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Individuals in debt who are unable to begin repaying their creditors may eventually choose to file for personal bankruptcy as their last option.

No one wants to be in debt for a long period of time, and people want a debt-free life. If you are unable to pay your outstanding debt, but otherwise want to keep your finances under control, you may file for bankruptcy as a last resort.

A bankruptcy filing allows you to dispute your debt and restructure your finances. It is a legal process that permits you to get rid of part or all of what you owed creditors.

Bankruptcy law is different in each state. In Oregon, there are also specific criteria you need to meet before you can receive a court dismissal of your bankruptcy case.

Here are some of the requirements you will need to have in preparation for the bankruptcy process:

  1. Bankruptcy Forms
  2. Credit Counseling and Debt Management Course
  3. Bankruptcy Exemptions
  4. Means Test
  5. Median Income in Oregon
  6. Standard Deduction Figures
  7. Oregon Bankruptcy Court

Bankruptcy Forms

You can start your bankruptcy filing by completing the official online bankruptcy forms. You will need to fill out the form completely with your complete financial situation.

You’ll have to publish all your assets and obligations, monthly income, living expenses, bank account information, credit card dues, loan debt, and property transactions.

Make sure that all info and numbers in your paperwork are precise before you begin submitting your documents to the local bankruptcy court. A skilled Oregon bankruptcy lawyer can surely help you with this filing.

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Some bankruptcy filers may need to file other local forms. You can contact the bankruptcy clerk to check whether additional requirements and documentation are needed for this court. Some bankruptcy courts make these forms available on the court’s website.

Credit Counseling and Debt Management Course

To be eligible for beneficiary bankruptcy, you have to show proof of completion of either a credit counseling seminar or a financial debt management training course during the 180-day filing period before the court issues a discharge.

You must also complete a financial management course after completing a bankruptcy filing or before receiving your discharge.

Bankruptcy Exemptions

These exemptions can help you determine how much of your insolvent property (land, home, etc.) you can keep when you file for bankruptcy in Oregon.

Note that the exemptions have a significant effect on the amount you must repay under bankruptcy.

Means Test

When you file for bankruptcy, you must pass the “means test”. In this test, your monthly income will be compared to the average or median income of a typical household size in Oregon.

If your monthly income is lower than the state’s median income, then you are qualified to file for bankruptcy.

On the other hand, if the income of your family is greater than the median income, you may still be qualified to pass the means test after you deduct the allowable living expenses.

If you file 13 bankruptcies, you have the option to select a repayment plan for three years instead of five.

Median Income in Oregon

In Oregon, the single-person household median income is $42,877, while for a two-person household; the median income is $52,316.

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The value increases based on the size of your family and it must be updated regularly. It is advisable to consult a competent Oregon bankruptcy lawyer to know about the latest figures and requirements.

Standard Deduction Figures

Forms 22A and 22C specify the categories of allowable living expenses which include rent or mortgage (housing), healthcare, and food.

Some categories like child care or child support require you to make a list and subtract the exact amount that you need for spending.

In other categories, you set a prearranged amount that will be used as a national standard based on your county of residency.

Oregon Bankruptcy Court

The bankruptcy courts in Oregon are located in Portland and Eugene. You can file your complete bankruptcy paperwork in the present location where you live for the past 180 days or the location where you were domiciled.

The Role of Bankruptcy Attorney

Filing for bankruptcy requires a lot of hard work and effort. It is a step-by-step process that will help you solve your financial problems. You need to focus on debt repayment and reorganization of your finances.

It is crucial to understand the bankruptcy laws implemented in your state to avoid unnecessary errors and penalties in your bankruptcy filings. You have to ensure that all the personal and financial information is accurately declared.

For legal help in your bankruptcy filing, do not hesitate to schedule a consultation with an experienced Oregon bankruptcy attorney at Northwest Debt Relief Law Firm.

Our lawyers will guide you throughout the whole bankruptcy process from the beginning until the end.

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