Oregon Instructions for Filing a Non-Individual Bankruptcy Case is a document used by businesses that are unable to pay their debts and are seeking relief from creditors. The instructions are provided by the U.S. Bankruptcy Court of Oregon and provide guidance on the process of filing a non-individual bankruptcy case. The instructions include information on how to complete the bankruptcy petition and other required documents, the filing requirements to initiate the case, and the timeline of the bankruptcy process. There are two types of non-individual bankruptcies in Oregon: Chapter 7 and Chapter 11. Chapter 7 bankruptcy is a liquidation bankruptcy where non-exempt assets are sold to pay creditors. The filing of a Chapter 7 bankruptcy petition requires a petition, schedules of assets and liabilities, and statement of financial affairs. The documents must be filed with the court and a filing fee paid. Chapter 11 bankruptcy is a reorganization bankruptcy used to restructure a business’s debt and provide a plan for repayment of creditors over a period of time. The filing of a Chapter 11 bankruptcy petition requires a petition, schedules of assets and liabilities, statement of financial affairs, disclosure statement, and a plan of reorganization. The documents must be filed with the court and a filing fee paid. Oregon Instructions for Filing a Non-Individual Bankruptcy Case provides a comprehensive overview of the filing requirements and timeline associated with these two types of bankruptcy filings. It is important for businesses to review the instructions carefully before filing a non-individual bankruptcy case in Oregon.
Oregon Instructions for Filing a Non-Individual Bankruptcy Case
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FAQ
A Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge ? meaning you no longer have to repay your debt.
This sixty (60) day period ensures that a trustee and creditors have sufficient time to conduct investigations, and the court may extend the deadline if an appropriate motion to extend the filing deadline is filed before the sixty (60) day period expires.
For most filers, a Chapter 7 case will end when you receive your discharge?the order that forgives qualified debt?about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can't protect (nonexempt assets).
A Chapter 7 bankruptcy may stay on credit reports for 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date. It's possible to rebuild credit after bankruptcy, but it will take time.
As a general rule, there is no statutory prohibition against an individual filing another bankruptcy at any time. However, the court could enter such an order (for example if you are found to be abusing the system by repeatedly filing cases solely for purposes of delay).
A Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge ? meaning you no longer have to repay your debt.
The Court enters an order discharging individual Debtors after all requirements are met, but no sooner than the last day to object to the Debtor's Discharge. This is usually 60 days after the 1st setting of the 341 Meeting of Creditors unless a motion is filed with the court to extend that time.