The Benefits of Chapter 7 Bankruptcy
Hello everybody, Edward Kelly here, your bankruptcy attorney in Oklahoma City with another three minutes to financial freedom, and today we’re going to cover an easy one. I get this question a lot, what’s the easiest kind of bankruptcy to do? And the answer is a clear chapter seven. That’s, I always tell everybody, that’s the one you want to do if you can, and let me tell you why.
So number one, if you can qualify, and if you don’t have a lot of unprotected assets, and you’ve got a lot of dischargeable debt, meaning debt you can get rid of, then you can be completely reorganized, or I should say completely liquidated, and have your fresh start in 90 days. That’s the time it takes from the filing of the case to the discharge, and you know, if there’s any wrinkles that can be different, but that’s typically the way that it goes.
Certainly if you hire me, I will do everything I can to ensure there can’t be any wrinkles, and if you’re straight with me, that’s almost certainly the way that it’s going to go, because I’ll be able to tell you about any pitfalls, depending on your situation.
Qualification and Assets
So if you’re under the income caps, as I’ve said many times, it’s about high forty thousands for one person, and add about ten thousand for each other family member in your household will be the cutoffs, and your expenses, even if you’re over, can bring you back down for qualification. It’s something I can tell you on a case-by-case basis. If you qualify income-wise, and if you have assets that are protected, and in Oklahoma we’ve got great homestead, so your home’s probably fine, one car per person up to $7,500 in value, if that’s what you’re looking at, or less, then this is by far the easiest.
You file it, 90 days later you’re discharged, you move on with your life with a fresh start. If your circumstances are different, it can be a little more complicated, but there’s a lot of moves that can be made very legitimately in a Chapter 7 bankruptcy. So Chapter 7, as I always say, is the way you want to go if you can.
Contact Us for a Free Consultation
As always, you can reach me, an Oklahoma bankruptcy lawyer, at oklahomacitybankruptcyattorney.pro. If you’re considering bankruptcy and want to know if Chapter 7 is the right option for you, don’t hesitate to contact us for a free consultation. We’re here to help you achieve financial freedom and provide you with the guidance you need.