We have bankruptcy law offices in many different cities throughout the state of Oregon, including Portland, Medford, Eugene, Salem, Tigard, Klamath Falls, Coos Bay, Bend and several others. There are federal bankruptcy statutes, but there are also state specific laws that effect bankruptcy. In this post, we will provide an overview regarding some of the specific details that come into play when you file for bankruptcy in Oregon.
First, you have to understand what type of bankruptcy you are going to file. Most individuals will choose between either a Chapter 7 bankruptcy or a Chapter 13. You have to make an honest effort to pay back as much of your debts as you can if you have sufficient disposable income, so there is a means test that you must pass to qualify for Chapter 7, which is a liquidation bankruptcy. You automatically pass this test if your income is less than the median income in the state of Oregon. According to the United States Census Bureau, the median income in our state for a single person is $50,333 per year. For a household of 4, the median income is $80.170. You can potentially qualify for Chapter 7 even if your income exceeds this amount if it is determined that you don’t have enough disposable income to devote to a repayment plan.
Before you are allowed to enter into the bankruptcy process, you are required to take a credit counseling course. You also have to take a debtor education course before your debts can be discharged. This requirement can seem like a huge hassle, but it does not take long and it allows an independent party to review your finances before you file the case. Most people take these courses online and some people do them over the phone. You can click these links to see a list of the approved providers of these tests for residents of Oregon: credit counseling and debtor education.
Simplify the Process!
The best way to file for bankruptcy in Oregon is to sit down and discuss all of your options with a licensed bankruptcy lawyer. One you determine which bankruptcy is right for you, your attorney can guide you through the process each and every step of the way. Legal assistance is invaluable because it can be complicated to navigate these waters on your own. If you would like to speak with us about your debt, we would be more than glad to assist you. Our firm offers free consultations, and you can request an appointment if you send us a message through our contact page.