No individual ever wants to file a bankruptcy petition. However, there are situations where you have no choice but to file for a bankruptcy petition. In such situations, it would help you to gather all financial information and organize them systematically.
It is difficult to decide between Chapter7 and Chapter13 before filing for a bankruptcy. Chapter-7 is meant for liquidation of property whereas Chapter-13 deals with reorganization of credit. Ask yourself as to what is the intention of filing for a bankruptcy. This question will help you find a way.
Some of the characteristics of Oregon Chapter7 bankruptcy law are:
1. This is the most common type of Bankruptcy filing.
2. It accounts for nearly 65% - 70% of consumer banking filings.
3. In most cases, it is liquidation or straight bankruptcy.
4. It is a faster way of starting afresh in life.
In most cases assets could be exempt within four months from the date of filing the bankruptcy petition. During this period the court grants an automatic stay where your creditors have no right to establish any kind of contact with you.
Oregon Chapter7 is best for people who have medical or credit card bills to pay and property rents to make. It is suitable for people who have little or no assets other than the normal furniture, clothing and other supplies. It also suits who have very little or no income at all.
