BANKRUPTCY INFORMATION

There are two types of Bankruptcies available to consumers
Which Bankruptcy is right for you?
If I file bankruptcy, will the court take everything I own?
Will I ever get credit again?
What should I bring to my Free Initial Consultation?
Bankruptcy Prices

There are two types of Bankruptcies available to consumers:

Which Bankruptcy is right for you?

These are very short examples of when to choose a chapter 7 or 13 and they may or may not apply to you. Speak with an attorney and be sure.

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COMMON BANKRUPTCY QUESTIONS

Q: If I file bankruptcy, will the court take everything I own?

A: No. Every debtor is allowed to keep some (usually all) of his or her property up to the exemption limit in Oregon.

For Example:

Single Person:	Married Couple:
Motor vehicles with net equity of $1,700 Residence with $25,000 of net equity Household furnishings worth $3,000	Motor vehicles with net equity of $3,400 Residence with $33,000 of net equity Household furnishings worth $3,000

AND MANY MORE…

· Net Equity is equal to the Fair Market Value of the item or property, less any loan outstanding against the item or property.
· Fair Market Value is the amount a willing buyer would pay for your particular piece of property (think "garage sale" value for your personal property).

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Q: Will I ever get credit again?

A: Yes. You may not get the best financing rates at first; however, some lenders view the recently bankrupt as good risks because you cannot file again for 7 years. The bankruptcy will show on your credit report for 10 years. You will need to rebuild your credit to show lenders you have become responsible. It does affect your credit rating; that is why bankruptcy is the last resort when you have money problem.

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Q: What should I bring to my Free Initial Consultation?

A: A list of all your creditors and the amount you owe to each
Approximate value of assets with secured debt. e.g. house, car, etc.
Copy of any divorce decree
Copy of any court proceedings filed by or against you (or your spouse, if joint) in the past year. e.g.: foreclosures, small claims or circuit court judgments, garnishments, evictions, etc.
Approximate amount of your take-home pay each month.

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BANKRUPTCY PRICES

INITIAL CONSULTATION: FREE

PAYMENT PLANS AVAILABLE

Single Person

(or married person filing w/o spouse) starting at	$400	(1 secured creditor and/or 10 unsecured creditors)
	$500	(2 secured creditors and/or 15 unsecured creditors)
Married Couple starting at	$500	(1 secured creditors and/or 10 unsecured creditors)
	$600	(2 secured creditors and/or 15 unsecured creditors)
(Additional unsecured creditors: $5 each)
(Additional secured creditors: $25 each)
Filing Fee for Chapter 7	$200	(for single person or for a married couple filing jointly)

INITIAL CONSULTATION:

FREE

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Unsecured Creditor: This creditor loaned your money without taking any security interest against property you own. Typical unsecured debts are MasterCard, Visa, Discover and American Express cards, etc.

Secured Creditor: This creditor has a security interest in a piece of property your own and is quite often created when you purchase the property. Typical secured debts are car loans, house mortgages, store credit cards you used to buy those "big ticket" items like furniture, appliances, or electronics. The most common secured store credit cards are Sears, Levitz, Circuit City, etc.

· Sometimes it is difficult to tell if the debt is secured. Our staff attorneys at Divorce & Family Law Clinic can help you sort this out at your fee initial consultation.

· The sooner you call Divorce & Family Law Clinic, the sooner you can start your new debt free life.