Category: Legal

Examining The Requirements For Liquidation

In Oklahoma, bankruptcy provides fast results for consumers who want to settle debts in a short amount of time. The liquidation process is an incredible choice for consumers with a vast collection of assets. The properties could provide adequate capital for ridding the consumer of high volume debts in under six months. A local attorney can help consumers examine the requirements of Chapter 7 bankruptcy.

Invoices for All Debts

The consumer should collect invoices for all their debts. The most receive invoices reflect the current balance of the debt, the account number, and the creditor. The attorney reviews all debts and calculates the consumer’s total debt value. Next, the lawyer explores all options such as possible discharges for debts such as unsecured credit card debts.

Deeds and Titles for Assets

The deeds and titles for the assets are collected from the consumer. Each asset is appraised to determine their exact …


Understanding Chapter 7 Bankruptcy

The decision to file for Chapter 7 bankruptcy can offer a lifeline to those who are struggling with the pressures of unmanageable payments. While it is helpful, there are many who don’t fully understand what is involved in this process. Chapter 7 bankruptcy is a process where a court wipes away most types of unsecured debt. There are several frequently asked questions and answers to help get a better understanding.

Which Debts Can be Eliminated?

Most unsecured debts like credit card balances, past due utilities and past due rent will be wiped out after filing Chapter 7, there are some exceptions that should be noted. Student loan debt is an example of something that cannot be discharged. Also, money owed to the IRS as well as late payments towards child support will not disappear after filing Chapter 7 bankruptcy.

How Long Does It Take?

Each situation is different, so every …