Chapter 7 Debt Discharge

What is Chapter 7 Debt Discharge?
If you are considering filing for a Chapter 7 bankruptcy in Tulsa it is important to talk to an experienced and qualified Oklahoma bankruptcy attorney to see if you qualify under the new Bankruptcy Reform Act of 2005. As experienced bankruptcy lawyers who have helped thousands of Oklahomans like you, we can help you determine if you are eligible to find debt relief under Chapter 7 of the U.S. Bankruptcy Code. Bankruptcy Chapter 7 is also commonly known as a  fresh start  bankruptcy because it allows an individual facing serious financial crisis to make just that a fresh start.  It provides immediate relief and is generally a quick process that lasts only about 90 days.

Filing for bankruptcy Chapter 7 will stop creditors from harassing you with calls, lawsuits, wage garnishing, or the threat of taking away your home or automobile. As soon as a petition is filed, bankruptcy laws invokes an  automatic stay  halting creditor activity.

In order to qualify for a Chapter 7 bankruptcy, you must have little or no disposable income. In other words, if the amount you earn is approximately the same as your expenses for housing, car payments, food, utilities, insurance and other expenses, you may meet the necessary requirements for Chapter 7.  There is a “means test” calculation that Robinson Law PC will help you complete to determine if you are eligible to file under Chapter 7 or, alternatively, some other chapter.

The Chapter 7 bankruptcy option allows a trustee to administer (liquidate or sell) any property that isn’t protected under state and federal law and distribute the proceeds to satisfy part of your debt. In most cases, we find that creditors have “no assets” for the trustee to administer after you take all allowable exemptions.  Robinson Law PC will guide you and explain what property the law allows you to keep.

Chapter 7 bankruptcy will also allow a debtor to discharge most debts, freeing the individual from repaying the debt.  Some debts are not dischargeable though, including current (under 3 yrs old) tax debt, child or spousal support, and guaranteed student loans.

Contact us at Robinson Law PC today to get started on your “fresh start”!