Currently the maximum debt limits for Chapter 13 are $1,010,650 in secured debt, and $336,900 in unsecured debt. On April 1, 2010, those debt limits will likely increase to $1,081,500 for secured debt, and $360,525 in secured debt. While these increases are not exactly exponential, these days every little bit helps.
Steps to Take Before Filing A Bankruptcy In Oregon or Washington
- Do your best to limit the the amount of purchase activity in the ninety days prior to the actual filing of your case.
- Stop using all of your credit cards today.
- If you have made big purchases, executed balance transfers or taken cash advances in the last year, try and make sure that there have been at least three payments on each relevant credit account. If not, you may want to make such payments until your case is filed.
- Get your state and federal tax records for the last year that you filed.
- Make copies of all pay-stubs for the last seven months and continue to collect them up until the filing date of your case. Get copies of any paperwork that would document any other income such as social security, unemployment and the like for the same period.
- Do not transfer any bank accounts, real estate or valuables out of your name without speaking to your Oregon or Washington Bankruptcy Attorney. If you must do so, make sure that the sale does not involve a friend or family member.
- Do not–I repeat, do not– make any repayments on debts to friends and family members prior to filing.
- If you already have a judgment against you, do not tell a creditor that you are going to file bankruptcy. It may provide motivation for them to seize assets while they can.
- Continue to make payments to secured creditors for property that you want to keep. This is very important if you want to keep your car and house.
- Perform a title search on your home to make sure there are no unknown liens.
- Disclose all property that you may have an interest in to your attorney. This includes bank accounts held with parents as cosigners, potential legal claims, personal injury cases, and any debts that are owed to you.
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What happens when you cannot make your Chapter 13 Bankruptcy payments to the Portland or Vancouver Trustee due to one time only expense or unanticipated bill? What do you do when, say, a car breaks down, your heating goes out, or when you or your spouse miss work due to a temporary illness or injury?
The fact is that you have multiple options. None of them involve keeping the unexpected loss or income or secret from your Vancouver or Portland Bankruptcy Attorney.
You can ask for a suspension of payments and catch up by adding months to the end of your plan if your original plan was for less than 60 months. If you are in a 60 month plan, you can increase some or all of the remaining payments. Under certain circumstances, you can modify your plan to reduce the dividend to the unsecured creditors or give up a now-broken car that was being paid off under your plan. Often if there has been a job loss, you can convert to a Chapter 7 bankruptcy.
Each of the above options has benefits and drawbacks. The point is that you have options so don’t keep a secret from your Vancouver or Portland Chapter 13 Bankruptcy attorney. If you do keep secrets, there will likely be a motion to dismiss or motion for relief from stay to commence foreclosure soon enough and the challenge of coming up with a solution will be more challenging and expensive than if you had said something when the troubles began.Portland, Hillsboro, Beaverton, Tigard, Gresham, Lake Oswego, Tualatin, Oregon City, Wilsonville, Aloha, West Linn, Camas, Vancouver, Ridgefield, Troutdale, Gladstone, Multnomah County, Clackamas County, Washington County, Chehalis, long view, la center, Columbia County and Clark County.