Attorneys and Debt Relief by Chapter 7 Bankruptcy
Are you behind on paying your bills? Are you currently considering legal debt relief options? Let our Oklahoma bankruptcy attorneys in Tulsa help you. The bankruptcy attorneys at EZ Oklahoma Bankruptcy have helped several Oklahoman’s find debt relief solutions that provide them with a fresh financial start. When you retain an attorney from EZ Oklahoma Bankruptcy Law Office, he or she will work diligently to help you eradicate your debts while preserving your lifestyle. Call (918)637-1546 or fill out this form to speak with a bankruptcy attorney today.
Chapter 7 Bankruptcy Debt Relief
Under Oklahoma State and federal law, qualified unsecured and secured debts can be discharged under chapter 7 bankruptcy. Unsecured debts are debts that are not linked to property. Such debts may consist of the following: medical bills. credit card debts, utility bills, collection agency accounts, student loans (only in a limited circumstances), business debts, tax penalties and unpaid taxes, unsecured loans, most judgments, and balances on repossessed property.
Secured debts are debts that are linked to property in which you own (collateral property). Thus, if you default on a loan, a creditor can seize the collateral property. Such debts may consist of the following: home mortgage, car loans, store charges which contain a security agreement, and personal loans from finance companies in which you pledged personal property or real property in order to secure the loan. Discharging such debts in bankruptcy will give you the fresh financial start you are looking for.
Debt Relief by Chapter 7 Bankruptcy Oklahoma Requirements
There are several steps you must take to properly have your debts discharged under chapter 7 bankruptcy in Oklahoma. During your initial consultation with our bankruptcy attorney, the attorney will determine whether you are eligible for the discharge of your debts under chapter 7 bankruptcy.
First, the attorney will ask you whether or not you have filed for chapter 7 bankruptcy within the past 8 years. If you have, you will not be permitted to file for chapter 7 debt relief. Instead, you will have to see if you qualify to file chapter 13 bankruptcy (you can file for chapter 13 bankruptcy 4 years after the date of your chapter 7 bankruptcy discharge).
If you have yet to file for chapter 7 bankruptcy, your attorney will then determine whether or not you meet the monetary threshold to file for bankruptcy relief. You will have to take the “means test” to determine whether or not your yearly income is below the Oklahoma median family income in order to qualify.
Prior to your bankruptcy petition being filed, you will have to attend a credit counseling course. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, all consumers who file for chapter 7 bankruptcy must take a credit counseling course within six months BEFORE filing a chapter 7 bankruptcy petition.
You must take a course that is approved by the Department of Justice U.S. Trustee Program. You can take the course online, by phone, or in person. The course will review your current financial situation, alternate debt relief options besides bankruptcy, and a personal budget plan. Upon completing the course, a Certificate of Completion will be presented to you which must be filed with your bankruptcy petition.
Oklahoma Chapter 7 Bankruptcy Filing
Upon determining that you qualify to file for chapter 7 bankruptcy in Oklahoma, our attorney will begin to prepare your bankruptcy petition.
Our attorney will collect all of your financial information relevant to your petition such as a credit report, monthly bill statements, and bank account statements. Once your petition is filed, an automatic stay will be enacted. The automatic stay protects you from creditors collecting pre-existing debts from you. It also prohibits creditor harassment, wage garnishments, and possible foreclosure during your declaration of bankruptcy.
After your petition is filed, you will be appointed to a bankruptcy trustee that will oversee your case. The trustee’s main goal is to ensure your creditors are paid as much as possible prior to the discharge of your debts.
Your trustee will administer a “341 Meeting of Creditors” in which the trustee will ask you a variety of questions pertaining to your assets and debts. The trustee may take possession of non-exempt assets you own and sell them to pay your creditors. Within 60 to 90 days of your creditor’s meeting, your debts will be discharged under court order if no objections are made by your creditors.
Contact Our Bankruptcy Attorney
For more information on whether or not you should file for chapter 7 bankruptcy in Oklahoma, contact our law office. Call (918)637-1546 or fill out this form to speak with a bankruptcy attorney today.