Most people considering filing for bankruptcy will ask: What is bankruptcy? What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy? Which option is best for me? Your Portland OR bankruptcy attorney will be able to advise you as to which bankruptcy chapter best suits your needs.
What is Chapter 7 Bankruptcy?
Chapter 7 is the more traditional type of bankruptcy and is often referred to as a “liquidation” or “straight” bankruptcy. In a Chapter 7 proceeding, the Court appoints a trustee to oversee your case. The trustee has the responsibility of: