Chapter 7

Chapter 7

Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".

Important Notice

The Law Offices of Timothy L. Wallace, designated as a Federal Debt Relief Agency by an Act of Congress and the President of the United States, has proudly assisted consumers seeking relief under the US Bankruptcy Code for over 10 years.

Chapter 7

In a Chapter 7 bankruptcy, the debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months.

Chapter 13

In a Chapter 13 bankruptcy, you don't have to hand over any property, but you must use your income to pay some or all of what you owe to your creditors over time -- from three to five years, depending on the size of your debts and income.

English Bankruptcy Information Video

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Spanish Bankruptcy Information Video

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Stop Foreclosure

If you are facing foreclosure and cannot work out a deal or other alternative with the lender, bankruptcy may help.

Stop Garnishment

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Divorce

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Medical Bills

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Oklahoma Exemptions

Most people who file for bankruptcy will keep all of their property. It is important you consult an experienced attorney