Chapter 7 bankruptcy is one way to eliminate or erase debt owed, whether it be to a financial institution, lenders, or creditors. Filing for Chapter 7 bankruptcy means you are looking to eliminate nearly all of your unsecured debt by giving up ownership of non-exempt property. When you file a Chapter 7 bankruptcy, you:
- Sell non-exempt assets, if any, that are available and hold value.
- Are allowed to keep certain property that would be considered “exempt.”
- Are discharged from personal liability for most debts from creditors.
- Are relieved of having any collection action taken against you.
Are you contemplating on filing for bankruptcy under Chapter 7? If you are a resident living in Oklahoma, we would like to help you find a nearby Oklahoma bankruptcy lawyer who can provide you with all the necessary information you are going to need prior to declaring yourself as bankrupt.
How Does Chapter 7 Bankruptcy Work?
- The debtor, which would be you, would file a petition with the bankruptcy court who is serving in the area in which you live in.
- You also need to file with the court. They are going to need:
- Schedules of assets and liabilities
- A schedule of current income and expenditures
- A statement of financial affairs
- A schedule of executory contracts and unexpired leases
- A case trustee will be assigned and you will need to provide all the tax documentation that they require.
While these are only the initial steps that are required of you when you elect Chapter 7 bankruptcy, you can read a little more about the other demands that are asked of you by visiting the United States Courts site.
Is Bankruptcy Right for You?
Here are some questions to consider and why you might benefit from hiring one of our skilled and understanding bankruptcy attorneys in Oklahoma.
- How do you know what type of bankruptcy you qualify for?
- Which method is going to be most beneficial to you?
- Is bankruptcy the most effective method for you to eliminate debt?
- Where do I begin to initiate the bankruptcy process?
If you are considering declaring bankruptcy you might be feeling a bit ashamed and even overwhelmed. But you don’t have to worry about judgment when you elect to hire an attorney through USAttorneys.com. We are considerate to the fact that sometimes life doesn’t always go as planned and unforeseen things come up. Divorce, illness, and unemployment all can contribute to financial failure and sometimes we feel bankruptcy is our only option to dig ourselves out of the hole we unexpectedly fell in.
While you might think bankruptcy is the best method to help satisfy your overwhelming debts, it is always advised that you sit down with a professional who understands both the pros and cons of bankruptcy and allow them to present those to you. Bankruptcy isn’t a common situation many deal with so you need the right kind of information that can help you to make the best decision.
Do I Quality for Bankruptcy in the State of Oklahoma?
To learn whether or not you qualify for a Chapter 7 bankruptcy or if there are other options available to help you create a way to pay back your debtors on your own terms, give us a call today at USAttorneys.
Bankruptcy is a rather complex topic and you want advice and information from only the best Oklahoma bankruptcy attorneys in the field.