Contact a Bankruptcy Attorney if in Need of Bankruptcy Help
Video Transcribed: This is Oklahoma Bankruptcy Attorney Edward Kelley, 1-888-DEBT LINE answering your bankruptcy questions as always and casual as always, these days.
Did three bankruptcy, three 41 meetings today by phone, everything went smooth. The bankruptcy world is going without much of a hiccup.
So, again, this week I’m just going to hammer home that point, especially with you getting your stimulus check, how are you can use that stimulus check to get out of debt completely. So how does that work? Well, your typical stimulus, 1200 for you, 500 per child.
And my normal rate of bankruptcy depending on the debt and some other factors from 1400-1500 up to about 1900, and I know I and many attorneys are taking into consideration the financial difficulties presented to people now and the fact that they’ve got a stimulus check, but they’ve still got to survive.
But let’s say you’ve got one or two kids, you’ve got probably enough to file bankruptcy. Even if you don’t have a kid, you may have enough that you can go ahead and file a chapter seven. So how does doing that help you?
Well, a chapter seven is called a liquidation. That means all unsecured debt will be discharged and any assets that are not exempt in most of your normal everyday possessions will be exempt, but anything else gets liquidated toward those obligations. 90% of my cases, there aren’t going to be any assets.
So, of course, that’s the first thing I ask when I get a client, is there any assets? Because you don’t want any surprises of what you’re going to lose. I’m going to talk in the next series about what’s exempt. I’ll give you a preview.
Your home, generally your car, all the stuff in your house, okay. So unless you’ve got boats, motor homes, things like that, you’re probably going to be okay. But again, that stimulus check in and of itself may be the ticket along with some other factors that may be perfect right now to getting out of debt for good.
So use this pandemic, take advantage of the silver lining. And I’ll talk to you again soon. As always, you can reach me at 888-DEBTLINE, firstname.lastname@example.org or on Facebook at Oklahomans For Debt Relief. Talk to you soon.