Chapter 7 bankruptcy is often referred to as "liquidation bankruptcy" or "straight bankruptcy" because its main purpose is to discharge most kinds of debts. It applies when the monthly payment on all personal overhead — things like rent, car payments, utilities and groceries — exceeds your take-home income. Generally, under Oklahoma's current laws, you will keep your home and your car. When a Chapter 7 is complete, you no longer owe the debt.
At Affiliated Legal Services, Inc., we are dedicated to helping individuals gain debt relief through bankruptcy. We provide personal attention and use years of experience to handle Chapter 7 bankruptcy claims.
When debt overwhelms you, getting help in time can make all the difference in the world. That's why Affiliated Legal Services, Inc., offers a 24-hour turnaround time for bankruptcy filings. Our firm can have your bankruptcy petition filed within 24 hours of your free initial consultation.
About Chapter 7 Bankruptcy and the Bankruptcy Means Test
Not everyone qualifies for Chapter 7 bankruptcy. A bankruptcy means test determines whether your income is low enough for you to file. The test deducts specific monthly expenses from your current monthly income, calculating your disposable income.
According to bankruptcy laws, people with lower incomes as compared to the median family income are more likely to be eligible for Chapter 7. The greater your disposable income, the more likely it is that you will not be allowed to use Chapter 7 bankruptcy under the law.
Because of the means test, many people believe that they do not qualify for Chapter 7 bankruptcy. However, this is not always true. You do not have to be penniless to qualify for Chapter 7.
The skilled lawyers at Affiliated Legal Services, Inc., can guide you through the means test and the Chapter 7 bankruptcy process. Many of our clients have been people who thought that bankruptcy was not an option for them, only to discover financial freedom through Chapter 7.
If you do not qualify for Chapter 7, you may still have other options. Chapter 13 bankruptcy may be a better fit for your debt relief needs.
Contact an Oklahoma County Chapter 7 Bankruptcy Lawyer
Take control of your finances and move forward toward a fresh start. Call Affiliated Legal Services, Inc., at 405-543-2756 or contact us online for a free and confidential initial consultation with an Oklahoma City Chapter 7 bankruptcy attorney. Evening and weekend hours are available by request.
