Common Chapter 7 Bankruptcy Questions are centered around debt forgiveness. Chapter 7 Bankruptcy provides a means for you to forgive the vast majority of unsecured debts. This can make income available to you so that you can pay other monthly bills including mortgage and car payments. While filing a Chapter 7 Bankruptcy can provide enormous financial relief, you cant file unless you qualify.
Do I Need an Attorney to File Chapter 7?
No legal requirement exists. But there are significant advantages to relying on the services of an Oklahoma bankruptcy attorney. The paperwork for filing Chapter 7 includes schedules that are complex and voluminous. If the forms are done incorrectly you run the risk of delay or having your case dismissed. Additionally if your case gets dismissed, the automatic stay that stops creditors from collecting debts is lifted. If this happens creditors can move forward with debt enforcement procedures, like wage garnishments, real property liens, bank account levies and foreclosure.
Other reasons for hiring a bankruptcy attorney is the the help you get in bankruptcy preparation. Through the use of an attorney you can choose the right form of bankruptcy to find. This relates to the common chapter 7 bankruptcy questions pertaining to which chapter of bankruptcy you should file.
By hiring a Tulsa bankruptcy attorney you’ll also be able to take full advantage of certain bankruptcy exemptions available to you. The Bankruptcy Code has an extensive exemption system that shields the bulk of a your assets from liquidation. Effective bankruptcy planning allows you to maximize use of this exemption system.
Qualifying for Chapter 7 Based on The Means Test?
One of the most common chapter 7 bankruptcy questions involves the means test. The means test is a two-prong test. The first portion of the inquiry involves comparing your income to the median income for Oklahoma. If your income is below this threshold, you’ll qualify for Chapter 7 Bankruptcy. If your income is above the state median income, your average monthly disposable income must be analyzed for the six months prior to filing bankruptcy after considering payments to secured debts and certain priority secured debts to determine if you have sufficient disposable income to make a significant contribution to ordinary unsecured debts. When you meet with our Chapter 7 Bankruptcy lawyers, we analyze your financial information. This is in order to determine whether you qualify for Chapter 7.
Oklahoma Bankruptcy Attorneys Helping You:
If you’ve been pressured by creditors calling you at home and work we can help. If you’ve been living with wage garnishments and threats of foreclosure and repossession once again we can help. Our Local bankruptcy attorneys care about your case and want the chance to help you get a fresh financial start.