Wipe Out Debt with Chapter 7 Bankruptcy Oregon

Going bankrupt comes with a social stigma, so it’s often the last resort that debtors turn to in their efforts to solve their financial problems. Bankruptcies may signify a low point in people’s lives, but they do offer debt relief and a fresh start.

There are different types of bankruptcy provided in the bankruptcy law. Personal bankruptcy is often filed under Chapter 7 or Chapter 13. These chapters usually involve consumer bankruptcy. Bankruptcy Chapter 7 of the United States bankruptcy code is called a “liquidation” bankruptcy, while Chapter 13 is referred to as “reorganization” bankruptcy.

Chapter 7 bankruptcy is a popular choice since it is a shorter process designed to help people who are unable to pay their existing debts. The purpose of filing a Chapter 7 bankruptcy case is to get out of debt by getting rid of all dischargeable debts.