Chapter 7 Bankruptcy is the most common form of personal bankruptcy filed by individuals. When someone states; "I'm filing for bankruptcy.” they are typically referring to a Chapter 7 Bankruptcy filing. Chapter 7 Bankruptcy is known as Individual Liquidation, Liquidation Bankruptcy, or Straight Bankruptcy. This type of bankruptcy is essentially where all of an individual’s unsecured debts are liquidated. The main purpose of filing Chapter 7 Bankruptcy is to discharge debts such as credit card debt, medical debts, car repossession, or home foreclosure judgments. Chapter 7 Bankruptcy is mainly for those individuals who do not have a regular monthly income, or whose income is inadequate to pay their debts.

Oklahoma Bankruptcy Means Test

It has become increasingly difficult to file for Chapter 7 Bankruptcy due to the changes in the bankruptcy code. Current bankruptcy code requires that a means test must be completed to see if the basic requirements for Chapter 7 Bankruptcy are met. The attorneys at Swift & Watkins will assist you in the means test process. Once the test is completed and eligibility established, the Oklahoma bankruptcy attorneys at Swift & Watkins will guide you through the process of filing for Chapter 7 Bankruptcy.

Oklahoma Bankruptcy Automatic Stay

When you file for Chapter 7 Bankruptcy, an order for relief goes into effect. This order for relief is known as the automatic stay. The automatic stay will quickly stop creditors from hassling you regarding:

Oklahoma Chapter 7 Bankruptcy Property Rights

Once you file for Chapter 7 Bankruptcy, any property you own is under the control of the bankruptcy courts. You will not be able to sell or give away any of the property you own, or pay off your pre-filing debts without consent of the court. At the conclusion of the bankruptcy process, your debts will be discharged by the court except debt such as child support, tax debts, student loans, and any other debt that the court has declared as non-dischargeable.

Contact Tulsa Chapter 7 Bankruptcy Attorneys for a Free Consultation

The post-October 17, 2005, Bankruptcy Code made major changes regarding Chapter 7 Bankruptcy filings. The new Bankruptcy Code has made the process longer, more expensive, and undeniably harder for individuals to liquidate debts than under the old law. For this reason it is highly recommended that you contact an experienced Oklahoma Chapter 7 Bankruptcy attorney. A practiced bankruptcy attorney can successfully help you navigate through the process and achieve your long term, debt free goals. Let us help you get a fresh start. Contact Swift & Watkins Tulsa Chapter 7 Bankruptcy attorneys for a free consultation (918).295.8282.