{"id":1333,"date":"2023-01-25T18:50:40","date_gmt":"2023-01-25T18:50:40","guid":{"rendered":"https:\/\/scottharrislaw.com\/?page_id=1333"},"modified":"2023-01-25T18:50:40","modified_gmt":"2023-01-25T18:50:40","slug":"chapter-7-bankruptcy-eligibility","status":"publish","type":"page","link":"https:\/\/scottharrislaw.com\/chapter-7-bankruptcy\/chapter-7-bankruptcy-eligibility\/","title":{"rendered":"Chapter 7 Eligibility Oklahoma City"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A person or business that is unable to pay its debts may apply to the courts for debt relief through the legal process of bankruptcy. The goal of bankruptcy is to provide the debtor with a fresh start financially by getting rid of their debts. Knowing if one is eligible to file for bankruptcy\u2014or, more simply put, who can file bankruptcy\u2014gives one a chance for a fresh start.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most of your debts will be dismissed if you file for Chapter 7 bankruptcy, allowing you to start over financially. But you shouldn&#8217;t rush into your chapter 7 filing decision. Contact our <\/span><a href=\"https:\/\/scottharrislaw.com\/about\/\"><span style=\"font-weight: 400;\">Oklahoma bankruptcy attorneys<\/span><\/a><span style=\"font-weight: 400;\"> at Scott Harris Law, PLLC today to review your alternatives.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why do I need a Chapter 7 Bankruptcy Attorney in Oklahoma?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It goes without saying that the process of filing bankruptcy is difficult. Due to the complexity of bankruptcy laws, a skilled attorney is beneficial to obtain the best results. Keep the following attributes in consideration when choosing a bankruptcy lawyer:\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Compared to a lawyer who is just getting started, you might feel more secure hiring a bankruptcy attorney who has years of experience handling cases similar to yours. <\/b><span style=\"font-weight: 400;\">You will save a lot of time and money by working with an experienced attorney.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>In addition to experience, you ought to pick a lawyer who pays attention to details. <\/b><span style=\"font-weight: 400;\">\u00a0Look for a trustworthy, conscientious, and experienced bankruptcy attorney to handle your bankruptcy case.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The legal guidelines for Chapter 7 bankruptcy are frequently updated. <\/span><b>A bankruptcy attorney with current knowledge and a track record of success<\/b><span style=\"font-weight: 400;\"> is someone you should consider employing. If he consistently performs his work, you may be sure that he is adjusting and staying informed of changes to the bankruptcy law.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As a reputable law office in Oklahoma City, Scott Harris Law is detail-oriented and able to conform to the most recent norms and regulations due to our extensive experience.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/scottharrislaw.com\/contact\/\"><span style=\"font-weight: 400;\">Our team is available to help<\/span><\/a><span style=\"font-weight: 400;\"> if you&#8217;re looking for the best bankruptcy attorney to handle your Chapter 7 bankruptcy case. Schedule a free consultation now!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is Chapter 7 Bankruptcy?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Chapter 7 bankruptcy, to put it simply, is a <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/chapter-7-bankruptcy-liquidation-under-the-bankruptcy-code#:~:text=Chapter%207%20provides%20relief%20to,cash%20for%20distribution%20among%20creditors.\"><span style=\"font-weight: 400;\">legal remedy available<\/span><\/a><span style=\"font-weight: 400;\"> under the Bankruptcy Code that enables the liquidation of bankruptcy or the sale of a debtor&#8217;s taxable property with the proceeds going to the creditors. A &#8220;new start&#8221; bankruptcy is another name for it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Chapter 7 bankruptcy, the debtor is allowed to claim certain property as bankruptcy exemptions. The debtor receives a discharge in return, which means that they are no longer responsible for paying certain debts. On the other hand, partnerships and corporations are not allowed.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the Advantages of Filing for Chapter 7 Bankruptcy?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are several advantages that you\u2019ll get once you file for <\/span><a href=\"https:\/\/scottharrislaw.com\/chapter-7-bankruptcy\/\"><span style=\"font-weight: 400;\">chapter 7 bankruptcy<\/span><\/a><span style=\"font-weight: 400;\">. Here are the following:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Since you are no longer held liable for the discharged amount, <\/span><b>you\u2019ll get a fresh start<\/b><span style=\"font-weight: 400;\"> once you eliminate certain unsecured debt. Bear in mind, though, that not all debts are dischargeable, including student loans. Other forms of debt are likewise seen as fraudulent. Following the Chapter 7 bankruptcy, certain property liens, including tax liens, mortgages, and mechanic&#8217;s liens, will still be in place.