Here’s What You Need to Consider
So today I’m just going to tell you the basic parameters for that and then we’re going to examine them each in turn in the following videos. Three things to determine if chapter seven is right for you. Number one, what is my income? You’re going to have to look at that because there are some IRS guidelines that the bankruptcy court uses to determine if you’re eligible. We’ll go over that in detail.
Second, what kind of debt have I got? Certain debts are dischargeable, certain ones are not. And of course as always, with anything in law, there are some that are in between. So you’ve got to look at the kind of debt you’ve got and make sure that it fits into the relief offered by chapter seven. That’s the second thing we’re going to look at.
And third, what is my property situation? So what happens in chapter seven is you give up all your debt in exchange for your unprotected assets. Of course, what you want is not to give up any property, so you need to look closely and see if your assets are protected or unprotected in bankruptcy. And those are the three things we’re going to look at in these videos coming up. Number one, what’s my income? Number two, what kind of debt have I got? Number three, what’s my property situation?
So as always, you can reach me, Oklahoma chapter 7 attorney Edward Kelley, directly at Edward Kelley Law, K-E-L-L-E-Y-L-A-W@gmail.com. Or you can call me directly at 580 478 3130.