Oregon Debt Relief
The State of Oregon Credit Card Debt law limits the time creditors may sue over debt to 6 years. This Statute of Limitations (SOL) also applies to open-ended accounts such as Credit Card Debt. It starts from the first scheduled payment that is missed, but will restart should a subsequent partial payment be made. A summons should be answered by certified mail in 30 days or face default judgment in the creditors favor.
Oregon judgments are enforceable for 10 years and can be renewed an additional 10 years if action is taken within the time limit. They accrue interest at the rate set in the contract or interest may be set at 9%. Judgments become automatic liens against debtors’ real property. However, a homestead exemption of $25,000 for an individual or $33,000 for a couple is allowed.
The law also provides provisions for some personal property exemption.
Wages may be attached by the creditor, up to 25%, or the amount of wages exceeding $170 for any given week. Qualified retirement/ pension plans, vocational rehabilitation benefits, veteran benefits, welfare benefits, and workers' compensation benefits may not be attached.
Debt Settlement is a way for Oregon residents to negotiate an interest free payment plan to pay back the debt, rather face courts-ordered wage garnishments and property seizures. Such a plan also helps avoid bankruptcy, which is often the path taken for those strapped with a court judgment for debt. It is the last option available when all others have failed.