| Means Test If you make above the median income in the state of Oregon (based upon family size) you may be barred from filing a Chapter 7 bankruptcy. You will still be allowed to file for Chapter 13. The chart below shows the median family income for Oregon in early 2009. Note: the amounts shown below are just a starting point. Depending on your situation, you may still be able to file a Chapter 7 bankruptcy even if you make more than the median income level. Contact the Law Office of Jeffrey Totten for further information. Family Size Median Family Income 1 $43,506 2 $54,235 3 $58,789 4 $70,046 5 $76,946 Chapter 7 Basics Chapter 7 is the most common form of bankruptcy. The end result of a Chapter 7 filing is the discharge (elimination) of most consumer debts. Exemptions Under Oregon law creditors may not take all of your possessions, no matter how much money you owe them. Different types of property have different exemption levels. The most important exemptions are listed below: Item Exemption House $30,000 indivual ($39,000 joint-debtors) Motor Vehicle $2,150 indiv or 4,300 joint-debtors Home Furnishings up to $3,000 Books, pictures, musical instruments up to $600 indiv or $1,200 joint Clothing, jewelry up to $1,800 indiv or 3,600 joint Tools of trade up to $3,000 indiv or 6,000 joint "wildcard" $400 in any other personal property The Process First, it is wise to meet with an attorney to discuss bankruptcy in general and your options in particular. If you decide that bankruptcy might help your situation, you will receive a bankruptcy questionnaire to fill out. Fill this out and return it to the law office. Under the new bankruptcy laws it is now necessary to speak to a credit counseling agency before filing for bankruptcy. This can be done over the phone or online. It will usually take about half an hour. When you have completed credit counseling a certificate of completion will be sent to you or the Law Office of Jeffrey Totten. The bankruptcy petition will then be prepared and filed with the bankruptcy court. At this time, an "automatic stay" goes into effect. This prevents your creditors from contacting you about the debts you owe them. About a month after filing you will attend a "341(a)" hearing. This is a short, but formal, meeting with a trustee. The trustee will ask you (under oath) about your finances and your creditors will have a chance to ask you questions as well, although creditors rarely attend these meetings. Before you can receive a discharge, you must complete a Debtor Education class. This can be done over the phone or online. Finally, approximately two months after the 341(a) hearing, you should receive discharge papers from the Bankruptcy Court. Chapter 13 Creditor Harrasment Your Credit Score |
Disclaimer: The information given above is for educational purposes only and should not be
construed as legal advice.
construed as legal advice.
Bankruptcy Information
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| Click here for answers to Frequently Asked Questions |
| Click here to fill out a Free Online Bankruptcy Evaluation |