Contact a Bankruptcy Attorney if in Need of Bankruptcy Help
Video Transcribed: This is Oklahoma City Bankruptcy Edward Kelley here again at 888-Debtline. As always answering your bankruptcy questions and continuing throughout this pandemic to hammer home the point that you may be able to use that stimulus to take care of all of your debt and get a fresh start out of this difficult situation.
As I’ve said, stimulus generally $1200 per person, $500 for each kid. Given the bankruptcy fees, which I know I personally and many attorneys are discounting based on circumstances at a sympathy for what’s going on with everybody, may allow you to do a chapter seven.
You may have the fee and you may not be able to have it at any other time if you’re caught up in a vicious debt circle.
In addition, trustees are being forgiving. Your income going down may help you to qualify for a seven if you weren’t able to. In addition, normally if you’re behind on your home and your vehicle, then those get exposed to risk in a bankruptcy.
However, I know for a fact right now most mortgage lenders and car lenders are allowing you to defer payments and to forgive late payments because of what’s going on.
Those three factors alone are things you will almost never see and may allow you to do a chapter seven at a time you couldn’t do it any other way. In addition, for most people in this situation, you’re not going to lose anything.
The way liquidation works is you get rid of all your unsecured debts, you keep your secured debts if you want to keep the collateral or if you want to give up the collateral, they become unsecured debts.
In exchange, they liquidate all the assets that they determine you aren’t allowed to keep and you’re allowed to keep all your normal possessions, your home and your vehicle provided your current on the payments, your car up to $7,500 value.
And in Oklahoma, your home basically unlimited with some restrictions. The only things you have to worry about, extra motorcycles, boats, things like that. And most of you in this situation probably don’t have to worry about that.
Again, I just want to stress in this difficult time, there is a silver lining for people in serious financial trouble.
You’ve got a stimulus check, you’ve got an opportunity to be able to take care of that bankruptcy and maybe pay $1,400 or $1,500 and get rid of $50,000 or whatever your debt is, for good, and get a true fresh start. As always, you can reach me with your specific questions at 1-88-Debtline.
Edward@WirthLawOffice.com, W-I-R-T-HLawOffice.com, or on Facebook at Oklahomans for debt relief. Please stay safe and healthy. And I’ll talk to you soon.