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The Means Test and Bankruptcy in Oregon

What is the means test?

You are now required to submit the "means test" to determine if you qualify to file for bankruptcy. This test evaluates your individual financial situation with a formula. Your assets and liabilities are measured against the Oregon State median. This does not mean that you must be destitute to be eligible to file Chapter 7. You could have a decent monthly income, but if you have extremely high expenses, you could still qualify. This can be an opportunity for those who have a very high mortgage payment to get relief. The requirement for the means test was initiated to restrict those with many assets from having the opportunity to discharge their debt. There is a 6 month "look-back" at your income in taking this eligibility test. It can be fairly complex to correctly submit, and it is advised that you get assistance from an Oregon bankruptcy lawyer from Oregon Fresh Start before submitting any information. Those who do not qualify for Chapter 7 could likely file Chapter 13.

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The median income in the State of Oregon for a single income earner is $44,230, for a 2 person family is $53,796, for a 3 person family is $59,242, and for a 4 person family it is currently $68,719. It is vital that you list all eligible deductions when submitting information. Failing to do so would mean you would not qualify for Chapter 7 and the advantage of debt discharge. Our firm can assist you with all the details so that your submission is correct - this is extremely important. There can be legal repercussions if you do not fully disclose your income from any source, property or other assets.

If you are deeply in debt with no hope of being able to pay off outstanding debt, it is very likely that you will qualify for Chapter 7. The means test is the first part of the process, and you cannot file without submitting this information correctly. We are very familiar with every part of the process of filing for bankruptcy. We make it our goal to provide the highest quality service at the least possible cost to you. Contact us for more information!

Contact an Oregon bankruptcy attorney from our firm for more information about the means test.

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Address: 913 North First Street, Hermiston, Oregon 97838 Phone: (888) 229-4108
Portland Office: 1001 SW 5th #1100, Portland, OR 97204
Bend Office: 622 NE 4th St., Bend, OR 97701