Process for Filing a Bankruptcy in Oklahoma
If you are considering filing for bankruptcy or question whether bankruptcy is appropriate for you, hopefully the following Chapter 7 Bankruptcy Overview will be helpful.
Chapter 7 Overview
- Talk to an experienced Oklahoma City bankruptcy attorney to determine if this course is the right option for you!
- If bankruptcy relief is appropriate, which Chapter (7 or 13) best serves your particular circumstances. (Do you meet the means test for Chapter 7? Are you behind on a home that you want to save? Do you have non-exempt property that you want to protect?)
- Getting the documents together! Bankruptcy is a document intensive exercise. In exchange for the protection and relief provided to you by the Bankruptcy Code, you have an obligation to fully disclose your assets, income, debts and property. This requires you to work with us to ensure that we receive all the necessary information.
- Although we can start working for you and with you after you’ve made a down payment, we cannot file a Chapter 7 case until the attorney fee is fully paid. In addition, the Bankruptcy Court requires you to pay a filing fee (currently $335.00) and, depending on your circumstances, at least 1/4 of the fee must generally be paid on the date the case is filed. Finally, you must take an online credit counseling course before the case is filed. (The current cost is approximately $14.95).
- File the Petition and Schedules! Once this is done, all collection activity against you must stop. This generally includes garnishments, small claims actions, lawsuits, repossessions and foreclosures. (Be advised that repossessions and foreclosures can begin again during your Chapter 7 but your personal liability will be removed if you receive your discharge).
- In the 30 days after the case is filed, and before your 341 Meeting, we will be providing the panel trustee with required documents and other information. You will need to continue to work with us to accomplish this.
- Approximately 30 days after the case is filed, you will attend a 341 Meeting with your attorney. This meeting is normally brief and is also normally the only time you will nee to go to court. We will discuss this aspect of the case with you to ensure you are comfortable with the process.
- If you have a home, car or other asset that you are financing, we will likely receive a reaffirmation agreement from that creditor. In the event you sign the document, you keep the property and must continue paying on it. If you do not, the creditor can pursue their rights to the property as well as the ability to sue you for any remaining amounts due. We will fully discuss all aspects of a reaffirmation agreement before you sign!
- In a Chapter 7 case, within 3-4 months following your 341 Meeting, the Court will enter your discharge. This discharges you from all dischargeable debts and grants you the Fresh Start offered by Chapter 7. (Chapter 13 cases normally operate under a plan which extends from 3-5 years. If Chapter 13 is appropriate or necessary for you, we will of course discuss the requirements of that Chapter in detail before you file).
We are here to help. Call us today!
* The above represents the basic steps of an average Chapter 7 case . Each case is unique, as is each client. We will thoroughly explore your situation and advise you up front if we believe any additional issues will arise.
(We are a debt relief agency and we help people file for bankruptcy relief under the Bankruptcy Code.)