Bankruptcy Lawyers Norman Oklahoma
Imagine starting over with a clean financial slate. For many people struggling with debt, it can be difficult to imagine life without the stress and anxiety that credit card debt or unsustainable loan payments can bring. At Cindy Allen & Associates PLLC, we help people achieve their goals of becoming debt free by filing for Chapter 7 bankruptcy.
Your Guide To Becoming Debt Free
Everyone needs help every now and again. After a divorce, severe injury or other difficult experience, financial hardships are a common result. Instead of struggling to get by, there are options for taking control of your finances. By working with our experienced bankruptcy lawyers, we can assess the circumstances of your individual situation and explain your options. By understanding how Chapter 7 or Chapter 13 bankruptcy can help, you can make the appropriate choices to taking action, relieving your debt and rebuilding your credit.
Understanding Chapter 7 Bankruptcy
Chapter 7 is a liquidation of personal assets and helps individuals, partnerships and corporations with no hope for repairing their financial situations. Liquidation involves the appointment of a trustee who collects the nonexempt property of the debtor, sells it and then distributes the proceeds to creditors. Your car and primary residence can be declared exempt and retained. You must pass a means test for Chapter 7. This test involves a set of formulas used to determine if you have the ability to pay your debts. If you are found to be able to pay, you cannot file for Chapter 7 bankruptcy. However, our attorneys understand the median income requirements for Chapter 7 and how to craft the means test to see that you fall within the parameters.
Some other advantages to Chapter 7 bankruptcy include:
- The process can move quickly. You can resolve your financial issues efficiently and carry on with your life in a relatively short period of time.
- Your debt will be discharged, meaning you do not have to worry about making future payments.
- You can retain your salary and future earnings.
- With numerous exemptions, you will retain much of your personal property and can postpone foreclosure.
Contact Our Norman, Oklahoma, Law Firm For A Clean Financial Slate
At Cindy Allen & Associates PLLC, our team of experienced bankruptcy attorneys can empower you to take control of your finances. Call us to schedule a consultation by dialing 405-310-8673 or reach us by sending an email through our online contact form.