Portland Bankruptcy: Oregon Bankruptcy Myths

MYTH One: After the law changes of October 2005 you cannot discharge or eliminate debt any longer in the State of Oregon
FACT: This is false.  A Chapter 7 Filing either in Portland Oregon Court or Eugene Court still allows you to discharge debt.  Your general unsecured debt in most cases will be discharged.  The biggest change in the 2005 law in Oregon is the addition of a means test that makes some people have to file a Chapter 13.

MYTH Two: If you file Chapter 7 in Oregon you will lose all of your property or you must sell all of your property.
FACT: Absolutely not.  Whether you live in Portland or Tigard, Beaverton or Aloha you will not have to give up or sell everything you own. The Oregon rules under Bankruptcy allow each Chapter 7 debtor(s) to keep certain amounts of certain types of property.  If you have a prized University of Oregon Rose Bowl shirt; that can be protected. If you have an Portland Trailblazers ticket pack; that can be protected.  Certain cars and homes with around 40k in equity can be protected. You should talk to a good bankruptcy lawyer in Oregon as the exemptions can be tricky before you file any petition with the Oregon bankruptcy court.

MYTH Three: You will never be able to get credit again.
FACT: The sad truth is that after you file a Chapter 7 or Chapter 13 bankruptcy in Oregon you will find yourself swamped with offers to take on new debt.  There is no problem finding loans its just the cost and pitfalls if you don't pay them back which makes this a tricky problem. Basically if you take on new debt post Oregon bankruptcy and you default within a year or two of your filing then you may not be able to file a new bankruptcy. If the creditor gets a wage garnishment from your Intel job in Hillsboro or your Nike job in Beaverton then you may be stuck with it; regardless of the effect to your ability to pay your rent or car. The best advice is to not take on any new debt after your Oregon bankruptcy but if you must; you'll be able to find a lender who will.

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