Achieve a debt-free life with knowledge of the trustee’s role in Chapter 7 bankruptcy
There may be a time when you fall behind on your bills. While it may be fine for this to happen sometimes, it becomes an issue when the unpaid dues pile up and eventually become a mountain of credit card debt. Situations like this may indicate the need to take extreme measures like filing bankruptcy, the most common being Chapter 7 bankruptcy.
Although Chapter 7 bankruptcy filing can help you achieve debt relief quickly, the process can be complicated, especially without legal help. Petitioning for Chapter 7 also has some limitations on which financial obligations it can wipe out. Nevertheless, it still allows you to get rid of your debt quickly and safely, particularly if you know all about what is the role of the bankruptcy trustee in Chapter 7 in Oklahoma City, OK.
Working alongside an OKC bankruptcy attorney is the key to getting more information on the bankruptcy trustee’s role in Chapter 7 and bankruptcy basics. Schedule a free consultation with Scott Harris Law, PLLC, to start the process of erasing your debt legally!
Why Do I Need an Oklahoma City, OK, Bankruptcy Lawyer?
The legal assistance of a competent Oklahoma City bankruptcy attorney may give you peace of mind despite owing large sums. Filing for bankruptcy could be the only way to get out of debt for most people, and having a bankruptcy lawyer helping you take legal action provides a way to have every detail processed smoothly.
Apart from skills, knowledge, and state-wide recognition, Atty. Scott Harris believes that every OKC bankruptcy attorney must have these qualities to be capable of being a solid personal representative for all clients:
- Has the desire to help each client clear their debt and stay debt-free for a long time
- Gives each client multiple options and helps them decide how to proceed based on their current situation
- Offers excellent legal services to protect you from creditor harassment
- Is capable of handling cases in other related areas of practice, such as bankruptcy and foreclosure defense
- Explains in detail what Chapter 7 bankruptcy is about, including the role of the bankruptcy trustee in Chapter 7
Contact us today if you need legal advice on what to do next or feel stuck in your current situation. Attaining your financial freedom may only be a skilled Oklahoma City bankruptcy attorney away!
What is Chapter 7 Bankruptcy?
The Bankruptcy Code defines Chapter 7 bankruptcy as a federal legal process by the United States government that allows a group or individual debtor an opportunity to be discharged from debts by selling assets unprotected by a bankruptcy exemption.
Also called liquidation bankruptcy, the Chapter 7 bankruptcy proceedings will most likely cost you most of your assets, which may include your car or house. Individuals opting to file bankruptcy under this chapter often look for a way to get a fresh start as soon as possible. Your debts may be discharged in as little as three to six months when filing Chapter 7.
As a requirement before filing bankruptcy under Chapter 7, the individual or partnership must show up to a United States bankruptcy court and follow any orders given 180 days before submitting the petition. You must also undergo credit counseling from an approved United States government-approved credit counseling agency within 180 days before filing unless you qualify for an exception.
In addition, you should pass a Chapter 7 means test and a totality of the circumstances test to determine if your current situation makes you eligible for a Chapter 7 bankruptcy case.
What is the Bankruptcy Trustee’s Role in Chapter 7?
According to the Bankruptcy Code, the primary responsibility of the bankruptcy trustee during Chapter 7 proceedings is gathering and liquidating all non-exempt property. Once finished with Chapter 7 bankruptcy filing, you technically no longer own your non-exempt assets. The trustee will hold it in a bankruptcy estate.
The following sections contain information on what is the role of the bankruptcy trustee in Chapter 7 in Oklahoma City, OK, apart from being the bankruptcy administrator:
Examine your paperwork
During the bankruptcy procedure for Chapter 7, you are required to disclose some financial and personal details such as your income, property, debts, the status of your bankruptcy schedules, and documents. The bankruptcy trustee in Chapter 7 has to review your petition and confirm if all the information you provided is accurate.
For example, the United States trustee will check pay stubs and tax returns to verify the accuracy of your declared monthly income.
Verify your identification
Approximately 30 days after filing your bankruptcy case, you have to attend the 341 meeting of creditors conducted by the Chapter 7 trustee. While under oath, the trustee will interview you to ask about everything found on the bankruptcy forms you filled out and the documents you submitted.
It is worth noting that unless your creditors suspect you of hiding some assets, they typically DO NOT attend the 341 meetings. The trustee will also use the interview to investigate an undisclosed property you may have.
Pay your creditors
This is the most critical role of the trustee. Although they must be fair to you, they are more concerned about your creditors’ best interest.
When performing this duty, the OKC Chapter 7 trustee also makes sure that:
- Every proof of claim form submitted by each creditor is reviewed thoroughly.
- All pre-bankruptcy payments are recovered.
- Each lien is checked carefully to make sure everything has been recorded properly.
Call our Oklahoma Bankruptcy Attorney Immediately!
Scott Harris is the man for the job if you are looking for a reliable Oklahoma City bankruptcy attorney to help you file for Chapter 7 bankruptcy. Since opening his bankruptcy law firm in 2009, he has worked tirelessly to ensure Oklahoma residents have a skilled attorney they could come to each time they experience financial issues.
If you have any questions about the bankruptcy trustee’s role in Chapter 7 or anything related to debt relief services, do not hesitate to call our law office to schedule an appointment!