CHAPTER 13 BANKRUPTCY ATTORNEY IN GRESHAM AND BEAVERTON, OR

Bankruptcy often has the air of failure surrounding it, when that simply is not the case. Annual bankruptcy filings in the U.S. for the calendar year of 2020 totaled 544,463, compared with 774,940 cases in 2019, according to statistics released by the Administrative Office of the U.S. Courts. If you are an individual or couple exploring your options for financial relief, filing for bankruptcy could be the tool that you are looking for to achieve the financial fresh start that you need.

If you’re considering bankruptcy in Oregon, Lyndon Ruhnke, P.C. can help. Lyndon Ruhnke is a results-oriented attorney who is compassionate and cares about helping people who are facing financial struggles. When it comes to bankruptcy, Lyndon has over 20 years of experience and can help you decide whether or not bankruptcy is the right option for your unique situation. With an office in Gresham, Beaverton, and Portland, Oregon, Lyndon Ruhnke is proud to serve clients at each location and in the surrounding communities.

Overview of Chapter 13 Bankruptcy

Chapter 13 bankruptcy is often referred to as the repayment plan bankruptcy. This is because chapter 13 bankruptcy allows the debtor to propose a plan to pay back creditors over a three to five-year period. This plan details all of the transactions that will occur for repayment. Once a plan has been outlined and approved, the repayment actions must begin within 30 to 45 days after the case has started. During this period, creditors cannot attempt to collect on the individual’s previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed.

Why might this be a viable option for you in regards to bankruptcy? Chapter 13 is an excellent debt relief option because as the debtor, you are able to retain ownership and possession of all of your assets. Additionally, there are a number of other notable benefits to filing a Chapter 13 bankruptcy, including the ability to:

• Stop garnishments on bank accounts and wages

• Stop home foreclosures

• Stop harassing phone calls from bill collectors and collection agencies

• Stop vehicle repossession

• Prevent utilities from being shut off

• Eliminate back taxes

It is important to note that chapter 13 bankruptcy does not wipe out debt without repayment. In exchange for debt relief, these filers use discretionary income to pay their creditors. If you are searching for debt relief, an experienced bankruptcy attorney can help you decide if Chapter 13 is the right move for you.

How to Qualify for Chapter 13 Bankruptcy

In order to file for Chapter 13, you must qualify. Qualifications involve proving that you have sufficient disposable income. This is necessary because the plan involves you paying your debt back in full, so you must have enough disposable income to do so.

How to File for Chapter 13 Bankruptcy

When it comes to filing for Chapter 13 bankruptcy, there are a few steps. First, you must provide your disposable income and proof that you have filed your state and federal income taxes. This includes regular wages or salary, income from self-employment, wages from seasonal work, commissions from sales or other work, and pension payments. In addition, you will have to outline and submit a repayment plan to the court, showing how you will pay your creditors back within a three to five year period. If your repayment plan is approved, you will be able to successfully file for chapter 13 bankruptcy and begin your path toward repaying your debt.

How an Experienced
Bankruptcy Attorney Can Help

At the end of the day, choosing to file for bankruptcy can be a scary and overwhelming process. Working with an experienced bankruptcy attorney can help simplify the entire process. With over 20 years of bankruptcy experience, attorney Lyndon Ruhnke has the knowledge and expertise needed to help answer all of your questions and guide you down the path toward financial relief. If you live in Gresham, Beaverton, or Portland, Oregon, and are considering bankruptcy, don’t face these challenges on your own. Call or reach out to Lyndon Ruhnke, P.C. today for trusted legal counsel and guidance.