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Can you file for Chapter 13 bankruptcy?

If you need to file bankruptcy in Oregon, a Chapter 13 filing may be the right choice for you. According to the Oregon State Bar, Chapter 13 is a type of bankruptcy that you can use to repay some or all of your debts while finding protection from creditors. This is in contrast to the more commonly used Chapter 7, which liquidates all of your non-exempt assets in order to pay off creditors. While both have their advantages for certain situations, you may find Chapter 13 to be the right choice for you.

 

Oregon law is specific about who is and who is not eligible to file for Chapter 13 bankruptcy. The Oregon State Bar reports that you can only file under this law individually, with your spouse or as the sole proprietor of a business. Partnerships and corporations do not qualify. Additionally, in order to qualify, you must have a regular income from any source. This includes income from employment, child support, alimony or government benefits. You must also have secured and unsecured debts that are less than the legally specified amounts at the time you file. These amounts periodically change, so it is imperative that you are sure you meet this criteria or your case may be dismissed before you find the relief you need.

 

As a Chapter 13 filer, you must meet several more requirements to find success under the law. You are ineligible to receive a discharge of your debts with Chapter 13 bankruptcy if your debts were discharged within the past two years under Chapter 13, or within the past four years using Chapter 7. Additionally, you must prove that you have completed a credit counseling course prior to filing. It is important to note that bankruptcy law is subject to change, and this information is not meant to be construed as legal advice. 

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