A Lot of my clients have told me that they wished that they acted sooner.  They went for months, struggling to make the very minimum amounts to pay to the creditors.  The money that they could have used to spend it on their families went to pay their bills.

The immediate benefit of filing for bankruptcy is gaining some breathing room. An automatic stay will be imposed on your creditors so they will not be able take action – such as foreclosure – against you. This will give you a chance to focus on getting your finances and your life back in order.

Another possible benefit is the opportunity to have certain debts discharged. Credit card debts, for example, are often dischargeable. This means that you may only need to repay them in part, or they may be forgiven entirely. Although not all debts can be discharged, your financial burden can be greatly reduced through this process.

If you decide to file for an Oregon bankruptcy, your non-dischargeable debts will eventually be repaid. You may sell some of your assets under Chapter 7, or develop a repayment plan under Chapter 13. Either way, you will soon be able to enjoy the freedom of being completely out of debt.

In the long term, having your debts discharged or working out a way to pay them off will repair your damaged credit. Your Gresham Bankruptcy Lawyer can help you take the financial load off your back and face life with no debt and a clean slate.