oregonbankruptcy

2009-11-27

No individual wants to file for a bankruptcy. However, in a situation where you file for a bankruptcy petition, it would be helpful for you to collate all financial information and organize them properly. Ensure that you have information on individual bills, income and asset statements along with information on debts and various expenses. This will help you structure your budget.

Under Oregon Bankruptcy Laws, the two types of bankruptcy laws are Chapter 7 and Chapter 13. Depending upon the financial condition of the individual, he may opt for either of these two. Chapter7 is meant for liquidation whereas Chapter13 deals with reorganization of credit. Some of the points to remember under these laws are:

Under Chapter7 bankruptcy law, an individual can keep his homestead or keep the proceeds from selling the home. This is limited to a maximum of $ 30000.
People filing for an Oregon Bankruptcy Chapter7 must necessarily meet the federal requirement of a means test which establishes a maximum level of income for a household comprising an individual or a couple or three people or four and so on.
For eligibility under Chapter13, an individual needs to have a regular income and must not have more than a stipulated amount under secured and unsecured debts.
An individual filing for bankruptcy under Chapter13 must be ready to repay their debts in three to five years time.

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