The purpose of this form is to show creditors the dire financial situation that the debtor is in so as to induce the creditors to compromise or write off the debt due.
The Oregon Debtor's Affidavit of Financial Status to Induce Creditor to Compromise or Write off the Debt which is Past Due — Assets and Liabilities is a legal document that provides a detailed overview of an individual's financial situation. This affidavit is designed to convince creditors to compromise or write off past due debts by demonstrating the debtor's inability to pay the full amount owed. Keywords: Oregon, Debtor's Affidavit, Financial Status, Induce Creditor, Compromise, Write off, Debt, Past Due, Assets, Liabilities This affidavit is an essential tool for debtors seeking relief from overwhelming financial burdens. By disclosing their assets and liabilities, debtors can present a comprehensive picture of their financial capabilities, thereby persuading creditors to consider alternative options for debt resolution. Key components of the Oregon Debtor's Affidavit of Financial Status include: 1. Personal Information: The affidavit begins by providing essential personal details such as the debtor's full legal name, address, contact information, and other pertinent identifying information. 2. Statement of Debt: Debtors must clearly outline the specific debt they are seeking to compromise or write off. This includes providing information about the creditor, the amount owed, the due date, and any related account numbers. 3. Financial Snapshot: Debtors need to provide a comprehensive overview of their current financial situation. This includes disclosing their monthly income, expenses, and any additional sources of income. Relevant financial information, such as employment status or business ownership, should also be included. 4. Assets: Debtors must provide a detailed inventory of their assets. This can include real estate properties, vehicles, bank accounts, investments, and any other valuable possessions. Accurate valuations should be provided, ensuring transparency in assessing the debtor's total financial worth. 5. Liabilities: Debtors are required to disclose all outstanding debts and creditors. This includes loans, credit cards, mortgages, and any other financial obligations they have. The total amount owed and monthly payment obligations for each liability should be clearly stated. 6. Financial Hardship Explanation: Debtors should utilize this section to explain the specific circumstances that have led to their current financial hardship. This may include unforeseen medical expenses, job loss, divorce, or other significant life events that have impacted their ability to meet financial obligations. 7. Request for Compromise or Write-off: The final section of the affidavit outlines the debtor's specific request for compromise or write-off of the debt, providing supporting reasons why such relief is warranted based on their documented financial situation. Different types of Oregon Debtor's Affidavit of Financial Status may exist depending on the purpose or nature of the debt. For example, there may be specific affidavits for mortgage debts, credit card debts, personal loans, or business debts. Each affidavit may require tailored details and supporting documents to accurately represent the debtor's financial status. It is important for debtors to consult with a legal professional familiar with Oregon's specific laws and regulations regarding debtors' affidavits to ensure the accuracy and effectiveness of their documentation.
