Chapter 7 Bankruptcy Attorney Oklahoma City
In addition to Oklahoma City, we also handle cases in:
Bethany | Mustang | Newcastle | Nichols Hills | Noble | Norman | Piedmont | Purcell | Shawnee | Tuttle | Village | Warr Acres | Yukon | Stillwater | Chickasha | Choctaw | Del City | Edmond | El Reno | Guthrie | Jones | Langston | McLoud | Midwest City | Moore | Mustang | Newcastle | Nichols Hills | Noble | Norman | Piedmont | Purcell | Shawnee | Tuttle | Village | Warr Acres | Yukon
and other areas of Oklahoma
Chapter 7 Bankruptcy Attorney. Chapter Seven personal bankruptcy many times known as “straight” Bankruptcy– it cancels your current debt, but one has to let the bankruptcy court liquidate some of an individual’s possessions for the advantage of your debt collectors. (“Chapter 7” pertains to the section of the particular federal government Bankruptcy Code which has the bankruptcy legislations.) One of the biggest reasons for bankruptcy is due to overwhelming medical bills.
The complete Chapter Seven individual bankruptcy progression normally takes approximately a third to half a year and entails just a single trip to the courthouse. It is extremely important to hire a GOOD chapter 7 bankruptcy attorney if you want to successfully go through the Chapter 7 bankruptcy process.
A person will also have to undertake credit counseling using a particular organization approved by a bankruptcy Trustee. Chapter 7 bankruptcy attorney Oklahoma City can refer you to a really good credit counselor where you can do your requirements.
Chapter 7 Bankruptcy Attorney in Oklahoma City
An individual won’t end up being able to use the Chapter Seven individual bankruptcy if one previously received a personal bankruptcy discharge during the previous 6 to 8 years depending which sort of bankruptcy a person submitted) or if depending on your earnings, bills, as well as debt burden, an individual might complete the Chapter 13 payment deal. A good chapter 7 bankruptcy attorney can help you navigate the somewhat complex bankruptcy system so that you won’t make any mistakes that make your situation worse.
Filing for Chapter 7 individual bankruptcy places an “Order into effect for Relief” — recognized as the “automatic stay ” It automatically halts most collectors from attempting to collect everything that is yours. So, at minimum creditors can’t legally take hold of an individual’s income, clean your account of the bank, go to a person’s car, home, or additional premises, or cut off an individual’s utility services or welfare benefits.
By hiring a good chapter 7 bankruptcy attorney, you are going to be putting your property and the financial obligations of yours into the hands of the individual bankruptcy court. One can’t put up for sale or even give away the property you possess when you pay off your current pre-filing bills, without the court’s approval. Having said that, with little exceptions, you will be able to accomplish exactly what you want with the property you receive and earnings you get paid when you hire a good chapter 7 bankruptcy attorney.
A week after you file, you are going to be given notice that “creditors meeting” has already scheduled. Bankruptcy trustee goes through the conference and may ask queries after swearing you concerning your bankruptcy in addition to the documents you filled out.
However, like all other chapters of bankruptcy, this does have its downside. It can attract multiple penalties, and before filing for your bankruptcy under this chapter, you need to know the penalties that can come along with this bankruptcy chapter.
Chapter 7 Bankruptcy Can Affect Your Spouse
Though this isn’t common in some cases, your spouse may be affected by your chapter 7 bankruptcy. The law in certain states such as Arizona, California, Idaho, Louisiana, Nevada, and New Mexico affects both you and your spouse. This happens when your spouse is responsible for your debt or is contractually bound to it such as when they co-sign or act as a guarantor to your debt. However, you can claim exemptions under certain conditions. Another way that it can affect your spouse is when they are using a supplementary credit card as these have the same account number as yours, and they stand to lose the cards. This is another reason why it is extremely important to hire a good chapter 7 bankruptcy attorney.
Chapter 7 Bankruptcy Attorney
Chapter 7 Bankruptcy: Poor Credit Score
One of the biggest downsides of filing for bankruptcy is to do with your credit score. Once you have filed for bankruptcy, it becomes a matter of public record, and this will become a part of your credit score or in other words make your credit score poor. It will be listed against your credit history for ten years which worsens your chances of getting loan easily. Also, you will not be able to file for bankruptcy again for eight years after the initial filing. This might also lead you to lose your credit cards as the issuing company has the discretionary right to issue or deny you a credit card.
Chapter 7 Bankruptcy Attorney
Chapter 7 Bankruptcy Lawyer: Properties and Assets Might Be Ceased
Once you have filed for the bankruptcy under chapter 7 many of your assets might cease to exist. This can include your property and vehicles. They might be liquidated by the trustee to make payments to your creditors. You might be allowed to keep some of your assets, but this might vary depending on the jurisdiction of the state and amount of money that you owe to your creditors. You also need to keep in mind that this type of bankruptcy filing doesn’t relive you of certain types of debts such as alimony, child support, drunken driving debts, student loans and income tax debt which you will have to keep paying.
Chapter 7 Bankruptcy Attorney
There are barriers to filing for the Chapter seven bankruptcy protection and receiving the benefits of a fresh financial start and putting an end to harassing creditors and wage garnishments. Requirements for filing a Chapter 7 bankruptcy include:
- You must complete a credit counseling session by phone, the internet, or in person from an approved counseling agency within the previous six months;
The state in which you are filing must have been your place of residence for the previous 90 days. If you have not resided in the state for 90 days then you may file in the state where the majority of your assets have been located for the last 180 days or where your principal of business is located;
You have not had a previous bankruptcy dismissed within the last 180 days for (1) failure to appear before the court of failure to obey court orders, or (2) voluntary dismissal after a creditor requested relief from the stay;
Not having a discharge in a Chapter 7 bankruptcy which was filed within the last eight years;
Either not have filed a Chapter 13 in the past six years where you received a discharge, or have received a discharge in Chapter 13 but paid 70% or more to your unsecured creditors;
Average monthly income over the last six months is less than the median for your county OR the average monthly income for the last six months minus allowable expenses is not enough to pay one-quarter of your debt over the next five years;
Not be a financial institution, a railroad, nor an insurance company;
The requirements for who can and cannot file for the Chapter seven bankruptcy protection are found in the federal code of bankruptcy. Failing to meet one or more of the requirements does not necessarily mean that you cannot receive bankruptcy protection, it may mean that you have to file a petition under another Chapter of the Code.