I understand when unavoidable circumstances make bankruptcy necessary
Chapter 7 Bankruptcy Attorney
- Oklahoma State Bar Association Member - Locally Owned
Understanding What Chapter 7 Bankruptcy Means in Oklahoma
If you are struggling to overcome your debt then Chapter 7 may be the right choice for you. Chapter 7 bankruptcy can provide immediate relief to a wide variety of financial problems. It is generally a very effective way to quickly eliminate large amounts of unsecured debts. Chapter 7 can legally eliminate most, if not all, of your unsecured debt including credit cards, medical bills, and unsecured loans.
Chapter 7 bankruptcy is reserved for people who meet or are below the Oklahoma state income-level threshold. If you qualify, you will be assigned a bankruptcy trustee who will evaluate your assets, sell any valuable possessions, and use those proceeds to pay back your creditors. This sounds worse than what it actually is. Don’t fret about losing everything, because the court allows a person filing Chapter 7 in Oklahoma to keep certain assets. These possessions are known as exempt property. Oklahoma is one of the most forgiving states in the U.S. when it comes to exempting property from the claims of creditors. With a few restrictions, a debtor can keep his or her home, clothes, personal belongings, furniture, a vehicle, tools that they use for work or to work a farm and can even keep a certain amount of livestock.
Once you file a Chapter 7 an automatic stay will be put in place. This means that your creditors are prohibited from engaging in any collection activities without permission from the bankruptcy court. As soon as you file for bankruptcy, several things will happen. Collection agencies and creditors will no longer be allowed to call you or contact you, except through the bankruptcy court. If you’re under any wage garnishments or tax liens, filing for bankruptcy will temporarily halt them. This is also true of any foreclosure or repossession proceedings that may be underway.
The process can be completed in just a few short months and will give you a fresh start and a manageable financial future. Now is the time to act. Call today
to schedule an appointment with Matthew E. Riggin and get the help and relief you deserve.
Chapter 7 Bankruptcy Attorney Serving Broken Arrow, OK & Tulsa, OK
The law office of Matthew E Riggin PLLC offers trusted bankruptcy attorney services in Broken Arrow, OK, Tulsa, OK, and the nearby areas. If you are considering filing for chapter 7 bankruptcy, turn to our bankruptcy law firm for guidance you can benefit from. Chapter 7 bankruptcy can help you overcome your debt and can offer immediate relief from a wide range of different financial concerns.
Understanding Chapter 7 Bankruptcy
As your bankruptcy law attorney, we will assist you with filing for chapter 7 bankruptcy while explaining your options and offering the best solutions. Chapter 7 bankruptcy is a proven and effective method of legally eliminating the majority of your unsecured debt such as credit cards, medical bills, and unsecured installment loans.
To file for chapter 7 bankruptcy in Broken Arrow & Tulsa, OK, the individual will need to meet certain criteria. The main requirement is to be at or below the Oklahoma state income level threshold. A bankruptcy trustee will be assigned to the person that qualifies and will then evaluate their assets and sell any valuable possessions to repay creditors.
Although filing for bankruptcy may be a stressful and overwhelming process, we can ensure that you know your options to help you make the best financial decisions.
Schedule a Consultation
Contact the law office of Matthew E Riggin PLLC to schedule a consultation at (918) 221-8847 today.
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