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Oregon Bankruptcy Laws

Oregon Chapter 7 and Chapter 13 Bankruptcy Overview

Oregon bankruptcy laws have been a haven for many people caught in the storm of debt. The laws may provide protection and relief if you’re struggling under the burden of debt.

If you need help getting your debt back under your control, you can learn about the options and tools provided by Oregon law on this page.

If you need help now, need more information or have already decided that you want to take advantage of bankruptcy, you can speak with a local bankruptcy attorney.

Simply complete the free case review form on this page and we’ll connect you with a local Oregon bankruptcy lawyer.

Oregon Bankruptcy Law

When you speak with your Oregon bankruptcy lawyer for the first time, he or she will likely explain the different ways that Chapter 7 and Chapter 13 bankruptcy may affect you.

To help determine which type of bankruptcy is best for you, you and your lawyer will need to go over your finances, debts, income and assets. This information is vital when you’re trying to take maximum advantage of aid offered by bankruptcy.

Chapter 7 bankruptcy, for example, might be able to make a significant difference in your life if your debt is mostly unsecured debt, the type of debt that results from credit cards, medical bills, utility bills, personal loans and even payday loans.

But in order to qualify, you’ll need have a income below a certain level. Also, Chapter 7 bankruptcy may be best for folks that don’t own too many assets. You’ll want to review the Oregon bankruptcy exemptions to ensure that all of your property is fully protected.

Homestead

  • Up to $40,000 worth of a single filer’s property. Or up to $50,000 worth of a residence for joint filers.
  • Up to $20,000 for a mobile home if no ownership of land the mobile home is located on. Up to $27,000 for a mobile home with ownership of land the mobile home is located on.

Wages

  • At least $196 for any period of one week or less.
  • At least $392 for any two-week period.
  • At least $420 for any half-month period.
  • At least $840 for any one-month period.

Automobiles

  • One vehicle worth up to $3,000.

Personal Property

  • Up to $600 worth of books, pictures and musical instruments.
  • Up to $1,800 worth of clothing, jewelry and other personal items.
  • Up to $3,000 worth of professional tools, books and trade tools.
  • Up to $1,000 worth of domestic animals.
  • Up to $3,000 worth of furniture, household goods, radios, one television set, utensils.
  • All professionally prescribed health aids.

Chapter 7 bankruptcy may stop foreclosure and prevent repossession, but if you own multiple homes or cars, Chapter 13 bankruptcy may be a better fit.

Chapter 13 bankruptcy is designed to provide the shelter and shielding you need to get your finances back under control. First, the automatic stay puts a stop to collections, phone calls and letters during the bankruptcy case. Then, debts are reorganized and ordered, and may be reduced.

The court will help you create a 3-5 year repayment. During this time you’ll make one monthly payment to a trustee who will then deal with your creditors. Many people find that reorganization gives them the breathing room they need to regain control of their financial life.

Speak to a Bankruptcy Lawyer Today

Talk to an Oregon Bankruptcy Lawyer Today

Now that you’re familiar with Oregon’s bankruptcy laws, you may already be envisioning how these laws may help you regain control of your financial life. But because every bankruptcy is different, you may still want to talk to a local bankruptcy lawyer to gain a complete understanding of how filing bankruptcy will work. Or, if you’re ready to start with your filing, a bankruptcy lawyer can help you get started, as well.

To speak with a sponsoring bankruptcy lawyer about how the Oregon bankruptcy laws can impact your debt, call us, toll free, at 877-349-1309 or complete the free case evaluation form on this page and we’ll connect you directly.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local Oregon bankruptcy attorney.

Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local Oregon bankruptcy lawyer.


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