Understanding Bankruptcy Law in Polk County, OR

by | Jul 27, 2017 | Lawyers

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Declaring bankruptcy might seem simple to most people, but it’s actually a pretty complicated process. Before you are declared legally bankrupt, you will need to go through a series of different steps. According to the legal term, a person can be declared bankrupt if their debts exceed their current financial assets with no future increase in income on the horizon. As you can see, this is a very broad term, and circumstances differ from person to person. Therefore, understanding the basics of bankruptcy law in Polk County, OR is important before you consider filing a bankruptcy application.

Hire an Attorney

If you want to file for bankruptcy but don’t really know how to proceed, it’s highly recommended that you hire an experienced attorney to help you out. A reliable bankruptcy law attorney will first sit down with you and discuss your financial statements, income, and expenditures. If the attorney believes that you meet the criteria and can be deemed bankrupt, they will then guide you through the entire process. If you want to file for bankruptcy and need to hire a professional attorney, you can visit the website to find out more about the attorney and set an appointment.

What Happens Next

Once the courts have accepted your application for bankruptcy, the state will create a payment plan for you. Bankruptcy law focuses on a variety of different issues that people may face during their lives, and it involves creating a detailed restructuring plan to help you get your life back in order. Your attorney will also give you advice and will help you with adjusting to life after declaring bankruptcy. It’s not going to be easy, but it’s important that you pull through so that you can get back on your feet.