Contact a Bankruptcy Attorney if in Need of Bankruptcy Advice
Video Transcribed: This is Oklahoma City attorney Edward Kelley here again. 1 888 Debt-Line answering your bankruptcy questions and I am hammering home the point, use that stimulus check and the almost perfect conditions we have now to get out of debt for good.
How does that work? 1200 for you, 500 per child. My bankruptcy’s generally run anywhere from 1400, 1500 to 1800, 1900 so that stimulus check should put you right in that range. I and many other people are also taking into account the circumstances on a case by case basis and discounting further where appropriate.
We all know it’s a tough time, but if you’re able to come up with that bankruptcy fee, you can actually get rid of all your unsecured debt forever and because of… I didn’t talk about this in the last video, but let’s talk about the perfect conditions.
Number one, your income’s probably down or you may be in a time of uncertainty and the trustees are being very forgiving and understanding of that. So as far as qualifying for a chapter seven, you’re probably as close as you’re going to come and that uncertainty can actually work in your favor in that sense.
Also, and I’ll talk more about this in the next video, you can do everything without leaving your house. So again, what you can do with the chapter seven is get rid of all of your unsecured debt. What does that mean?
That means everything that doesn’t have collateral tied to it and you get to keep your home and your vehicle, provided your current at this moment and I know that almost every mortgage lender and car lender is allowing you to at least go into some kind of forbearance or stop paying while you tack on the payments at the end of the loan.
So even if you were behind, this may be the only time that you can actually cure that without a payment because of the understanding you’re receiving from those lenders.
So I’ll talk in the next video specifically about the property that is not exempt, but for most of you, that’s probably not going to be an issue. So again, now is the time.
If you’re caught up in debt and you can’t get out of it, it may seem counterintuitive, but this pandemic may be, in that sense, a good thing for you and give you an opportunity you wouldn’t have any other way to file bankruptcy.
So get in touch with me. Of course, there’s always 1 888 Debt-line, Edward@wirthlawoffice.com or on Facebook at Oklahomans for Debt Relief so I’ll talk to you soon.