Oregon Bankruptcy Attorney
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Fill out our free confidential legal evaluation and an Oregon Bankruptcy Attorney near you will contact you to discuss whether a Chapter 7, Chapter 13 or bankruptcy alternative is right for you.
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« Back to the TopConsidering Filing Bankruptcy in Oregon?
Filing bankruptcy in Oregon may be something you have been thinking about recently. With the economy improving at a snails pace, and the employment figures seeing little improvement, many people are facing the same struggles. Mounting credit card debt, threats of repossession and foreclosure. There are tools in the bankruptcy laws that can help you get out of debt and keep your home or car. Even though it is something that you probably do not want to think about or consider, filing bankruptcy is an option that you may need to look into.
It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, "a legally declared inability or impairment of ability of an individual or organization to pay its creditors." It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.
In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.
Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.
For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you plan on filing bankruptcy in Oregon, you need to know the laws as they relate to you in filing an Oregon bankruptcy. You will probably need the help of an Oregon bankruptcy attorney who can help you understand how Oregon bankruptcy laws will affect your case.
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Chapter 7 or Chapter 13 Oregon Bankruptcy?
Which Bankruptcy is Right for Me?Chapter 7 is the most popular type of personal bankruptcy that is filed in Oregon. In Chapter 7, your property that is not exempt is placed in the hands of a bankruptcy trustee. He or she sells (liquidates) your property and the proceeds from the sale are given to your unsecured creditors. The benefit you receive is that some of your debt is erased.
Chapter 13 is a type of personal bankruptcy that is also filed in Oregon. With Chapter 13, possession and ownership of your assets stay with you. In return for this benefit, you have to give some of your future income over a three to five year period to pay back your creditors.
Chapter 7 is liquidation. It is also called "straight" bankruptcy. Most people prefer to file Chapter 7 because it is possible to have all of your unsecured debts discharged (eliminated). Unsecured debts are things like medical bills and credit cards.
Another thing you will like about Chapter 7 is that even secured debts like your auto and home may be exempt from liquidation. If you do not have any non-exempt property, you do not lose anything when you file Chapter 7. This is called a non-asset bankruptcy.
Chapter 13 Bankruptcy is reorganization. It is also known as "rehabilitation" bankruptcy. It is unlike Chapter 7. Chapter 13 is a pay back plan over three to five years under Court supervision. During this time you pay back at least some of your secured debts.
Chapter 7 is the way most people want to go. Chapter 13, however, could be a better way for you. Chapter 13 is probably the better plan if you want to keep property that is not exempt. It is also your only way if you are not allowed to file Chapter 7.
You are usually eligible to file Chapter 7 if your income is under the median for a family your size in Oregon. If it is over the median you have to pass the "Means Test".
The "Means Test" looks at your income and certain expenses. It determines how much "disposable" income that you have. If the test specifies that you have enough disposable income to pay back at least some of your unsecured debts, you cannot file Chapter 7 in Oregon.
Oregon does not allow you to use federal bankruptcy exemptions. If you can file Chapter 7, you have to use the state exemptions that are allowed by Oregon.
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How do you find out if you qualify to file Chapter 7 in Oregon?
How do you decide whether to file Chapter 7 or Chapter 13, if you are eligible to file both?
An Oregon bankruptcy attorney can help you answer these questions. An Oregon bankruptcy lawyer can answer any other questions that you may have concerning bankruptcy. It is vitally important that you choose the right attorney to advise you. Family lawyers and those with a general law practice can help you in many ways, but are they right for bankruptcy? Bankruptcy is what Oregon bankruptcy attorneys know and do. They work with bankruptcy, daily. Oregon bankruptcy lawyers have to stay on top of the latest changes and updates in Oregon bankruptcy law.
BankruptcyHome.com is the website where you will find an Oregon bankruptcy attorney. BankruptcyHome.com can help you find an Oregon bankruptcy lawyer who can help you make the right bankruptcy decisions.
This decision may affect you and your family for the rest of their life. You deserve the best advice possible from an Oregon bankruptcy attorney near you.
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Oregon Bankruptcy Attorneys
Following is a list of bankruptcy attorneys who practice law in Oregon. To contact one of these attorneys, please complete our free case evaluation form or call 800-859-0844
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Lake Oswego The Law Office of Joshua Pond 5200 SW Meadows Rd., Ste 150 Lake Oswego, OR 97035 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Lake Oswego Law Offices of William M. Parker 4248 Galewood St. Lake Oswego, OR 97035 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Portland Short Law Group 12755 SW 69th Avenue Portland, OR 97223 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Related Pages
Means Test - as defined in our Bankruptcy Glossary
Bankruptcy Trustee - as defined in our Bankruptcy Glossary
Oregon Bankruptcy Law Information:
Are you considering Bankruptcy in Oregon?
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