending garnishment.
For more bankruptcy information please visit www.pacificbankruptcy.com
If you file Chapter 13 or Chapter 7 bankruptcy it will stop a garnishment in it's tracks. Keep in mind that your payroll department will likely need a bankruptcy case number at least a few days before your payday. Most of the time employers process payroll a few days, sometimes even a week before payday. Also, your attorney will need some time to prepare a bankruptcy case before it can be filed. The time to prepare a case depends on how complex your case is and also how good you are at giving your attorney what they need to prepare a chapter 7 or chapter 13 petition.
The bottom line is that if you have been sued, or are already facing a wage garnishment you need to act fast. You will want to check with your employer to see when their deadline is to get them a bankruptcy case number by to stop the next garnishment. Then, you will want to let your attorney know that date. Your attorney should be able to tell you what they need and when they need it to put a stop to a pending garnishment.
For more bankruptcy information please visit www.pacificbankruptcy.com
Friday, September 7, 2012
Your car loan and Chapter 13 in Oregon
If you file a Chapter 13 in Oregon chances are you can restructure your car loan in your favor. For example, if you are paying a high interest rate on a car loan it can be reduced to a near prime rate in an Oregon Chapter 13 Plan.
Many times, you can lower your car payment by putting your car loan in your Chapter 13 Plan.
For some debtors, a "cram-down" is possible. This is where you restructure your car loan to pay the value of the car, rather than the loan balance. This is obviously a big advantage to the car owner who is "upside down" on their vehicle loan - ie; they owe more than what the car is worth.
By speaking with an experienced chapter 13 attorney in Oregon you can understand what options you may have to restructure your car loans by filing a Chapter 13 bankruptcy.
For more information, visit our website at www.pacificbankruptcy.com.
Monday, August 20, 2012
I have judgments against me - will they go away if I file bankruptcy?
If debt goes unpaid and collectors are after you for a while, often you will get judgments entered against you. These judgments allow the creditor or debt collector to garnish wages, garnish bank accounts and attach liens against your home.
Many people think that once they have a legal judgment against them that they can not file bankruptcy on that debt. This is completely untrue. You can discharge debts that have judgments attached to them. Once the bankruptcy is filed you can stop the judgment creditor from garnishing your wages, bank accoutns or taking your assets.
Although judgment debts can be discharged in bankruptcy, debtors who are also homeowners should be careful when filing bankruptcy. Although the judgment debt will be discharged with a bankruptcy, any liens that attached to the debtor's home will stick unless they are avoided. So, homeowners with judgments should seek an experienced attorney to represent them in the bankruptcy. The bankruptcy attorney can file motions in most cases to avoid judgment liens on the home. If this is not done the judgment lien will remain stuck against the home, even years later. It is very important to avoid these judgment liens while the bankruptcy is still open. Our firm has experience avoiding these type of liens in both Chapter 7 and Chapter 13 bankruptcy cases. For more information about us, visit our firm.
Many people think that once they have a legal judgment against them that they can not file bankruptcy on that debt. This is completely untrue. You can discharge debts that have judgments attached to them. Once the bankruptcy is filed you can stop the judgment creditor from garnishing your wages, bank accoutns or taking your assets.
Although judgment debts can be discharged in bankruptcy, debtors who are also homeowners should be careful when filing bankruptcy. Although the judgment debt will be discharged with a bankruptcy, any liens that attached to the debtor's home will stick unless they are avoided. So, homeowners with judgments should seek an experienced attorney to represent them in the bankruptcy. The bankruptcy attorney can file motions in most cases to avoid judgment liens on the home. If this is not done the judgment lien will remain stuck against the home, even years later. It is very important to avoid these judgment liens while the bankruptcy is still open. Our firm has experience avoiding these type of liens in both Chapter 7 and Chapter 13 bankruptcy cases. For more information about us, visit our firm.