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Future<\/span><b> income is yours to retain<\/b><span style=\"font-weight: 400;\">. The property you obtain after submitting a petition for Chapter 7 bankruptcy is often prohibited from being included in the bankruptcy estate. They are purchased and added to the bankruptcy estate within the first six months of the filing for a Chapter 7 bankruptcy petition. The assets include inheritance, death benefits, divorce judgment or settlement items, and life insurance payouts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You <\/span><b>can owe as much as you want<\/b><span style=\"font-weight: 400;\">. Chapter 7 bankruptcy does not have a debt ceiling like Chapter 13 bankruptcy does, in contrast. No matter how much debt you have, if you qualify for Chapter 7 bankruptcy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There is <\/span><b>no debt repayment plan<\/b><span style=\"font-weight: 400;\">. You no longer have to repay the debt through a repayment plan that has been approved by a judge, which is one of the best features of Chapter 7. After receiving a Chapter 7 discharge, you are no longer required to pay back the amount.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Debt can usually be eliminated in as little as three months<\/b><span style=\"font-weight: 400;\">. 60 to 90 days after filing for Chapter 7 bankruptcy, the court may issue a discharge order. As soon as the bankruptcy trustee distributes your property to your unpaid creditors, the bankruptcy court will dismiss your case.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Who Can File Chapter 7 Bankruptcy?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Although Chapter 7 isn&#8217;t a solution for everyone, it can be a quick, easy, and practical approach to cope with excessive debt. Qualifying for a chapter 7 bankruptcy in Oklahoma City involves a series of tests and procedures. If you need help deciding, we can assist you. When determining whether to file for bankruptcy, keep the following things in mind:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.justice.gov\/ust\/means-testing\"><span style=\"font-weight: 400;\">&#8220;means test<\/span><\/a><span style=\"font-weight: 400;\">,&#8221; which determines if your monthly disposable income is insufficiently low to qualify for Chapter 7 bankruptcy, must be passed successfully in order for you to be eligible for this type of bankruptcy.\u00a0<\/span>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">In general, if your income is higher than the typical family income in your state, you might not be able to file for Chapter 7 bankruptcy. The means test&#8217;s main goal is to stop people from declaring bankruptcy and paying off their debts even though they are financially capable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><i><span style=\"font-weight: 400;\">Once you do not pass the Chapter 7 means test, take Chapter 13 bankruptcy into consideration.<\/span><\/i><span style=\"font-weight: 400;\"> Your monthly payments must follow a strict budget that is supervised by the court over a three- to five-year period. While Chapter 7 bankruptcy is preferred by the majority of those filing, Chapter 13 bankruptcy is still the best option in some situations, such as making up missed mortgage payments to avoid home foreclosure or paying off debts that won&#8217;t be discharged in bankruptcy over time, like the majority of tax and support arrears.<\/span><\/li>\n<\/ol>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Imagine you make too much money to be automatically eligible for Chapter 7 bankruptcy. Suppose your income is insufficient to pay your authorized monthly expenses (including childcare, housing, taxes and insurance) and at least some of your unsecured debts. In that case, you might be able to file under this chapter.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additionally, if you have filed for bankruptcy under Chapter 7 within the past two years, you are ineligible to do so again. You can&#8217;t file for Chapter 7 bankruptcy again for at least eight years after the day you last did so. You must wait at least six years after declaring Chapter 13 bankruptcy before declaring Chapter 7 bankruptcy.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Talk to a lawyer first, though, before deciding on Chapter 7 bankruptcy. You could discover that you can pass the means test after all with the help of knowledgeable legal counsel.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How do I File for Chapter 7 Bankruptcy?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An extensive list of your assets, liabilities, income, and expenses, as well as a voluntary bankruptcy petition, must be prepared first. As required by law, you must provide evidence of your income, copies of your most recent tax returns, and documentation that you attended credit counseling before filing.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An automatic stay will take effect once your petition has been submitted online with the aid of your attorney. You are protected by this interim order from additional collection efforts and the possibility of repossession or foreclosure on your house or other property.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A meeting of creditors will be called by the case trustee between 20 and 40 days after you submit your petition, and you will be required to attend it with your bankruptcy attorney. Also, to prove that you comprehend the possible repercussions of filing for Chapter 7 bankruptcy, you will have to provide answers to questions. Additional details regarding your financial situation can also be requested.