Coos Bay Bankruptcy Attorneys
The law practice of Shlesinger & deVilleneuve helps regular hardworking folks who are facing the financial consequences of unemployment or under-employment, unexpected healthcare costs, or real estate that did not hold its value. The recent decline in our economy has left in its wake middle-class victims who – for reasons not of their own doing – have no choice but to file for bankruptcy. The most common reasons for turning to bankruptcy help are:
Medical bills: This is in fact the number 1 reason for bankruptcy filings; 62% of bankruptcies filed are because of medical bills; 78% of those who filed under these circumstances even had health insurance coverage
Unemployment or Under-employment: During the economic decline, through layoffs or termination, many people found themselves without work or with wages that were far less than sufficient to keep ahead on their monthly household bills
Divorce/Separation: A marital breakup or separation produces massive economic tension because of high legal fees, the division of assets, support payments, as well as the expense of maintaining two individual homes.
Property foreclosure or short sale: When the economy declines, many people find themselves with expensive mortgage payments on real estate that has not retained its value
Excess use of credit: The imprudent use of credit cards or installment debt contributed greatly to a decision to file for bankruptcy
Unanticipated expenditures: From time to time there is an instance of expenses that were not planned for. Such as, damage caused by natural disasters that can’t be recuperated because the damaged property was not insured.
The filing process for a bankruptcy claim is designed to either purge your financial obligations, or organize them into a repayment plan executed over a set amount of time. There are two main forms of personal consumer bankruptcy; they are Chapter 7 and 13. While both of these forms of bankruptcy provide some relief, it’s vital to know that both types will adversely influence your credit rating for seven years, and that not all financial obligations can be eradicated. For example regardless of which form of bankruptcy you purse you can’t be wipe away taxes, child or spousal support, and student loans.
Chapter 7: Filing a Chapter 7 bankruptcy will alleviate much of the debts that you owe; which means you will not have to repay them. However, any real estate that you own is considered “non-exempt” and will need to be sold and the proceeds applied towards your total owing sum. There are pros and cons to Chapter 7. On the top of the con list may be that you will lose valuable real estate. A pro however, is your ability to keep many “exempt” properties such as a vehicle.
Chapter 13: Filing a Chapter 13 bankruptcy in essence “reorganizes” the debt you owe and establishes a repayment plan; you are expected to either pay off all or most of your debt within a 3 to 5 year time period. The drawback here is that it is more expensive to file than Chapter 7, and you will need to live on a restrictive income during the time within which you are paying your debts back.
At the law offices of Shlesinger & deVilleneuve we often guide more than 1,000 clients annually through the challenging process of personal bankruptcy. Whether you are facing a Chapter 7 or 13, we have a dedicated bankruptcy department which is led by one of our exceptional attorneys, Kevin Swingdoff. With more than 25 years of consumer law bankruptcy experience, Kevin is devoted to helping make an improvement in the lives of individuals who find themselves the center of an economic catastrophe. When you contact our office we will return your call that same day to schedule a no cost appointment for you to meet with a dedicated member of our team. We are committed to guiding you to a brand new beginning! Don’t spend another night without sleep.
Fill out the form below to schedule a free in-person bankruptcy consultation with attorney, Kevin Swingdoff.
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