What is Chapter Seven Bankruptcy?
Chapter 7 of the U.S. Bankruptcy Code creates the easiest and most affordable bankruptcy procedure available for individuals or married couples. Sometimes called clean slate or liquidation, Chapter 7 bankruptcy allows filers to quickly resolve a critical financial situation. In Chapter 7, a court-designated trustee oversees distribution of available assets among creditors, with exempt assets secured against liquidation. Guided by an Oklahoma bankruptcy attorney, filers can avail themselves of Oklahoma’s broad Chapter 7 exemptions. Financial Freedom Bankruptcy clients in most cases need not lose any assets in the liquidation process. Chapter 7 filers enjoy a full discharge of all of their unsecured debts.
Eligibility for Chapter 7 bankruptcy in Oklahoma depends on a means test. The Chapter 7 means test evaluates household income, how many dependents you support, your expenses and a few other elements. Our Chapter 7 bankruptcy attorney in a brief consultation can quickly establish if you are presumptively qualified for Chapter 7. Call Freedom Financial Bankruptcy Lawyers of Tulsa at (918) 786-9600 to learn if you are qualified for Chapter 7 discharge.
When you retain a Financial Freedom Bankruptcy Lawyer, you gain a personal legal adviser who can analyze details of your financial position so you can enjoy the full protection of the law that exempts your vital assets from liquidation. Your primary residence, your household furniture, domestic accoutrements, some jewelry, clothing and your automobile are all exempt to various extents. Pensions, IRAs, 401(k) accounts and other retirement accounts can be exempt. A skilled, experienced and dedicated Oklahoma bankruptcy lawyer can advise you which assets are exempt and how to make the most of your exemptions under Oklahoma bankruptcy law.
What Does it Mean to Discharge Debt?
Simply put, to discharge debt means you no longer owe the debt. Chapter 7 bankruptcy provides a means to discharge most unsecured debts. To be out from under consumer debt is relief enough in itself. Beyond escaping the nagging knowledge that you owe an insurmountable debt, discharging your debts means you no longer must endure the endless noise of creditors vying for payment.
After you discharge your debt – even before you discharge your debt if you file Chapter Seven bankruptcy – creditors can not call you. Creditors can not write you. Creditors can no longer file a lawsuit against you. Your debts are gone and so are the creditors.
Not only are your creditors gone, if they continue to bother you after you have discharged your debt to them, they might owe you. A creditor who wrongfully contacts you once a Chapter 7 bankruptcy filing is formalized can be forced to pay you damages. Creditors who violate collection rules during or after a bankruptcy can also be required to pay attorney fees to the lawyers hired to stop their violations. That means you pay nothing out of pocket to stop violators and lawyers have every reason to go after creditors who refuse to follow the rules.
As with everything, there are exceptions. Exempt property under a Chapter 7 bankruptcy can still be the subject of a lien or other security interest. Liabilities reaffirmed during a Chapter 7 remain enforceable, but with more burdensome debts out of the way – and with the benefit of credit management experience you gain from a bankruptcy filing – you are in a better position to keep up payments on your most important assets.
Free Debt Relief Analysis: Tulsa Bankruptcy Lawyer
To learn if you qualify for debt relief under Chapter Seven of the U.S. Bankruptcy Code, contact a Tulsa bankruptcy attorney at Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible. We can quickly assess your eligibility, advise you of the cost, explain the process and, if you decide bankruptcy is the best way to move forward, schedule an appointment to begin an affordable bankruptcy filing. To receive your free initial bankruptcy analysis, call Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.