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You should get your debt discharged within 3 months of the creditors&#8217; meeting if your petition and schedules are not challenged. A Chapter 7 discharge frees you of any personal responsibility for the majority of your debts and stops the debts&#8217; creditors from initiating further collection efforts against you.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">What are the Alternatives to Chapter 7 Bankruptcy?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are a number of alternatives to Chapter 7 relief that debtors should be aware of. Debtors who are operating businesses, such as companies, partnerships, and sole proprietorships, may prefer to do so and avoid liquidation.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Such debtors ought to think about submitting a chapter 11 petition under the Bankruptcy Code. <\/span><b>In a chapter 11 bankruptcy<\/b><span style=\"font-weight: 400;\">, the individual debtor can either ask for a debt adjustment\u2014a reduction in the amount owed or an extension of the repayment period\u2014or a more thorough restructuring.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.uscourts.gov\/services-forms\/bankruptcy\/bankruptcy-basics\/chapter-13-bankruptcy-basics#:~:text=This%20chapter%20of%20the%20Bankruptcy,usually%20three%20to%20five%20years.\"><span style=\"font-weight: 400;\">Bankruptcy Code&#8217;s Chapter 13<\/span><\/a><span style=\"font-weight: 400;\"> may also provide bankruptcy relief for sole proprietorships. Additionally, <\/span><b>Chapter 13 of the Bankruptcy Code<\/b><span style=\"font-weight: 400;\"> permits individual debtors with regular income to request a debt adjustment. Chapter 13 has the unique benefit of giving individual debtors a chance to &#8220;catch up&#8221; on past-due payments through a payment plan, preventing their houses from going into foreclosure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A chapter 7 case filed by a person whose debts are predominantly consumer obligations as opposed to business debts may also be dismissed by the court if the judge determines that giving relief would misuse the chapter 7 bankruptcy code. 11 U.S.C. \u00a7 707(b).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Out-of-court settlements with creditors or debt counseling agencies are also options for filing for bankruptcy.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To review your options of what bankruptcy filing suits you best. Get in touch with or Oklahoma City bankruptcy attorney now!<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Call our Best Oklahoma City Bankruptcy Attorney Now!<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Sometimes, having financial problems might be frustrating. Creating a plan for debt repayment and meeting financial obligations while under bankruptcy protection is essential. Consider the crucial characteristics of a bankruptcy attorney if you decide to file Chapter 7 bankruptcy and seek debt relief from a law firm. It should be capable of managing multiple bankruptcy cases while maintaining a high level of professionalism, attention to detail, and competence.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Elder law, probate and estate administration, and estate planning are all practice areas for the prominent Oklahoma City, OK, legal company Scott Harris Law. We&#8217;ve been successfully resolving Chapter 7 and <\/span><a href=\"https:\/\/scottharrislaw.com\/chapter-13-bankruptcy\/\"><span style=\"font-weight: 400;\">Chapter 13 bankruptcy<\/span><\/a><span style=\"font-weight: 400;\"> cases for over ten years, and we&#8217;re dedicated to helping you achieve your debt-free objectives.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contact our bankruptcy attorneys at Scott Harris Law, PLLC in Oklahoma, for legal advice and get a <\/span><a href=\"https:\/\/scottharrislaw.com\/contact\/\"><span style=\"font-weight: 400;\">free consultation<\/span><\/a><span style=\"font-weight: 400;\"> so we can quickly resolve your debt issues and determine your goals.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A person or business that is unable to pay its debts may apply to the courts for debt relief through the legal process of bankruptcy. The goal of bankruptcy is to provide the debtor with a fresh start financially by getting rid of their debts. Knowing if one is eligible to file for bankruptcy\u2014or, more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1226,"parent":1074,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/pages\/1333"}],"collection":[{"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/comments?post=1333"}],"version-history":[{"count":1,"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/pages\/1333\/revisions"}],"predecessor-version":[{"id":1334,"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/pages\/1333\/revisions\/1334"}],"up":[{"embeddable":true,"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/pages\/1074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/media\/1226"}],"wp:attachment":[{"href":"https:\/\/scottharrislaw.com\/wp-json\/wp\/v2\/media?parent=1333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}