Chapter 7 Bankruptcy Oklahoma

Dealing with Debt? Call (405) 725-1441 for a Free Consultation.

There are few things more overwhelming than struggling to pay debt which your income does not allow you to pay without undue hardship for you or your family. It can feel like constantly rolling a boulder uphill only to have it roll down over you without anyone there to care for your welfare. However, you do have options with the help of our firm. At Alexander Hilton & Associates, our Chapter 7 bankruptcy attorneys in Oklahoma will help you and never judge you. The trap you are in is much more common than you think. Everyone falls on hard times at some point – even the very wealthy.

Our Chapter 7 attorneys provide personalized support every step of the way and pride themselves on taking the time to sit down with you. It will only take moments for you to see and experience for yourself just how much we truly care for our clients' well-being.

How to Qualify for Chapter 7

If you are struggling against severe debt, Chapter 7 is an option, however, not everyone can file for it.

To file for Chapter 7 bankruptcy, you must be sure that:

• You pass the means test. This will determine whether or not your income is too high to file. If the your income, measured over the prior 6 months, exceeds the state median income for their household size, you may not pass the means test. However, only an experienced bankruptcy attorney can apply available means test deductions, allowances and exceptions to qualify you for Chapter 7 even if your income is over your state’s median.
• Be sure that you have completed a credit counseling course that is approved by the U.S. Trustee’s office 180 days before filing.
• You can repay some debt.
• You do not have debt discharged from a previous bankruptcy.
• You do not have a previous bankruptcy case that was dismissed 180 days ago.
• You did not defraud creditors.

If you have enough disposable income to repay your debts, you are required to have a specific amount of income left over, otherwise the bankruptcy court may dismiss your filing. In this case, Chapter 13 bankruptcy may be better.

If you are struggling with debt, DON’T WAIT. The longer you wait to get help, the more dire your situation can become. Ignoring the problem and hoping it goes away is a mistake. Call us. We will help you. We will get you out of debt.

Does Chapter 7 Wipe Out All Debt?

Financial hardship can befall anyone for any amount of reasons. From failed business ventures to medical emergencies, divorce, job loss, debt can be experienced by anyone. At Alexander Hilton & Associates, our Oklahoma Chapter 7 lawyers provide real solutions that help you regain control of your financial life and get a fresh start.

Certain debts cannot be discharged through Chapter 7,such as:

• Child support
• Recent tax debts (less than 3 years old)
• Student loans.

Can Medical Debt be Discharged in Chapter 7?

Medical debt can be discharged by filing Chapter 7 because it is considered to be a “non-priority unsecured debt”. This means that creditors with stronger claims are prioritized to receive payment than those with weaker claims. After the individual has completed the court’s requirements, the remaining debts, even if they are unpaid, may be discharged or forgiven.

How Does Chapter 7 Work?

On the day your case is filed, the Bankruptcy Court issues the automatic stay order, an injunction which immediately halts any/all creditor collection action or contact with you. This means that creditors must stop calling you. 90 days afterward, a discharge order is issued, making the injunction against collection of any debt permanent. Certain non-exempt assets can be liquidated in chapter 7. However, most filers keep all of their property.

What Property Can I Keep in Chapter 7?

Although Chapter 7 bankruptcy cases may involve liquidation of non-exempt assets, in Oklahoma, however, most filers keep all of their assets. Exempt assets may not be liquidated.

In Oklahoma, Chapter 7 property exemptions (what you can keep) include:

• Vehicles with up to $7500 in equity value per vehicle (2 x $7500 for couples)
• 100% of the equity in your home
• Clothing
• Household furnishings
• Wedding Jewelry
• Tools and equipment needed for work
• Pensions and qualified retirement accounts
• Personal injury damages
• Proceeds from Life Insurance policies
• Wages

If you have questions about property exemptions and what you can keep, feel free to contact our attorneys for more information.

Providing Personalized Service in Oklahoma Since 1990

Since our firm's inception in 1990, Alexander Hilton & Associates has been representing the rights and interests of consumers. We take your rights, your interests, and your financial stability seriously. In some cases, bankruptcy might not be the best option for you -- you will not be turned away. Our Oklahoma bankruptcy attorneys can help determine alternatives to lead you to the best possible outcome.

With nearly 25 years of focused legal experience in bankruptcy and consumer protection, Attorney Alexander Hilton can be trusted to help you. As a testament to this, our chapter 7 bankruptcy attorney in Oklahoma has earned some of the highest client satisfaction ratings in the entire state. We look forward to helping you enjoy your life—free from the burden of debt.