Reneau & Childers

Chapter 7 Attorney in Midwest City: Get A Fresh. Financial. Start.

Chapter 7 Bankruptcy is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. It allows you to erase most or all of your debt without repayment. Debts that can be discharged in bankruptcy include most unsecured debts such as credit cards, signature loans, and medical bills. Debts that cannot be discharged in Chapter 7 Bankruptcy are taxes, domestic support obligations, and most student loans. The debtors are given an option to reaffirm and continue to pay a secured debt if they do not want to lose the property associated with the debt such as your home mortgage or auto loan. If you need a Midwest City Chapter 7 Attorney, let Reneau and Childers help.

Use Bankruptcy with caution. Bankruptcy may be the best, or only, solution for extreme financial hardship. However, it should be used only as a last resort, since it always has long-lasting consequences. The record of a bankruptcy remains in your credit files in credit bureaus for as long as ten years, which is a long time in today's economic system that is so dependent on having good credit. Moreover, there are limits on how often you can fully benefit from certain forms of bankruptcy. Study the pros and cons carefully before resorting to bankruptcy as a means of solving your economic troubles.

 

CHAPTER 7 MEANS TEST

In order to qualify to file a Chapter 7 Bankruptcy, the debtor must pass a Means Test. The Means Test is
designed to determine whether you can afford to repay your debts by computing your income and expenses
in comparison with the median income and standard expenses for Oklahoma. Reneau and Childers can easily help with the Chapter 7 Means Test.


DEBTOR’S PROPERTY FOR CHAPTER 7

You may be able to claim most of your property as exempt in a Chapter 7 and Chapter 13 Bankruptcy. Your
property that is claimed exempt is not available for the bankruptcy court to collect to repay your creditors.
Under the Oklahoma Exemption Statute, an example of property that is exempt is your primary residence,
retirement, one vehicle per debtor with a value of $7,500.00 or less, household goods and furnishings, and
personal clothing.

 

CHAPTER 7 ATTORNEY SERVICES PROVIDED BY RENEAU & CHILDERS LAW FIRM

Contingent upon being paid for the services as specified below, the Attorney shall provide the following legal services for the Client:
1. Analysis of the Client’s financial situation, and rendering advice and assistance to the Client in determining whether to file bankruptcy;
2. Preparation and filing of any petition, schedules, statement of affairs, other documents required by the Court and/or plan which may be required;
3. Representation of the Client at the meeting of creditors and confirmation hearing, and any adjourned hearing thereof; and,
4. Legal analysis and advice with regards to reaffirmation agreements and surrenders.

CLIENT’S OBLIGATIONS
1. Pay the attorney’s fees and costs of the filing, credit counseling courses, and credit report;
2. Provide accurately and honestly all the information necessary to prepare and file the bankruptcy;
3. Keep the Attorney advised at all times of the Client’s email address, home address, and telephone numbers;
4. Attend the 341 Creditors Meeting and any other hearing set in the case;
5. Provide any information requested of the Client by the Bankruptcy Trustee, the US Trustee, or any other party in the case, unless the Court rules set out that the Client is not required to provide the information; and,
6. Respond immediately to any requests of the Client by the Attorney or the Attorney’s staff.

If you need a Midwest City Chapter 7 attorney, please contact us or call (405) 732-5432

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