Chapter 7 Debt Discharge for Individuals, Couples and Business owners!

What is Chapter 7 Debt Discharge? If you are considering filing for a Chapter 7 Bankruptcy in Oklahoma it is important to talk to an experienced and qualified Tulsa Oklahoma Bankruptcy Attorney to see if you qualify under the new Bankruptcy Reform Act of 2005. As experienced Tulsa Bankruptcy Lawyers who have helped thousands of Oklahoman's like you, we can help you determine if you are eligible to file Chapter 7 of the U.S. Bankruptcy Code. Bankruptcy Chapter 7 is known as a fresh start because it allows persons facing serious financial crisis to discharge all of their debt and gain a fresh start in life! It provides immediate relief and is about a 90 day process from filing date to discharge. ALL of your debts except some Taxes, Student Loans, Child Support and Drunk Driving Debt can be discharged. Even the debt you personally owe for your house and your car is discharged. Debts that Business Owners, Sole Proprietors, Partners and Self Employed Persons have personally guaranteed or owe are also completely discharged in chapter 7!  Your attorney will explain how Bankruptcy 7 strips debts but not secured liens and how you can keep your house and car.

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Filing for bankruptcy Chapter 7 will stop creditors from harassing you with calls, lawsuits, wage garnishing, or the threat of taking away your home or automobile. As soon as a petition is filed, bankruptcy laws invokes an automatic stay halting creditor activity. In order to qualify for a Chapter 7 bankruptcy, you must have little or no disposable income. In other words, if the amount you earn is approximately the same as your expenses for housing, car payments, food, utilities, insurance and other expenses, you may meet the necessary requirements for Chapter 7. There is a "means test" calculation that Robinson Law PC will help you complete to determine if you are eligible to file under Chapter 7 or, alternatively, some other chapter. The Chapter 7 bankruptcy option allows a trustee to administer (liquidate or sell) any property that isn't protected under state and federal law and distribute the proceeds to satisfy part of your debt. In most cases, we find that creditors have "no assets" for the trustee to administer after you take all allowable exemptions. Robinson Law PC will guide you and explain what property the law allows you to keep. Chapter 7 bankruptcy will also allow a debtor to discharge most debts, freeing the individual from repaying the debt. Some debts are not discharge able though, including current (under 3 yrs old) tax debt, child or spousal support, and guaranteed student loans. Business Owners and Self Employed Persons can file bankruptcy chapter 7 and eliminate debt that was personally guaranteed or is personally owed on behalf of the business. Mark Robinson has a business degree and taught business law at Oral Roberts University. He has the experience to help small business owners and self employed through the process of chapter 7. Contact us at Robinson Law PC today to get started on your "fresh start"!  

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