Chapter 7 Bankruptcy Lawyer in Oklahoma City
Dealing with Debt in Oklahoma? 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. Filing for Chapter 7 offers a fresh start for those who are struggling against unsecured debt from credit card debt, medical bills, and more. After the debts are discharged, you don't have to worry about them anymore.
At Alexander Hilton & Associates, our Chapter 7 bankruptcy attorneys in Oklahoma City will help you and never judge you. Everyone falls on hard times at some point – even the very wealthy. Our team provides 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.
Does Chapter 7 Wipe Out All Debt in Oklahoma?
Certain debts cannot be discharged through Chapter 7, such as:
- Child support
- Recent tax debts (less than 3 years old)
- Student loans
Chapter 7 can discharge debts such as:
- Credit card debts
- Medical bills
- Personal loans
- Repos debt
- Broken leases and contracts
- Judgement for repossession
- Judgments on credit cards and loans
Medical Debt And 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.
How to File Bankruptcy - Chapter 7
Oklahoma requires you to complete a credit counseling course before filing for bankruptcy. The least expensive online courses are available at www.summitfe.org.
Chapter 7 Bankruptcy Process
- Preform a means test
- Document your debts by gathering your bills and files
- Make sure you have your tax returns, deeds to your property, and vehicle titles with you.
- Detailed tax returns for the past two years, vehicle titles, three months' bank statements, and six months' pay history
- Your available property exemptions will be explained and asserted by Alexander Hilton
- Your petition, schedules, and all other required documents will be prepared and filed with the Bankruptcy Court by Alexander Hilton, who will represent you in court, guarantee your discharge, and safeguard your rights, dignity, and peace of mind.
What Happens After Filing for Chapter 7?
- Automatic Stay provides immediate relief from creditor actions.
- A trustee is appointed to oversee the case and review documents.
- A Meeting of Creditors takes place where the debtor and trustee attend, and the trustee may ask questions.
- Non-exempt assets may be liquidated, but Oklahoma has exemptions to protect certain assets.
- If no objections arise, a discharge order is issued within 60-90 days, eliminating personal liability for most debts.
- Debtors can start rebuilding their financial life, but Chapter 7 bankruptcy remains on the credit report for ten years.
Who Can Declare Chapter 7 Bankruptcy?
Individuals who are facing overwhelming debt and are unable to repay their creditors may be eligible to declare Chapter 7 bankruptcy. It is an option available to individuals, married couples, and businesses that meet certain criteria.
Do I Qualify for Bankruptcy Chapter 7?
Not everyone can file for Chapter 7. To file, 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 Chapter 7 bankruptcy attorney in Oklahoma City knows how to apply means test deductions, allowances, and exceptions to help you qualify even if your income is over your state’s median.
Other requirements for filing:
- 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.
Contact An Oklahoma City Chapter 7 Bankruptcy Attorney
If you are located in Oklahoma and considering filing, our Chapter 7 lawyers at Alexander Hilton & Associates can provide you with a free consultation to assess your financial situation and determine if Chapter 7 is the right option for you. With our affordable legal services, client-centered counsel, and over 30 years of experience serving clients in Oklahoma, we are dedicated to helping you achieve debt relief and a fresh start.
Take charge of your financial future. We have the expertise to guide you through the complexities of the process and provide the support you need. Don't navigate bankruptcy alone. Schedule a consultation with a seasoned Chapter 7 lawyer near you and experience the peace of mind that comes with professional legal assistance. Contact us to set up an appointment and explore your options. Start your journey towards a debt-free future now!
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What’s The Difference Between Chapter 7 And Chapter 13 Bankruptcy?
Chapter 7 and Chapter 13 are two different options available to individuals who are seeking debt relief. The main difference between the two lies in how the debts are handled and the repayment process.
Chapter 7 bankruptcy, also known as "liquidation bankruptcy," involves the sale of non-exempt assets to repay creditors. However, many individuals who file for it are able to keep most, if not all, of their assets due to exemption laws. Chapter 7 is typically suitable for those with a limited income and significant unsecured debts (credit card debt or medical bills, etc.). Chapter 7 also allows for the discharge of eligible debts, allowing people to achieve a fresh new start financially.
On the other hand, Chapter 13, or "reorganization bankruptcy," involves creating a repayment plan to pay off all or a portion of the debt over a specific period of time. This option is typically chosen by those with a steady income who are able to make regular monthly payments. Chapter 13 allows individuals to keep their assets while restructuring their debts and making affordable payments to their creditors.
What Property Can I Keep in Chapter 7?
Although Chapter 7 bankruptcy cases may involve liquidation of non-exempt assets, most filers are able to 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
- Household furnishings
- Wedding Jewelry
- Tools and equipment needed for work
- Pensions and qualified retirement accounts
- Personal injury damages
- Proceeds from Life Insurance policies
If you have questions about property exemptions and what you can keep, feel free to contact our attorneys for more information.
What Does Filing Chapter 7 Bankruptcy Involve in Oklahoma?
In order to file for bankruptcy, you must prepare a voluntary petition and in-depth schedules of your assets, liabilities, income, and expenses. Along with proof of income and copies of your tax returns, you must also confirm participation in credit counseling prior to filing, as required by law.
- If you have filed your petition electronically with the help of your lawyer, an automatic stay will be triggered. You are protected from future collection attempts and the threat of repossession or foreclosure on your home or other property by this temporary order.
- You and your bankruptcy lawyer will attend the meeting of creditors between 20 and 40 days after you file your petition. Answer questions to demonstrate that you are aware of the potential consequences of filing for Chapter 7 bankruptcy. Additional information about your finances may also be requested.
- Following the meeting of creditors, you should receive your discharge from debt within 90 days if no objections are raised to your petition or schedules. You are released from personal liability for most of your debts when you receive a Chapter 7 discharge, and creditors are prohibited from taking further collection actions against you.
Why Clients Choose Alexander Hilton & Associates
- Free Case Consultations That Are No-risk, No-obligation
- Flexible Payment Options & Appointments for Your Convenience
- Reasonable & Affordable Services so You Can Get the World-class Representation You Deserve
- 100s of Clients Successfully Helped Across Oklahoma
- We Treat Every Client Personally and Attentively, Never Applying a "Cookie-cutter" Approach.
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 City 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.