Representing Individuals in Hillsboro, Oregon
Welcome to our mini-site! This site gives useful information about bankruptcy in Oregon. To find out more about consumer law and bankruptcy in Oregon, please visit our main website at www.baxterlaw.com.
This information is presented by the Portland bankruptcy attorneys of the Bankruptcy Practice Group of Baxter & Baxter, LLP, a Portland, Oregon consumer litigation law firm, specializing in credit reporting cases, identity theft cases, and unlawful debt collection practices cases.
The Portland, Oregon bankruptcy attorneys of the Bankruptcy Practice Group represent Hillsboro and other Oregon consumers in Chapter 7 and Chapter 13 bankruptcies. Consistent with the consumer protection mission of Baxter & Baxter, LLP, the Portland bankruptcy lawyers of Baxter & Baxter, LLP, represent only consumers, and not creditors.
Free Initial Consultation – Stop Debt Collector Calls
Stop Home Foreclosures
The Portland bankruptcy lawyers of the Bankruptcy Practice Group of Baxter & Baxter, LLP represent individuals in Chapter 7 and Chapter 13 bankruptcies. We offer a free initial phone consultation. We can stop collection calls from debt collectors. We can advise consumers whether to file for bankruptcy, and what form of bankruptcy to file. Our rates are competitive, and an uncontested no-asset Chapter 7 bankruptcy can be filed for as little as a $1,250 fee. Why the Failure of the "Cram Down"
Legislation Hurts Everyone Last April, the United States Senate
voted against legislation that would let bankruptcy court judges modify
home mortgages in bankruptcy. The failure of this legislation
is a significant loss to home-owners, neighbors of homes on the verge
of foreclosure, and ironically, to lenders. First and foremost, home owners facing
foreclosure bear the immediate brunt of the economic crisis. In
the first instance, they have seen cash reserves plummet as payments
readjust, or as interest only "step up" loans cause higher monthly
payments. Once savings are exhausted, the homeowners face the
possibility of foreclosure and losing their home. This is a bad
result for many reasons, including the personal loss to the buyer, the
possibility of increased need to turn to social services, or a greater
burden on friends or family. In addition to the injury to the home
owner, the foreclosure is bad for everyone in the neighborhood.
Homes in financial distress are less likely to be maintained, deferred
maintenance goes undone, and damage unrepaired. This lowers home
values for the entire neighborhood. Once a home goes into foreclosure,
it lowers the overall intrinsic value of surrounding properties.
It also acts as unfair competition against other homes being sold in
the same market, and ultimately reduces sale prices further as a comparable
or "comp" in the appraisal process. Even the banks may be damaged by a
foreclosure. In addition to losing the monthly payment, they incur
the cost of repossessing, foreclosing, and reselling. There may
be expenses in making the house sellable, including repairing damage,
paying back taxes, and complying with code issues. Having additional
foreclosures on the books can cause further damage to a lender’s overall
financial picture by adding to liabilities and throwing off the assets
and liabilities. Many of the homes purchased during
the housing boom of the mid-2000s were made with zero-down mortgages.
Consequently, where borrowers paid less than 20% down, lenders required
the borrowers to obtain Private Mortgage Insurance (PMI). If a
borrower defaults on a mortgage covered by PMI, the lender can recoup
its loss from the insurance company. In some loans, the mortgage
can be further insured by the government, such as Federal Housing Administration
(FHA) or Veterans Administration (VA) insured loans. This short sighted decision by lenders
to hedge their bets based upon PMI may prove ultimately detrimental
to both borrowers and lenders. Just as we witnessed dramatic financial
upheaval as a result of the failure of AIG and its leveraged backing
of derivatives, asset backed securities, credit default swaps, and other
complex financial instruments, the failure of major PMI insurers may
be see lenders again thrown into turmoil. In the long run, the
continued travails of the housing sector can result in weak consumer
confidence and reduced purchases in an already troubled market.
Call today for a free consultation and speak to a Portland Oregon bankruptcy attorney today!
Call today for a free consultation and speak to a Vancouver WA bankruptcy attorney today!
Information about Bankruptcy in Hillsboro, Oregon
To speak with a Portland, Oregon bankruptcy attorney, call Baxter & Baxter, LLP, at (503) 297-9031.
Bankruptcy Resources in Oregon
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"We are a debt relief agency. We help people file for relief under the Bankruptcy Code."
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Baxter & Baxter, LLP
8835 S.W. Canyon Lane, Suite 130
Portland, Oregon 97225
503.297.9031
503.291.9172
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