How to File for Bankruptcy in Oregon
Anyone considering the option of filing for bankruptcy in Oregon should take time to become familiar with the state's local laws and requirements. It is also helpful to learn about the federal rules and regulations that are involved when filing for bankruptcy around the country. Oregon's bankruptcy laws closely follow the laws that are in place in all other states. It is recommended that anyone considering the option to file for bankruptcy in Oregon should seek the help of a qualified bankruptcy attorney within the state. It is important to remember that all of the information provided by a debtor during the bankruptcy process must be accurate and complete.
Filing for bankruptcy involves many steps. One of the first steps that a person must take when exploring options for bankruptcy is deciding which form of bankruptcy applies for their situation. Chapter 7 bankruptcy is the most popular option in the country. This form of bankruptcy allows for debts to be discharged. Chapter 13 is also a popular option. This form of bankruptcy allows for debts to be paid back to creditors over time using a payment plan. There are also other forms of bankruptcy that can apply in specific situations. For instance, Chapter 12 bankruptcy is an option that is only available to fishermen and farmers. Chapter 11 bankruptcy is an option that can be used in cases where a debtor has high debt amounts or business-related debts.
How to Begin the Bankruptcy Process in Oregon
The act of filing for bankruptcy must begin months before a debtor actually files a petition with the court. Anyone who is seriously considering filing for bankruptcy must complete a credit counseling course during the six months leading up to filing. It is important to take this course through a provider that is approved in the state of Oregon. The complete list of official providers can be accessed here. In addition, it is necessary to complete a debtor education course once the bankruptcy process is in motion. The complete list of providers for this course can be found here.
An automatic stay is triggered when a person files a formal bankruptcy petition with the court. The automatic stay prevents all creditors from attempting to contact a debtor or collect any unpaid debts. A debtor must complete something called a means test after filing a bankruptcy petition. This test will determine a person's eligibility to file for bankruptcy. A debtor must be prepared to submit details regarding their income, assets and liabilities when completing a means test. One other key step in the bankruptcy process is the meeting of creditors. A meeting of creditors is typically very brief and uneventful. However, it is an important step in the bankruptcy process because of the fact that it provides creditors with the ability to prove that a debtor possesses nonexempt assets that can be forfeited. In addition, creditors are given the option to object to the terms of a payment plan when dealing with a Chapter 13 case.
A Closer Look at Oregon's Bankruptcy Court
The United States Bankruptcy Court for the District of Oregon has locations in Portland and Eugene. The cost to file a petition for Chapter 7 bankruptcy in Oregon is $335. The cost to file a petition for Chapter 13 bankruptcy in Oregon is $310. A complete list of the fees that can be anticipated when filing for bankruptcy of any type in the state of Oregon can be accessed here. The forms that are needed when filing for bankruptcy in the state of Oregon can be found here.