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Different events impact your credit score. If you default on an account or file for bankruptcy, you will see your credit score take a hit. However, that is where the similarities end. Defaulting occurs when you fall behind on a required payment, such as a car loan or mortgage. Bankruptcy is a legal process to […]
The post What’s the Difference Between Default and Bankruptcy in California? appeared first on The Bankruptcy Group, P.C..

Debt is a personal thing. The amount of debt that is manageable for one person is overwhelming for another. While there is no minimum amount of debt necessary to file for bankruptcy, there are other important factors to consider to determine if filing for bankruptcy is practical. Often, the best what to figure out whether […]
The post Is There a Minimum of Debt in Order to File for Bankruptcy? appeared first on The Bankruptcy Group, P.C..

Dischargeable debts are debts that you owe which the Bankruptcy Code allows to be wiped out or erased. When you file for bankruptcy, you are immediately granted bankruptcy protection even if your debts are not eliminated yet. Filing in Oregon gives you protection from:

• Harassment from your creditors or debt collectors
•  Collection agencies
•  Stop Foreclosure of your house or home
• Repossession of your car and other personal properties
•  Wage garnishment
• Termination of utility services or restoration if such services are already terminated.

What are Debts that are Dischargeable in Oregon?
Some debts are subject to a bankruptcy discharge, which means that these can be wiped out.  These are:

• Attorney fees
• Business debt
• Charge accounts that revolve (exemptions are extended payment charges)
• Claims for vehicular accidents
• Court judgments (for civil cases)
• Collection agency accounts
• Consumer-credit
• Credit card debt
• Debts you owe for lease such as rent dues
• Deficiency balance for repossession
• Dishonored checks  (if not done in fraud)
• Medical bills
• Overpayments and assistance loans for veterans
• Overpayments for Social Security
• Personal loans or liabilities
• Student loans relief if you experienced undue hardship
• Tax penalties and other unpaid taxes
• Unsecured debts
• Utility bills

What Debts are Non-Dischargeable in Oregon?
While there are certain kinds of debts that can be eliminated, there are different types of debts that are considered non-dischargeable such as:

• Child and spousal support
• Alimony
• Tax debts that are fraudulent
• Student loans

For debts that were acquired intentionally or through fraud, even if it is generally considered as dischargeable, due to the element of fraud or willful acts, such dischargeable debt would become non-dischargeable.
When Do I Need to File for my Debts to be Discharged?
In Oregon, timing is important when filing so that what you owe will be wiped. In case you filed for bankruptcy, all the debts included in such paperwork can be discharged upon the approval of bankruptcy court. However, if you did not include certain dischargeable debts in your petition, they will not be removed. Also, if you incurred debts after your bankruptcy petition, they will not be subject to discharge, and you will need to pay off what you owe your lender.
Can you Discharge Secured Debts?
Yes. Secured debt can be discharged in Oregon but the property used as security will go to your creditor. The reason being it is the creditors’ right to obtain ownership of your property until you can pay back what you owed. Furthermore, secured debts are debts where the debtor gives security or collateral for the loan acquired. The most common types of secured debts are mortgages and auto loans in which the item being financed becomes the collateral for the financing. Unsecured debts on the other hand are those that you can usually discharge for they do not have collateral or security.
How to File Bankruptcy in Oregon?
While filing for bankruptcy does not require one to have a bankruptcy attorney, working with a bankruptcy lawyer will greatly help you because bankruptcy law can be very complex. Small mistakes can lead to your petition for bankruptcy being denied, wasting all the time, money, and effort you put in. Here at Northwest Debt Relief Law Firm, our competent bankruptcy attorneys will walk alongside you in your journey to debt relief and a fresh start. Our Oregon bankruptcy lawyers will help you not just before a bankruptcy filing, but also after the discharge. Our lawyers can provide reliable legal advice on matters such as how to rebuild credit, buying a house after bankruptcy, and more. Call us now for a free legal consultation.
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The post What is a Dischargeable Debt in Oregon? appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief Law Firm.

