Nobody ever looks forward to filing a bankruptcy petition. However, there are situations where there is no alternative but to file for bankruptcy. In such situations, it will help you to collect all financial data and organize them.
More and more people today are finding themselves under the debt trap. This is because of dwindling wages, lay offs, less investment returns, falling property rates, medical expenses or even increase in divorce rates. Many families across the country are suffering the effects of the Great Market Meltdown during the past few months. This has led to more and more people filing for bankruptcy.
The Bankruptcy law had made some changes in the year 2005. UnderOregon Chapter 7law, to become eligible you need to pass a means test. This test is conducted by a bankruptcy trustee who determines whether you have the means to repay or not. Everybody cannot become eligible since the Bankruptcy Abuse Protection and Consumer Protection Act came into existence from 2005 onwards. This law requires all the debtors to undergo a credit counseling class before filing for a bankruptcy petition. The program is designed to ensure that the debtors know their financial condition and does a reality check.
Likewise,Oregon Chapter 7 law also requires a debtor to undergo a financial management class before receiving a discharge from the court. This would help the debtors to develop skills about how to manage their money.
