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| Oregon |
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In case you have not heard, the bankruptcy laws were drastically modified in 2005 to adapt to Americans changing attitudes toward debt. The goal was to deter people from declaring bankruptcy with the same readiness, and Congress did this by making the process of filing much more difficult and unattractive. The major difference between the new and old bankruptcy is that consumers can no longer choose which chapter they want to file, at least in some cases. Under the new bankruptcy rules, consumers who bring in more money than the median income of their state, in this case Oregon, can be required to file Chapter 13 bankruptcy, which is essentially a reorganization of the what they owe, not a debt or loan elimination as is often the case with Chapter 7 bankruptcy. Since Chapter 13 usually means the debtor is required to pay off part of them at the very least, most consumers try to do anything in their power to file Chapter 7 instead, especially for credit card debt and unsecured bills. Detailed below is the median income information for Oregon as of 2006: 2-person families: 51,762 3-person families: 58,033 4-person families: 64,832 5-person families: 59,787 6-person families: 59,687 7-or-more-person families: 54,815 Not so sure that bankruptcy is in your best interests? Let PayingPaul.Com match you with a debt advisor for a free, no obligation consultation about the various choices available to you. Fill out a form today! You can also check out these resources about credit debt in Oregon: Oregon Consumer Credit Counseling Services Oregon Bankruptcy Laws Oregon Debt Collection Oregon Bankruptcy Stats 2004: 23,603 2005: 31,527 2006: 7,284 Oregon, like every other state, witnessed a major drop off in the number of bankruptcy cases filed in 2006 versus 2005. When it was all said and done, the total filings declined by 76.8%, which amounted to 24,243 less cases than the year prior. Evidently bankruptcy reform was a whopping success, at least from the standpoint of creditors and legislators. For consumers, it is another story. With new laws making Chapter 7 more difficult to file and attorney fees rising to account for the more complicated nature of bankruptcy law, more consumers are seeking the help of credit card debt consolidation companies to alleviate their financial problems. |