Qualifying for Chapter 7
Good morning everybody, Edward Kelley here, your Oklahoma City bankruptcy attorney with another 3 Minutes to Financial Freedom. We’re going to do a 5 part series this week, Chapter 7, Start to Finish. So where do we start? Well with the qualification, that’s where I’ll start with you.
When you first call me, we’ll make sure that you’re a good candidate, we’ll cover some of the topics we have in other videos, but again, basically, we’re looking for two things. Are we going to be able to get rid of your debt, and are you going to be able to keep your stuff?
So we’ll look at your assets, are most of them exempt or non-exempt, and we’ll start there. So, if you own your home, in Oklahoma we’ve got a great homestead exemption, as long as you’re current on the payments, you should be fine. If you’re behind, you may have some problems and you may need to look at a 13 because you can’t catch up in a 7, but if you’re current on the payments, your home’s probably exempt.
Your vehicle’s up to $7,500 in value or equity, so you take how much is it worth minus what you owe, and if that’s somewhere in the neighborhood of $7,500, you’re fine there. And then we look at, do you have cash on hand, stocks, bonds, boat, you know, things of value. Again, if you owe more than they’re worth, they don’t have value, but if you own them outright, then you may have some issues.
However, in the vast majority of cases, your stuff’s going to be exempt. Most of my clients’ cars are fine, they get to keep them, a house is exempt and protected, and they don’t take your household stuff, your personal belongings, your TV and your furniture, or anything like that. Your everyday necessities are exempt. But that’s the first thing I’m going to look at.
Get a Free Consultation
As always, you can reach me, a chapter 7 lawyer in Oklahoma, at oklahomacitybankruptcyattorney.pro. We offer a free consultation to discuss your specific situation and determine if Chapter 7 bankruptcy is the right solution for you. Don’t hesitate to take the first step towards financial freedom.