A Chapter 7 bankruptcy in Creek County is the most popular form of bankruptcy filed in the State. When people talk about bankruptcy all sorts of confusion and differences of opinion come into play. Bankruptcy really isn’t that confusing. Dealing with debt collectors on the other hand is. In times of economic hardship bankruptcy is a great chance for people to rebuild their financial lot in life. They often refer to a Chapter 7 bankruptcy as the fresh start bankruptcy.
Information Gathering
Filing a bankruptcy involves gathering lots of information. The majority of the information they ask for is to show that you qualify to file. Depending on the attorney that you use its not a difficult requirement to meet. An example of some documents is your taxes, a list of your assets and liabilities and the creditors that you owe money to.
You also need copies of you car title and if you own a house the court requires a copy of the deed. The key to the information gathering phase is to relax. This is stuff that you have but just haven’t seen in a while. In any event your attorney will know how to get the documents. To most bankruptcy attorneys in Creek County this is the bread and butter of the case and it’s easy for them to make it easy for you. One thing you can be sure of is that once your case is done you will begin rebuilding your credit
Passing The Means Test
To file a Chapter 7 bankruptcy everyone must pass the Means Test. This test looks at your income, assets and expenses. For an individual to file a Chapter 7 bankruptcy, that individual can’t make more than $48,322 per year. The amount increases with the number of people in your household. This means that if you’re married and have two kids the amount goes up and corresponds with your family size. For a family of two the amount is $60,000 and for a family of four the amount is $77,000 per year. The income maximum changes from time to time. In the event your family income is above the means test maximum you’ll have to file a chapter 13 bankruptcy
Effect Of Filing Bankruptcy
Your Chapter 7 bankruptcy is filed in federal bankruptcy court. Immediately upon filing you get the benefit of the protections that comes with filing bankruptcy. An automatic stay triggers and any and all collection efforts against you must stop. This includes law suits,
garnishments and other collection efforts. Once filed the court appoints a Trustee who sets your case for a Meeting of the Creditors.
Meeting Of The Creditors
One of the requirements of filing a chapter 7 bankruptcy in Creek County is that you attend a meeting with the bankruptcy trustee in your case. Its not difficult and your bankruptcy attorney goes with you. All of your creditors have a right to attend the meeting but they seldom appear. You’ll be under oath and the trustee will ask you a series of questions. The questions are easy and once again your bankruptcy lawyers is with you. An example of some questions is, do you know that you’re filling bankruptcy and is all the information in your case true and correct. Approximately 65 days after the meeting of creditors you will receive a discharge from the court and the case will close.
Bankruptcy Lawyer Near You
If you’ve got debt and its overwhelming we can help. Bankruptcy is a federal program that’s been around for decades. It doesn’t negotiate debt. Its doesn’t beg creditors or negotiate to reduce what you owe. Its not like that. Bankruptcy eliminates the debt. Its like it never happened and its forgiven forever. If you qualify you can file chapter bankruptcy in Creek County, its your right and its the law. Call the Creek County attorneys at Kania Law Office for a free consultation. 918.209.3709
