Portland Bankruptcy: How to Qualify for an Oregon Chapter 7 and 13

The process in Portland Oregon to qualify for a Chapter 7 bankruptcy is pretty straight forward.  You cannot have filed another bankruptcy, Chapter 7 or Chapter 13 in Oregon or another State in the last 6-8 years. (with some exceptions).  You need to make under the medium guideline income for your household size as set forth in Oregon by the United States Trustee Program. You need to have filed your taxes or be able to get them filed in short order. Oregon State taxes included.  You must account for all your assets both inside Oregon and in another other state and disclose all sources of your income. 

For most people a Chapter 7 in Oregon will be an option.  The city you live in will not matter; for instance if you live in Portland, Canby, Beaverton, Hillsboro or Tigard your case will be managed from the Portland Oregon Bankruptcy Court.  If you live in Eugene, Springfield or Salem your case will be handled by the Bankruptcy Court in Eugene.  The majority of folks filing for a Chapter 7 or Chapter 13 in Oregon will loose very little to none of their assets in the process. The Oregon State exemptions in bankruptcy covers most peoples possessions.

While you qualify for an Oregon chapter 7 bankruptcy in the Portland Oregon Bankruptcy Court you may not want to file a Chapter 7.   If you have a substantial amount of property that you want to protect, especially equity in a home, you may not want to file a chapter 7 bankruptcy and may want to consider a repayment bankruptcy under chapter 13. Chapter 7 is a liquidation bankruptcy. Though part of getting a fresh start in a Chapter 7 involves allowing you to keep your necessities, including 100% of qualified retirement plans for instance, there are times when people with reduced incomes own a lot of property but can’t make their monthly payments. Also, if you have transferred any property out of your name to insiders, especially family members, in the past couple of years, you may want to file a Chapter 13 bankruptcy to protect them from having the court sue to get the property back in order to sell to pay creditors this is true whether you live in Portland, Tigard, Beaverton or any city in Oregon or any State in the U.S. 

Despite the hype about the “new” (passed in 2005) bankruptcy law, Chapter 7 bankruptcy is available to many people in financial distress. However, as you can see, there could be many pitfalls. If you are considering bankruptcy it is important that you find a good bankruptcy lawyer in Oregon to go over your case and help you select the most appropriate chapter to file.

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