In an emergency, we can file a skeleton petition electronically that freezes creditors within hours. CHAPTER 7 AND CHAPTER 13 are the appropriate choices for most people, including those with small businesses. It eliminates secured debt as well; but the lien survives, so to keep the secured property, you will have to keep paying the debt associated with it.
Or, you can surrender the property and owe nothing. The major categories of debt that will not be discharged in chapter 7 are domestic relations support and divorce-related debt, recent income taxes, court fines/restitution, and most (but not all) student loans. Once a chapter 7 case is filed, there is a hearing with a chapter trustee about 30 days later that both you and your attorney must attend.
The major purpose of the hearing is for the trustee to determine whether you have property that is not exempt under Oregon or federal law. If there is substantial property that is not exempt--which is relatively rare--the trustee will take it and distribute it to creditors.
Or, you can surrender the property and owe nothing. The major categories of debt that will not be discharged in chapter 7 are domestic relations support and divorce-related debt, recent income taxes, court fines/restitution, and most (but not all) student loans. Once a chapter 7 case is filed, there is a hearing with a chapter trustee about 30 days later that both you and your attorney must attend.
The major purpose of the hearing is for the trustee to determine whether you have property that is not exempt under Oregon or federal law. If there is substantial property that is not exempt--which is relatively rare--the trustee will take it and distribute it to creditors.
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