Choosing to file bankruptcy is always a significant step, but it sometimes proves to be the best available move. Chapter 7 bankruptcy protection allows an essentially fresh start for individuals whose debts have grown to the point they are no longer serviceable. Attorneys like those online at http://tulsabankruptcylawyers.net/ will always be able to help their clients work successfully through the process.
A Relatively Simple Way to Start All Over
Debts that are incurred by individuals remain, by default, binding and payable until they are settled. People who obtain bankruptcy protection under Chapter 7 can have the slate wiped clean in many cases.
In order to arrive at a determination of whether a given individual is entitled to this form of relief, a bankruptcy judge will need to assess the situation. That will normally mean looking into matters like the following so as to decide whether protection is legally available.
- Income. Only individuals and households whose income levels are below the set limits are eligible for Chapter 7 bankruptcy. Others whose debts have grown too large can try to file for either Chapter 13 or Chapter 11 protection instead. Qualifying for Chapter 7 protection in Oklahoma will normally require an income below the median level for the state.
- Assets. While Chapter 7 bankruptcy can easily be the best choice, it does come with a price in most cases. In particular, even many of those personal assets that are owned free and clear will be liquidated so that the proceeds can be distributed to creditors. A judge will need to be presented with a thorough accounting regarding what the bankruptcy petitioner owns.
- Exemptions. Fortunately, not all assets are eligible for liquidation even under Chapter 7. All the same, someone filing for bankruptcy must specifically claim exemptions that shield particular assets from confiscation and sale.
Wiping the Slate Clean is a Frequently Powerful Option
Chapter 7 quite regularly proves to be the best way for financially distressed Oklahomans to get back on track. While it always does come with some downsides, seeking this type of bankruptcy protection with the help of an attorney can easily prove to be the best option of all.