Bankruptcy Frequently Asked Questions for Portland, Oregon Area
- Will I be able to rent an apartment or house after I file for bankruptcy?
Yes. Most people have little trouble. A landlord can legally refuse to rent you an apartment because of a prior bankruptcy in your credit report. However, if you are presently renting a home or an apartment, your present landlord will typically renew your lease without running an updated credit report, and will probably not know that you filed a bankruptcy. If you are applying for a new lease, you may encounter some difficulties that can be overcome. Offering to make a larger security deposit may be enough for a potential landlord to overcome his/her concerns.
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- How do I know if I should file for bankruptcy?
There are many situations where bankruptcy may be best option available to save your assets or prevent you from being in debt for many years. Of course, each person and his or her specific situation is unique. You should consult with an attorney at Vanden Bos & Chapman, LLP to discuss all of your options and alternatives.
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- Will bankruptcy stop a lawsuit against me?
If you are being sued, we strongly urge you to speak with an attorney at Vanden Bos & Chapman, LLP about filing for bankruptcy. A bankruptcy filing will in most cases stop a lawsuit immediately and prevent your creditors from placing a lien against your house or garnishing your wages. If you have filed bankruptcy before, the stay may not apply or may terminate after you file, unless the Court extends the stay for cause.
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- Will bankruptcy stop my home from being foreclosed and/or my car from being repossessed?
Bankruptcy can prevent a foreclosure of your house or a repossession of your car. An "automatic stay" arises by law the instant a bankruptcy is filed. The "automatic stay" usually stops the foreclosure process and prevents any collection actions, such as repossessions or garnishments. Bankruptcy may also allow you to consolidate your mortgage arrears or automobile balance, and make payments on those debts over time through a repayment plan designed by a Vanden Bos & Chapman, LLP Attorney.
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- I can only afford the minimum monthly payment on my credit cards, and my balance keeps increasing. Can bankruptcy help me?
If you are only paying the minimum required payment on your credit card bills each month (generally about two percent of the outstanding balance), and the interest rate is 20%, it will take you 15 - 20 years to pay off a $10,000 debt. Filing for bankruptcy will discharge these debts and allow you to get a fresh financial start. >Back to Top
- How do I rebuild my credit after filing for bankruptcy?
Although bankruptcy may be legally reported on your credit report for up to 10 years, you can begin to reestablish your credit immediately after your bankruptcy discharge. Lenders will consider many factors while determining whether to extend credit to you, but the most important of all factors that they will consider is your debt-to-income ratio. Based on the credit scoring models currently used by the credit reporting agencies, a debtor's credit score often actually improves upon the filing of a bankruptcy because of the elimination of debt.
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- My creditors will not stop calling me regarding my past due bills. How can I make them stop?
As soon as you hire Vanden Bos & Chapman, LLP as your Attorneys, you can refer all of your creditor calls to our office, and we can deal with them.
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- Who will know about my bankruptcy?
Parties that receive notice of a bankruptcy are your creditors, the Bankruptcy Court, the IRS and the Oregon Department of Revenue. Bankruptcy is a public record, so anyone who wants to try to find out about your bankruptcy could find out about it. Many people believe that notices of all bankruptcies are printed in the newspapers, but this is not true.
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- I only want to file bankruptcy on certain creditors, but not on others. Is this possible?
No. You are required by law to list all of your creditors, including friends and family members who have loaned you money. Intentional failure to list a debt is a serious matter and could result in a denial of your entire bankruptcy discharge. However, you are not prohibited from voluntarily paying selected debts after you file for bankruptcy. Attorneys Vanden Bos & Chapman can explain how you can legally repay any debt you want, after your bankruptcy is over, on a purely voluntary basis without a reaffirmation agreement.
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- Do I have to go to court?
You must attend a first meeting of creditors. Your Vanden Bos & Chapman Attorney will be with you at this meeting. This meeting is held in a hearing room used by the bankruptcy trustees, not in court. The trustee will ask you questions regarding your bankruptcy filing. If any of your creditors are present, they can also ask you questions. However, creditors rarely attend this hearing, and if they do, they rarely ask questions. Your attendance at this hearing is mandatory, and failure to appear can result in dismissal of your case.
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- Are there alternatives to bankruptcy?
Alternatives to filing bankruptcy include private debt consolidation services and settlements with your creditors. Private debt consolidation services try to work with your creditors to try to get you a better interest rate or a lower monthly payment. Sometimes, you can negotiate with your creditors to settle your bill for less than you owe. However, only bankruptcy gives you the power to prohibit creditors from attaching or foreclosing your property. Chapter 13 gives you the power to force unsecured creditors to accept a Chapter 13 Plan that will discharge the unpaid portion of the debts. These powers are not available to private debt consolidation services or in settlements.
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- Will bankruptcy get me out of child support or spousal support payments?
No. Child support payments and spousal support payments are not dischargeable in a bankruptcy proceeding.
If you or someone you know in Portland, Oregon, or within the surrounding cities and counties of Oregon needs the assistance of an experienced bankruptcy lawyer, contact Attorneys Vanden Bos & Chapman at (866) 798-2917 or via their convenient contact form to schedule a free consultation with an experienced bankruptcy lawyer.
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