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Video Transcribed: Oklahoma Bankruptcy Attorney Edward Kelley here, answering your Oklahoma bankruptcy questions with oklahomacitybankruptcyattorney.pro.we’re going to talk about is chapter seven. So is this right for you? Well, if you don’t have lots of nonexempt assets and your income isn’t too high, then this is probably the one you want to do. This is the liquidate. Be done and go on.
So right now it varies by state and the size of your household goes off of IRS standards. But the income requirements, for example, in Oklahoma, you’re in the 40s for one person and you can add close to 10,000 onto that for more. Two people, 50, 3… Somewhere in that neighborhood, even if you’re over, if you’re not too far over and you have some expenses, high mortgage, high car payment, you can probably still qualify.
So what’s exempt in the seven, your home. Now that exemption varies by state or federal exemptions. In Oklahoma, we’ve got one of the best. If you’re in the city limits and on less than an acre, it’s basically unlimited. If you’re out in the country, 160 acres. And your vehicle, we have a decent exemption for that too.
7,500 in value, meaning if it’s paid off, if it’s worth 7,500 or less, or if you owe, if you sold it, would you have 7,500 or less leftover? What do you owe minus what it’s worth, for example? Your normal personal property, your TVs and your furniture, all that’s going to generally be exempt. Oklahomans, we’re lucky in that we have pretty good exemption laws.
So if you’ve got boats, motor homes, trailers, lots of other things that you could potentially lose in the bankruptcy, it may not be what you want to do. And if you make too much money, you may not be able to do it.
But if those two factors, your income’s below or close to the cap and you don’t have to worry about losing property that you want to keep in the bankruptcy, this is probably going to be the best fit for you. From start to finish, it’s probably 90 days from the time of filing. Usually I have a little meeting at creditors. Right now with COVID, that’s all by telephone.
And usually 60 days after that, if all goes well, you have time to get your reaffirmations. If you want to keep your car note, for example, get those in, in that 60 days. And then you’re going to get a discharge in the mail at the same time that I do. So streamlined, easy process, truly a fresh start. So if you can do a seven, that’s fantastic. If not, you’re going to want to do a 13.