Wednesday, June 20, 2012
Overview of Chapter 13 Bankruptcy in Oregon
Chapter 13 bankruptcy is essentially a reorganization of a person's debt. When someone goes into chapter 13 they must have regular income sufficient to fund a plan. Plan payments are typically made on a monthly basis to a Chapter 13 Trustee and the Trustee will distribute the money to a person's creditors pursuant to bankruptcy laws and the actual plan filed by the Debtor.It is rare that a debtor in chapter 13 pays back all of his or her debt. Many times, the debtor will be paying taxes, car loans, home arrears and their credit cards, collection agencies and medical debt creditors receive very little, or nothing during the bankruptcy.
The amount of the monthly payment that is required is dependent on several factors - 1) income and living expenses, 2) amount of secured debt, 3) amount of any tax debt or other priority debt that needs to be paid, and 4) amount of non-exempt assets the debtor has at the time of filing.
A qualified chapter 13 bankruptcy attorney will be able to gather relevant information from a person and construct a plan that meets all necessary requirements.
Chapter 13 plans typically last 3-5 years and may have some benefits that Chapter 7 cannot offer.
If you are interested in learning more about chapter 13 or chapter 7 bankruptcy the first step is to visit our firm. We offer free initial consultations to discuss your specific situation with an attorney.
Wednesday, October 19, 2011
$7 more to file Bankruptcy soon. New Bankruptcy Fees as of November 1, 2011
As of November 1, 2011, the following fees will be in effect for the US Bankruptcy Court
Chapter 7 Filing Fee – $306.00 (was $299)
Chapter 13 Filing Fee – $281.00 (was $274)
Adversary Proceeding Filing Fee – $293.00 (was $250)
Amendment to Petition Fee – $30.00 (was $26)
For a full list of the new fees, visit http://www.orb.uscourts.gov/Home/file_attachment/115_prending.pdf
Tuesday, October 11, 2011
Can chapter 13 help save my home from foreclosure?
One of the biggest tools that homeowners have to fight off a foreclosure is by filing for Chapter 13 Bankruptcy Protection.
As long as a case is filed before the actual foreclosure date and time (even if filed minutes before), the Chapter 13 bankruptcy automatic stay will put an immediate stop to the foreclosure sale.
Once the bankruptcy is filed, the homeowner will be given the opportunity to "cure" or catch-up on the past due payments over a 36-60 month period. As long as the debtor makes the current and ongoing mortgage payments, and their chapter 13 re-organization payments the home will remain safe from foreclosure.
Also by filing Chapter 13 in Oregon a homeowner may be able to eliminate their second mortgage if the value of the home is less than what is owed on the first mortgage. If there are more than two mortgages a homeowner may also be able to get rid of those.
Chapter 13 is also a good way to deal with judgment liens that may be attached on the home by debt collectors. Chapter 13 will also offer a way to catch-up on any past due property taxes.
If you are a homeowner who is facing a foreclosure it may be time to talk to an experienced Chapter 13 bankruptcy attorney in your area. For information on Oregon and SW Washington chapter 13 cases, please visit www.pacificbankruptcy.com or call us for a free consultation at 503-352-3690.
As long as a case is filed before the actual foreclosure date and time (even if filed minutes before), the Chapter 13 bankruptcy automatic stay will put an immediate stop to the foreclosure sale.
Once the bankruptcy is filed, the homeowner will be given the opportunity to "cure" or catch-up on the past due payments over a 36-60 month period. As long as the debtor makes the current and ongoing mortgage payments, and their chapter 13 re-organization payments the home will remain safe from foreclosure.
Also by filing Chapter 13 in Oregon a homeowner may be able to eliminate their second mortgage if the value of the home is less than what is owed on the first mortgage. If there are more than two mortgages a homeowner may also be able to get rid of those.
Chapter 13 is also a good way to deal with judgment liens that may be attached on the home by debt collectors. Chapter 13 will also offer a way to catch-up on any past due property taxes.
