Norman Chapter 7 Bankruptcy Lawyer
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A financial fresh start. For many people struggling with mounting debt, it can be difficult to imagine life with a clean financial slate, without the stresses of credit card debts or an unsustainable loan payment.
Understanding Chapter 7 Bankruptcy
Chapter 7 is a liquidation of personal assets and helps individuals, partnerships and corporations with no hope for repairing their financial situations. Liquidation involves the appointment of a trustee who collects the nonexempt property of the debtor, sells it and then distributes the proceeds to creditors. Your car and primary residence can be declared exempt and retained. You must qualify under the Oklahoma State Income Median or pass the Means Test for a Chapter 7 Bankruptcy. The Means Test involves a set of formulas used to determine if you have the ability to pay your debts. If you are found to be able to pay, you cannot file for Chapter 7 bankruptcy. However, our attorneys understand the median income requirements for Chapter 7 and how to craft the means test to see that you fall within the parameters.
Advantages to Chapter 7:
- The efficient process of a Chapter 7 allows you to resolve your financial issues quickly, and carry on with your life in a relatively short period of time.
- Complete discharge. You do not have to worry about making any future payments.
- You can retain your salary and future earnings.
- Exemption laws allow you to retain much of your personal property and can postpone foreclosure.
Contact Our Norman, Oklahoma, Office For A Clean Financial Slate
At Allen & Mills, PLLC, our team of experienced bankruptcy attorneys can empower you to take control of your finances. Call us to schedule a consultation by dialing 405.701.8856 or reach us by sending an email through our online contact form.