Eugene Bankruptcy Attorneys
The downturn in the economy has taken its toll, and most of its victims are hard working members of the middle class who – through no fault of their own – have no choice but to declare bankruptcy. At the law firm of Shlesinger & deVilleneuve, we help average Americans who have been devastated by the loss of a job, unforeseen medical expenses, or homes that are no longer worth what they paid for them. The top six reasons people declare bankruptcy are:
- Medical Expenses: This is the number one cause of bankruptcy; 62% of all bankruptcies are due to medical costs; 78% of those bankruptcies had health insurance.
- Job Loss: The downturn in the economy caused loss of jobs through layoff or termination across the country; many are still unable to find comparable work.
- Divorce/Separation: A divorce creates enormous financial strain due to legal fees, division of assets, child/spousal support, and the cost of keeping two separate households.
- Foreclosure or Short Sale: The decline in housing prices has left many with mortgages they could no longer afford, and devalued homes they are unable to sell.
- Poor/Excess Use of Credit: The unrestrained spending and use of credit cards, installment debt, and car and mortgage payments has been the cause of many bankruptcies.
- Unexpected Expenses: At times, there are simply unforeseen or catastrophic losses due to fire, theft, earthquakes, floods, and tornadoes that are unrecoverable because the property was uninsured.
What Type of Bankruptcy Should I File?
There are two types of bankruptcy, Chapter 7, and Chapter 13. While both types of bankruptcy offer relief, it is important to know that both types will negatively impact your credit for 7 years, and certain debts cannot be wiped out, including any taxes you owe, child/spousal payments, and/or student loans.
1. Chapter 7 Bankruptcy: A Chapter 7 will “discharge” many of your debts; meaning you will not have to repay them. Whatever property you own that is “non-exempt,” however, must be sold and used to repay a portion of the debts. One of the disadvantages of a Chapter 7 is that you will lose valuable non-exempt properties, such as certain pieces of real estate, but you will be able to keep a number of “exempt” properties, such as your car, personal possessions, etc. The primary advantage of a Chapter 7 is that you will be freed from much, if not the majority, of your financial burden.
2. Chapter 13 Bankruptcy: When you file for a Chapter 13 bankruptcy, it essentially “reorganizes” your debt and sets you up on a scheduled “repayment” plan; you will pay back either a portion or all of the debt you owe over a three to five year period. The disadvantages of a Chapter 13 include higher costs to file, and living on a restricted budget. The main advantage of a Chapter 13 is that you will be allowed to keep your property.
Whether you find yourself facing a Chapter 7 or a Chapter 13 Bankruptcy, the firm of Shlesinger & deVilleneuve has a complete bankruptcy division headed by one of our outstanding attorneys, Kevin Swingdoff. Our firm successfully guides almost 1000 clients through bankruptcy every year, and Kevin, with more than 25 years of experience, is dedicated to making a difference in the lives of people who are in the midst of financial crisis. Call our office to set up a complimentary consultation; we can detail our schedule of fees for handling your bankruptcy. We will get back to you the same day, because – at Shlesinger & deVilleneuve – we want to make sure you are given a fair shake and a fresh start!
Fill out the form below to schedule a free in-person bankruptcy consultation with attorney, Kevin Swingdoff.
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