Liquidate Assets to Pay off Debt

Liquidate Assets to Pay off Debt

for Chapter 7 bankruptcy in Beaverton, OR

Planning to file for bankruptcy? Turn to Troutman Law Firm PC in Beaverton, OR. Attorney Ted Troutman is here to guide you through the Chapter 7 bankruptcy process, which involves liquidating your property and assets to settle unsecured debts. This type of bankruptcy will allow you to keep personal items, household items and certain assets like your car. It's important to note, however, that you cannot discharge child or spousal payments, tax debt or student loan debt with bankruptcy.

Call 503-292-6788 now to speak with a Chapter 7 bankruptcy attorney. We offer free consultations.

The 7-step filing process

During the Chapter 7 bankruptcy process, you'll:

  1. Prove that you qualify for bankruptcy through a means test (for high-income filers only)
  2. Undergo mandatory credit counseling
  3. Let your attorney file necessary paperwork
  4. Be protected from foreclosures and collections through an automatic stay
  5. Get a trustee appointed to your case who will meet with creditors
  6. Provide any financial records requested by the trustee
  7. Turn over non-exempt assets to the trustee

As long as your situation doesn't change after that point, your debts should be discharged within 60 days of filing. If you'd like to learn more about the process, speak to our Chapter 7 bankruptcy attorney today.