In order to live the lifestyle that people want to live in Oregon, they need money. People need money to pay rent or mortgages, to pay utilities, food, gas, health insurance and medical expenses, entertainment and many of things in life. However, these things continue to become more and more expensive and income and wage levels do not necessarily increase at the same pace. Even minor setbacks can cause people to use credit cards and incur other forms of debt in order to keep up.
Many credit cards have high interest rates as well, which means that as the debt increases it can be even more and more difficult to pay off and may lead to people needing additional credit cards to get by. Soon it may become over-bearing and can seem like there is no way out. This can make it very difficult to try and build for the future. However, there is a way that people may be able to obtain a fresh start. People with high amounts of debt may be able to have their debt discharged through Chapter 7 bankruptcy.
Not everyone automatically qualifies for Chapter 7 bankruptcy though. People who earn too much may not qualify. Also, people who have had a previous divorce petition dismissed within 180 days of the current petition do not qualify. Another requirement to qualify for chapter 7 bankruptcy is that the person needs to complete credit counseling within 180 days prior to filing bankruptcy. If people meet these qualifications, they may be able to file for Chapter 7 regardless of the amount of the debt or whether they are solvent or insolvent.
There are many people in Oregon who find themselves with high amounts of debt in order to simply keep up with life. This can make it seem like they will always have the debt and not ever be able to live a life they want to live. However, people can achieve a fresh start by filing for Chapter 7 bankruptcy and discharging their debt. This may be able to allow them to build that life they thought was not possible due to their debt. It is important that the process is done correctly though and experienced attorneys may be a useful resource.