Chapter 7 Bankruptcy Lawyer in Oklahoma City
Do I Qualify for Chapter 7: Liquidation Bankruptcy?
If you are constantly receiving calls or letters from collection agencies or facing harassing collection attempts, it may be time to take legal action. There are several different ways that you may be able to file for bankruptcy, one of the most common being Chapter 7.
Chapter 7 is also known as the liquidation bankruptcy, where most of your debt is wiped out in exchange for your non-exempt property. At McBride & Associates PC, we often recommend this form of bankruptcy for individuals who do not have a steady income or have very little money.
If you would like to learn more about how our firm can help, contact us today at (405) 896-3615.
Debts Discharged in Chapter 7 Bankruptcy
In Chapter 7, you discharge most or all of your unsecured debt by giving up all non-exempt property. Exempt property typically includes your home, any necessary furniture, clothing, and any benefits you are receiving from the government. You will need to take a means test to ensure that you qualify for Chapter 7 before you are able to discharge your debt.
A few examples of the types of debt which are discharged include:
- Credit card bills
- Medical bills
- Certain loans
- Utility bills
Deciding if Chapter 7 Is Right for You
Filing for bankruptcy is a complex process which requires the attention of a skilled Oklahoma City bankruptcy attorney. We want to ensure that filing for Chapter 7 is the right solution for your financial problems. This is a big decision which can lead to relief from debt and collection attempts should you make the decision in your best interest.
Chapter 7 bankruptcy may be right for you if:
- You struggle to make your payments each month
- You have had your wages garnished
- You are being harassed by creditors regularly
- You have received a foreclosure or repossession warning
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Please reach out to us today at (405) 896-3615 to set up a free case consultation with an Oklahoma City and Edmond Chapter 7 bankruptcy lawyer.