How to Wipe Out Debts in an Oklahoma Chapter 7 Bankruptcy Filing
Good morning, everybody. Edward Kelly here, your Oklahoma bankruptcy lawyer, with another three minutes to financial freedom. This is video two in a five-part series, chapter seven, from start to finish. So in video one, we looked at the first step, which is, how much are you going to lose if you do this? Are your assets protected, or do you stand to lose something?
So the second part of the equation is, can we get rid of your debts? This is all part one of a bankruptcy, which is, do you qualify, and is it a good idea? So your debts generally are going to be dischargeable, and we can get rid of them. Bear in mind, that if it’s an unsecured debt, like a credit card or medical bill, it’s just going to go away. If it’s a secured debt with collateral, like a vehicle, then you may have to give up the property. However, if it’s already gone, like a repo’d car, which I see all the time, then that’s an unsecured debt.
So if most of your debt is normal unsecured debt, you’re fine. I can’t get rid of student loans, child support, and court costs and fines, as you would imagine. The government protects itself on student loans, and the others really shouldn’t be dischargeable. But most other stuff I can get rid of. Taxes I can get rid of completely if it’s three years or more since it was filed. Not the year it’s from, but three years since it was filed. So if you didn’t file 10 years ago, the clock hasn’t started running. But if you’ve got enough other debt, even if you’ve got some tax debt left over, it may be worth it.
Is Bankruptcy Right for You?
So that’s the second thing I look at, can we get rid of your debt? And at this point, we can make a determination together, is this right for you? If you’re going to keep your stuff, by and large, and if we’re going to get rid of most of your debt, by and large, time to pull the trigger.
Contact Us for a Free Consultation
As always, you can reach me, an OKC chapter 7 attorney, at oklahomacitybankruptcyattorney.pro. Schedule your free consultation and take the first step towards wiping out your debts. We’re here to help you achieve financial freedom.