Bankrupt individuals who are struggling financially aspire to pay off all types of debt to have a fresh start. Everyone wants to experience financial freedom and have a debt-free life. If you are unable to pay back your outstanding debts to creditors, you have the option to file bankruptcy as the last resort to solve debt problems. The bankruptcy filing allows you to pursue debt settlement and restructure your finances. It is a legal process that is designed to help a debtor eliminate a part or all of the total amount that they owe to their creditor.
There are different types of bankruptcy that you can choose from depending on your financial status. The most common types are Chapter 7 and Chapter 13 bankruptcy. You have to select the most appropriate bankruptcy chapter that will result in total debt repayment.
Bankruptcy rules differ from state to state. In Oregon, there are certain criteria that you need to meet before you can file for bankruptcy. Here are some of the requirements that you must prepare for the bankruptcy filing process:

1. Bankruptcy Forms
2. Credit Counseling and Debt Management Course
3. Bankruptcy Exemptions
4. Means Test
5. Median Income in Oregon
6. Standard Deduction Figures
7. Oregon Bankruptcy Court

Bankruptcy Forms
You may begin your bankruptcy filing by accomplishing the official online bankruptcy forms. You need to fill out the form with the complete details of your current financial situation. You need to declare all your assets, liabilities, monthly income, living expenses, bank account information, credit card debt, loan debt, and property transactions. You need to ensure that all information and figures in your paperwork are accurate before you submit it to the local bankruptcy court. A competent Oregon bankruptcy attorney can assist you in such filing.
Some bankruptcy courts require bankruptcy filers to accomplish additional “local forms.” You may contact the bankruptcy filing clerk to check if your court needs additional requirements and information. Some courts post these forms online on the court’s website.
Credit Counseling and Debt Management Course
Before qualifying for any bankruptcy chapter, you are required to complete credit counseling sessions from accredited credit counseling agencies within the grace period of 180 days before filing for bankruptcy. Furthermore, it is mandatory to take a debt management education course after bankruptcy or before receiving your bankruptcy discharge.
Bankruptcy Exemptions
The rules on bankruptcy exemptions vary from each state. These rules can help you determine the amount and type of property you are allowed to keep when you declare bankruptcy in Oregon. These exemptions play an important role in calculating the amount that you will repay to unsecured creditors under bankruptcy Chapter 13.
Means Test
When you file bankruptcy Chapter 7, you must pass the “means test”. In this test, your monthly income will be compared to the average or median income of typical household size in Oregon. If your monthly income is lower than the state’s median income, then you are qualified to file Chapter 7 bankruptcy.
On the other hand, if the income of your family is greater than the median income, you may still be qualified to pass the means test after you deduct the allowable living expenses. If you file Chapter 13 bankruptcy, you have the option to select a repayment plan for three years instead of five.
Median Income in Oregon
In Oregon, the single-person household median income is $42,877, while for a two-person household, the median income is $52,316. The value increases based on the size of your family and it must be updated regularly. It is advisable to consult a competent Oregon bankruptcy lawyer to know about the latest figures and requirements.
Standard Deduction Figures
Forms 22A and 22C specify the categories of allowable living expenses which include rent or mortgage (housing), healthcare, and food. Some categories like child care or child support, require you to make a list and subtract the exact amount that you need for spending. In other categories, you set a prearranged amount that will be used as a national standard based on your county of residency.
Oregon Bankruptcy Court
The bankruptcy courts in Oregon are located in Portland and Eugene. You can file your complete bankruptcy paperwork in the present location where you live for the past 180 days or the location where you were domiciled.
The Role of Bankruptcy Attorney
Filing for bankruptcy requires a lot of hard work and effort. It is a step-by-step process that will help you solve your financial problems. You need to focus on debt repayment and reorganization of your finances. It is crucial to understand the bankruptcy laws implemented in your state to avoid unnecessary errors and penalties in your bankruptcy filings. You have to ensure that all the personal and financial information is accurately declared. For legal help in your bankruptcy filing, do not hesitate to schedule a consultation with an experienced Oregon bankruptcy attorney at Northwest Debt Relief Law Firm. Our lawyers will guide you throughout the whole bankruptcy process from the beginning until the end.
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The post Bankruptcy Filing in Oregon appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief Law Firm.