If you are finding yourself overwhelmed by debt and don’t think there is a feasible way out, then you may find that declaring bankruptcy in Oregon is your best choice. Chapter 7 bankruptcy, or liquidation bankruptcy, will wipe away all the debt that you hold, giving you a chance at a fresh start. Of course, certain debts such as student loans and back taxes may not be expunged. Chapter 7 bankruptcy may only be filed by an individual once every eight years. When you file for Chapter 7, all of your property becomes subject to be taken by your creditors. The good news is that each state has different exemptions which may be declared so that most, if not all, of your property will be safe.
Filing for bankruptcy in Oregon really isn’t as difficult as it may sound, but it does take a bit of work on your behalf. In order to make things easier for you, as well as making sure you get the best results in your trial, it is important to first contact a lawyer. Find a good lawyer that has plenty of experience in bankruptcy law. Next, you will have to gather up all of the needed paperwork that includes information such as how much you owe each of your creditors, a list of your major assets and personal property, and how much you make and your source of income. This information is then used to fill out certain forms such as your petitions, and the needed schedules as well. These forms are them filed with the Oregon district bankruptcy court.
The next step of filing for bankruptcy in Oregon is the 341 hearing. This is a short hearing that consists of you, your creditors, the trustee in the case, and your attorney. This isn’t as bad as it sounds, and shouldn’t be too stressful. You will be under oath though and must answer any questions asked of you truthfully.
Finally, it is important that you understand the many different exemptions that you may declare when filing for bankruptcy in Oregon. Exemptions consist of property that your creditors may not take from you in order to pay off your debts. Examples include: homestead to $30,000, books, pictures, musical instruments, clothing jewelry, tools of your trade, household goods and furnishings, animals and poultry, burial lots, and workman’s compensation payments.