Tuesday, July 6, 2010

Declaring Personal Bankruptcy in Salem, OR

NWDRLF and Tom McAvity can tell you that all of the same rules for filing personal bankruptcy in Oregon apply in Salem just as they would in Portland and other cities. People often have many of the same questions for Tom McAvity about declaring personal bankruptcy in Portland, so let's take a moment to answer a couple of those questions -- we will get to other important questions in later posts.

The first of two questions about bankruptcy we'll discuss is, "Does filing bankruptcy have a strong negative impact on my credit?" The answer to this question is that most likely, the fact that you are having to file for bankruptcy means that your credit is already in relatively bad standing. While bankruptcy clearly has a short-term negative impact due to the fact that it offers you a brand new clean slate, many who file have recovered a decent credit score within two years or less.

The second common question is, "Will I be able to maintain ownership of property like my home and car if I file for bankruptcy in Salem, OR?" The answer to this question is this: as long as you have equity in the property that is completely exempt you WILL be able to maintain ownership of your home and other larger assets if you file for bankruptcy. You will be held responsible for making payments to the bankruptcy court over the course of a three- to five-year payment plan. Tom McAvity will help you set up this bankruptcy payment plan with a trustee of the court.

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