Chapter 7 is a bankruptcy option that is available to many people. This type of bankruptcy allows people to legally overcome their debts so they are less stressed and able to start over financially. Knowing all the details about this type of bankruptcy is important for helping people to make the best decision for their needs.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the fastest to settle and most people are able to overcome their debt in less than six months. First, a person will need to go through means testing to ensure they qualify. This testing checks their income and determines if it is above or below the median income for the state. If the income is too high, they will likely not be approved for this type of bankruptcy, though there may be other options.
When someone is approved, they will have a third-party trustee assigned to their bankruptcy case and this person has certain duties and authority that will help the individual settle their debt quickly. Some people will be required to submit some of their non-essential property for sale. This property is liquidated so the money can be used to pay off the debts owed by the individual. Often, a person simply will not have any property that is valuable enough to be sold so the third-party trustee has the option of absolving some of the debts.
How to Get Started
Getting help begins with first scheduling an appointment with the lawyer. Bringing in their financial records and asset information will help the lawyer to make a determination on whether the individual will be able to pass means testing and be approved for bankruptcy. They will also help their clients to understand their rights and the legal process of overcoming the debts they owe.
If you would like to learn more about getting legal help for bankruptcy, visit https://tulsabankruptcylawyers.net/bankruptcy-attorney-tulsa-chapter-7-bankruptcy/. Call the office right away if you are ready to schedule a consultation. Allow them to help you get started on the process so you can legally overcome your debt and improve your financial outlook as soon as possible.