While bankruptcy is a good idea for many people, it’s vital to know the advantages and disadvantages before you declare bankruptcy.

Oregon bankruptcy attorneys will help you by explaining what exactly steps to take, what requirements are for filing and if you qualify for Chapter 7 or Chapter 13.

Typically the most popular is Chapter 7, where all of the debts are annihilated. With a Chapter 13 bankruptcy you will be entered into a program that allows you to settle your bad debts in a period of up to five years. When you speak to a bankruptcy attorney you can then take the steps to file the one that fits your needs.

You may feel as if you’re going through difficult challenges after bankruptcy, but your finances will generally be better than they were before.

Since the latest changes in federal bankruptcy laws expect you to undergo monetary counseling, you may be better able to budget your money and with that new-found information you can begin to restore your credit after an Oregon individual bankruptcy.

There are a lot of lenders that see the word bankruptcy and in a flash turn their backs but there are numerous more that understand that you have basically hit the reset button on your finances and are starting all over again.

The truth is, some like the idea that you have no debt and the incapability to file again for individual bankruptcy for at least seven years.

Numerous credit card providers may be prepared to give you the opportunity to reestablish your credit starting you with high-interest credit cards with a low limit of $200 or $300.

Even so, before you apply it’s important to remember that after you attend court for bankruptcy it won’t be finalized for a minimum of six months.