Are you drowning in debt and feeling overwhelmed by your financial situation? If so, you may be considering filing for bankruptcy. Chapter 7 bankruptcy is a common option for individuals who are unable to pay off their debts and need a fresh start. In this blog post, we will discuss what chapter 7 bankruptcy is, how it works, who qualifies for it, and how The Terrell Law Firm can assist Oklahoma residents with their bankruptcy matters.

Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a legal process that allows individuals to eliminate most of their unsecured debts, such as credit card debt and medical bills. In a chapter 7 bankruptcy case, a trustee is appointed to oversee the process of selling any non-exempt assets to repay creditors. However, most people who file for chapter 7 bankruptcy do not have any non-exempt assets, so they are able to discharge their debts without losing any property.

To qualify for chapter 7 bankruptcy, individuals must pass the means test, which compares their income to the median income in their state. If your income is below the median income for your household size in Oklahoma, you likely qualify for chapter 7 bankruptcy. Additionally, individuals must complete a credit counseling course before filing for bankruptcy and attend a meeting of creditors after filing.

At The Terrell Law Firm, our experienced attorneys can help guide you through the process of filing for chapter 7 bankruptcy. We understand that dealing with overwhelming debt can be stressful and confusing, which is why we are here to provide you with personalized support and representation throughout your case. Our goal is to help you achieve financial freedom and start fresh without the burden of unmanageable debt.

If you are struggling with debt and considering filing for chapter 7 bankruptcy in Oklahoma, The Terrell Law Firm is here to help. Our dedicated team of attorneys has the knowledge and experience needed to navigate the complex legal process of bankruptcy and ensure that your rights are protected every step of the way. Contact us today to schedule a consultation and learn more about how we can assist you with your bankruptcy matters. Remember, there is light at the end of the tunnel – let us help you find it.