Bend Bankruptcy Attorneys
When the economy goes sour it takes a toll, and many of the people who fall victim to this downturn are middle class folks simply trying to keep their heads above water. Unfortunately, sometimes the financial blow to the individual or family is so severe there is no other option but to file for bankruptcy. The law practice of Shlesinger & deVilleneuve is proud to provide assistance to people just like you whose finances have been devastated by lack of work, unexpected health expenditures, or real estate this has not held its value.
The leading six explanations for why individuals file for bankruptcy are:
Healthcare expenditures: This is actually the number 1 reason for bankruptcy; 62% of all of the bankruptcies are because of health care costs; 78% of these bankruptcies had insurance coverage.
Loss of employment: Losing a job can be extremely devastating, both financially and emotionally. The job market is competitive and it’s not always easy or quick finding a new job.
Divorce/Separation: A separation or divorce causes huge monetary stress because of legal fees, dividing assets, support for children or spouse, all in addition to the expense of maintaining two individual families and/or households.
Property foreclosure or short sale: When the housing market declines, many people are left with properties they can no longer pay for and are upsidedown on their mortgages. These houses that have not held their value are not attractive to buyers.
Poor/Excess usage of Credit: The ill-advised spending and utilization of installment personal debt, credit cards, vehicle and home loan repayments happens to be the reason for numerous bankruptcies.
Unexpected Expenses: In certain cases, there are merely unexpected or catastrophic events that result in loss i.e., fire, theft, earthquakes, floods, and tornadoes. All of which are not recoverable because the residential property is not insured.
There are 2 forms of bankruptcy relief that we handle, Chapter 13, and Chapter 7. While each form of bankruptcy provide relief, it’s vital to understand that both forms will have an adverse impact on your credit for 7 years, and specific debts may not be eliminated, which include unpaid taxes, child/spousal support, and/or student loans.
1. Chapter 7 Bankruptcy: Chapter 7 is used to “discharge” your debts; in other words, you won’t need to repay all of them. Any property you own deemed non-exempt will need to be put up for sale and the proceeds applied as payment toward some of your debts. Among the drawbacks of a Chapter 7 is the fact that you will no longer own valuable non-exempt properties, such as specific pieces of real property. However you will have the ability to keep a wide range of “exempt” possessions, which include your vehicle, private belongings, etc. The main benefit of a Chapter 7 is the fact that you will no longer be responsible for some, if not all, of your economic burden.
2. Chapter 13 Bankruptcy: Filing bankruptcy under Chapter 13, in essence “reorganizes” what you owe and provides you with a “repayment” plan up to 5 years; you’ll make payments on either a part or the totality of your debt. The drawbacks of a Chapter 13 are that the filing is more costly, and you will have to live on a limited spending plan due to the repayment schedule. The primary benefit of filing Chapter 13 is the fact that you’re going to be permitted to maintain possession of your home.
At Shlesinger & deVilleneuve, our full service bankruptcy division is headed by our outstanding financial attorney, Kevin Swingdoff. For the past 25 years Kevin has committed to assisting individuals confronted with difficult economic circumstances. Kevin will expertly help you navigate the whole procedure. Contact us to arrange a free assessment of your situation and talk about your choices and our dynamic fee schedule. Allow Shlesinger & deVilleneuve guide you back to economic independence. Isn’t it time you got a good night sleep!