Chapter 7 Bankruptcy

Oklahoma City Chapter 7 Lawyer

End Your Overwhelming Debt with McBride & Associates, P.C.

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.

How Do I File for Bankruptcy in Oklahoma?

Filing for bankruptcy is a complex process that requires the attention of a skilled Chapter 7 attorney.

First, we want to ensure that filing for Chapter 7 bankruptcy is the right solution for your financial problems. This is a big decision that 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 have had your wages garnished
  • You are being harassed by creditors regularly
  • You have received a foreclosure or repossession warning
  • You struggle to make your payments each month

If this is you, filing for bankruptcy may be your best option. Be sure to enlist the help of our trusted bankruptcy attorneys in Oklahoma.

Do you have overwhelming debt? Filing for Chapter 7 may be your answer. Contact our Chapter 7 bankruptcy attorney online or call our Edmond law office today at (405) 896-3615!

What Is Chapter 7 Bankruptcy?

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.

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    How to Qualify for Chapter 7 Bankruptcy

    You will need to take a means test to ensure that you qualify for Chapter 7 before you are able to discharge your debt. The Chapter 7 means test takes your income and expenses into account to determine whether you qualify for a Chapter 7 filing.

    Before taking the test, you should gather any documentation about your income from over the past six months. Your household income is checked against your state's median income, and if your income is below the median, you pass and can file for Chapter 7. Your household income is adjusted for recent and upcoming changes, like losing a job.

    If you do not pass the means test, you can still file for Chapter 13 bankruptcy, or you can take the means test again in six months.

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    What is the Difference Between Chapter 7 and 13 Bankruptcy?

    Chapter 7 and Chapter 13 Bankruptcies differ in that Chapter 7 entails liquidating (selling) non-essential assets to help pay off debt whereas Chapter 13 entails creating a repayment plan to gradually pay off debt, usually over a period of 3-5 years.

    • Handled Thousands of Cases
    • Experienced in Both Consumer and Business Bankruptcy
    • Offer Free Initial Consultation*
    • Helping Clients Since 1996

    Life After Chapter 7 Bankruptcy

    In most cases, a Chapter 7 filing only takes three to four months. Once complete, your qualifying debts will be discharged.

    A Chapter 7 bankruptcy will stay on your credit report for ten years. Most filers can open new credit cards and other lines of credit soon after receiving their discharge.

    When Can You File for Chapter 7 Again in Oklahoma?

    If you need to file for bankruptcy again, you will need to wait eight years before filing for another Chapter 7 bankruptcy, or four years if you plan to file for Chapter 13 instead.

    Serving Debtors in Edmond & Oklahoma City

    If you are in need of legal advice on filing for Chapter 7 or Chapter 13 bankruptcy, reach out to our debt relief agency in Edmond and Oklahoma City. We help people file for bankruptcy relief under the Bankruptcy Code.

    Filing Bankruptcy in Oklahoma? 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.

    Helping Clients Through Difficult Times
    We have been guiding clients with consumer and business bankruptcy for more than 27 years. Trust us to handle your case.

    Contact Us Today

    At McBride & Associates, P.C., we're always ready to take your calls! Give us a call or fill out the form below to contact one of our team members.

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