If you live in Oklahoma and a bankruptcy is your best option then chapter 7 bankruptcy is a viable option. This is because unlike chapter 13 bankruptcy the chapter 7 bankruptcy
is the easiest and most comprehensive Tulsa bankruptcy option. If you have debt and it’s more than you can afford, then bankruptcy may be a great option. Our bankruptcy attorneys have helped thousands of people just like you all over the Sate of Oklahoma get a fresh financial start.
What is Chapter 7 Bankruptcy:
Chapter 7 bankruptcy is a federal bankruptcy provision that eliminates most if not all of your unsecured debt. This includes credit cards, medical bills, repossession, foreclosures and more. Filing chapter 7 will stop all garnishments and put a stop to those never ending calls from collection people.
Can I Keep My House in Chapter 7:
The best thing about chapter 7 bankruptcy is that if you own a home and it is your primary residence you can keep it. You can do this so long as you are current on the mortgage payments. However you must continue making payments as is set out in your original mortgage agreement. This is because in Oklahoma bankruptcy exempts 100% of your homestead. This fact alone makes Tulsa bankruptcy and in particular a chapter 7 a great option for many Oklahoman’ s.
Do I Qualify For Chapter 7:
To qualify for chapter 7 bankruptcy you have to meet certain requirements. The primary requirement is that you must make below the median family income for a family your size. This number is set out in a fairly complex formula based on certain IRS guidelines. A very basic example of this is that if you are a family of one you must make less than $41,000.00 per year. The amount you can make goes up as the number of family members goes up.
How long Does a Tulsa Bankruptcy Take.
Because all garnishments and other collection efforts stop the minute we file your case this is the most important time for you. With this said, our Tulsa bankruptcy attorneys are fast. Regardless of where you live in Oklahoma our Tulsa bankruptcy attorneys will file your case within 5 days of you bringing us your paperwork. It doesn’t matter in what part of the State you live, how much money you owe or how many jobs you have we file your case fast.