Bankruptcy Attorney Medford Oregon
Rennie Law, LLC provides complete and thorough Chapter 7 and Chapter 13 bankruptcy services. Attorney, Brandon Rennie, provides the kind of personal touch that is rare in this field. He is genuinely concerned about your financial situation and wants to give you the fresh start that you deserve.
The recession has been particularly devastating for Southern Oregon and has affected a lot of people. Many residents have been drowning in debt for months or years; unable to make ends meet. Filing bankruptcy can be an extraordinarily powerful tool to combat debt. We can help you determine if bankruptcy is the right decision for you.
There are two chapters of bankruptcy for consumer debt – Chapter 7 and Chapter 13. These same chapters can be used for business debt as well. They are further described as follows:
- CHAPTER 7 BANKRUPTCY – This form of bankruptcy is the quickest, easiest, and least expensive; leaving you with a clean slate in a matter of months. This is the most common form of bankruptcy. Hundreds of thousands of Chapter 7 bankruptcies have been filed in recent years. A Chapter 7 bankruptcy provides many benefits including the following:
- Immediately stop garnishments. The moment your case is filed with the court, all garnishments are legally required to stop.
- A complete discharge of most unsecured debts. An unsecured debt is one where there is no collateral underlying the debt. Examples of this kind of debt would be credit cards, medicals debt, utilities, some lines of credit and personal loans, etc. Certain types of unsecured debt are not dischargeable. This includes child support, student loans, court fines, and many tax debts.
- The ability to keep your house and temporarily stop a foreclosure process. A Chapter 7 bankruptcy filed before a foreclosure auction places an automatic stay that prevents the property from being sold and provides you with additional time to enter into a loan modification or make other plans.
- The ability to keep a financed vehicle after attempting to reaffirm the debt. To reaffirm a debt means to again become obligated to a debt that would otherwise be discharged. Many clients wish to keep their vehicles, and this gives them the opportunity to do that. We can assist you through the reaffirmation process.
- Some tax debts are dischargeable. Please contact our office to receive an analysis of whether your tax debts might be dischargeable.
- Exemptions for most ordinary personal property. A complete analysis of your property will be done prior to the filing of your case to make certain that all your property is protected. As of July 1, 2013, we are now able to choose between the Oregon state exemptions or the Federal exemptions, which allows us to better protect your property.
This lists just a few of the benefits that a Chapter 7 bankruptcy can provide you. Please contact Rennie Law, LLC for a free consultation to learn how bankruptcy might benefit you.
- CHAPTER 13 BANKRUPTCY – This form of bankruptcy places debtors in a three or five year payment plan, where debtors repay a portion of their debts. A Chapter 13 is often used for those who are not eligible to file a Chapter 7. Although a Chapter 13 does not provide a complete discharge of indebtedness over just a matter of months like a Chapter 7 does, it can be a very powerful tool in ways that a Chapter 7 cannot. A Chapter 13 still has many of the benefits that a Chapter 7 offers, but in a Chapter 13 you can also do the following:
- Permanently stop a foreclosure, reestablish a mortgage, and keep your house. This is a court ordered resolution that cannot be stopped by a mortgage lender. If this is the right solution for you, and your bankruptcy is filed before an auction date on your home, you can implement this tool.
- Strip a second or third mortgage off of a home, discharging that debt forever. This can be accomplished if the home is worth less than what is owed on the first mortgage. This results in any subsequent mortgage having no collateral value to attach to. This is sometimes referred to as lien stripping.
- “Cram down” the amount of a secured debt to its current market value (if it qualifies). For example, if you owe $10,000 on a vehicle that has a trade-in value of $5000, you would only have to pay $5000 on it. Please contact us for a free consultation to see if you qualify.
- Keep nonexempt assets that would have to be forfeit in a Chapter 7. The value of nonexempt assets can be paid off through your monthly plan payments.
Both Chapter 7 and Chapter 13 bankruptcies can be great tools for handling out of control debt. Simply schedule a free consultation to determine which Chapter provides the most value to your specific situation. Let us help you find that perfect solution to these complex problems.
LEGAL FEE PAYMENT PLANS AVAILABLE – Fees can vary considerably based on your particular circumstances and which chapter of bankruptcy makes the most sense for you. For each scenario, we offer payment plans to make the cost more manageable. In addition, after we receive your first payment, we immediately provide notice to creditors to protect you while you work to make payments.
Choosing to file bankruptcy is a big decision and it is important to make the right decision. Once the decision to file bankruptcy is made, it needs to be done correctly. The consequences of a poorly filed bankruptcy can be devastating. Please allow Rennie Law, LLC to assist you in making the right decision, and should that decision be to file bankruptcy, we will make certain that it is done well.
Please call today for your FREE consultation! (541) 414-0300
Rennie Law, LLC is a federal Debt Relief Agency, helping people file for relief under the U.S. Bankruptcy