If you are a homeowner who is facing a foreclosure it may be time to talk to an experienced Chapter 13 bankruptcy attorney in your area. For information on Oregon and SW Washington chapter 13 cases, please visit www.pacificbankruptcy.com or call us for a free consultation at 503-352-3690.
Sunday, August 22, 2010
New Oregon Chapter 13 Bankruptcy Trustee
Starting June 1, 2010, Wayne Godare replaced Brian Lynch as the Chapter 13 bankruptcy trustee for the District of Oregon, Portland Division.
The chapter 13 Trustee's job includes holding the meeting of creditors for all debtors who file Chapter 13 in the Portland, Oregon division, accepting and distributing payments in chapter 13 cases and handling the overall administration of Oregon Chapter 13 cases for the Portland division.
If Mr. Godare is the Trustee in your case and you need to make a payment, send to:
Wayne Godare
Chapter 13 Trustee
P.O. Box 420
Memphis, TN 38101-0420
Effective June 1, 2010, please direct all correspondence to Mr. Godare. There are no changes to the trustee’s address, phone number, and website. Correspondence should be directed to the Portland address below.
Correspondence Address:
Wayne Godare
1300 SW 5th Ave
Suite 1700
Portland, OR 97201
Phone (503) 972-6300 Fax: (503) 972-6313 Web: http://www.portland13.com/
Office Hours: 9:00 am to 12: 00 pm and100 pm to 4:00 pm
If you have not filed bankruptcy and are seeking Oregon Chapter 7 and Oregon Chapter 13 bankruptcy information, visit http://www.pacificbankruptcy.com/
The chapter 13 Trustee's job includes holding the meeting of creditors for all debtors who file Chapter 13 in the Portland, Oregon division, accepting and distributing payments in chapter 13 cases and handling the overall administration of Oregon Chapter 13 cases for the Portland division.
If Mr. Godare is the Trustee in your case and you need to make a payment, send to:
Wayne Godare
Chapter 13 Trustee
P.O. Box 420
Memphis, TN 38101-0420
Effective June 1, 2010, please direct all correspondence to Mr. Godare. There are no changes to the trustee’s address, phone number, and website. Correspondence should be directed to the Portland address below.
Correspondence Address:
Wayne Godare
1300 SW 5th Ave
Suite 1700
Portland, OR 97201
Phone (503) 972-6300 Fax: (503) 972-6313 Web: http://www.portland13.com/
Office Hours: 9:00 am to 12: 00 pm and100 pm to 4:00 pm
If you have not filed bankruptcy and are seeking Oregon Chapter 7 and Oregon Chapter 13 bankruptcy information, visit http://www.pacificbankruptcy.com/
Friday, August 13, 2010
Portland Oregon Chapter 13 Meeting of Creditors
For every chapter 13 Case that is filed in the Portland area an initial hearing is set. This hearing is known as a "meeting of creditors" and chapter 13 debtors are required to attend.
For Chapter 13 cases filed in Portland and the surrounding areas the hearings are typically held about 6 weeks from the time the case is filed.
These hearings are located at the Chapter 13 Trustee's office at: 1300 SW 5th Ave
Suite 1700 Portland, OR 97201.
Although the debtors are sworn in and asked questions under oath, this is not held in a Court of Law. Debtors are free to wear normal casual clothing and will not appear in front of a Bankruptcy Judge.
For more information about Portland, Oregon Chapter 13 and Chapter 7 please visit www.pacificbankruptcy.com.
For Chapter 13 cases filed in Portland and the surrounding areas the hearings are typically held about 6 weeks from the time the case is filed.
These hearings are located at the Chapter 13 Trustee's office at: 1300 SW 5th Ave
Suite 1700 Portland, OR 97201.
Although the debtors are sworn in and asked questions under oath, this is not held in a Court of Law. Debtors are free to wear normal casual clothing and will not appear in front of a Bankruptcy Judge.
For more information about Portland, Oregon Chapter 13 and Chapter 7 please visit www.pacificbankruptcy.com.
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