INFORMATION ON FILING A CHAPTER 7 BANKRUPTCY By filing Chapter 7 bankruptcy, you can wipe out most of your debt and begin to establish a good credit rating. The most common reasons for filing include severely over-extended credit, marital difficulties, huge medical fees, unemployment, or any massive unexpected expense. You’ll then have the opportunity to create in your area. Sometimes average working individuals and families find themselves in a position where they cannot pay their bills. This could be due to a sudden loss of a job or income, a serious injury or illness that has caused medical bills to pile up, divorce, or even a natural disaster like a flood, tornado, or hurricane can quickly wipe out a life's savings. For many, Bankruptcy provides a second chance. Filing bankruptcy is generally considered a last resort. In most cases, it can relieve tremendous stress and provide the opportunity to rebuild from scratch. Filing for bankruptcy should not be taken lightly, however, it may prove itself to be the solution for you. Property that is "exempt" from bankruptcy is property not included in the bankruptcy and cannot be touched by creditors or the bankruptcy trustee to satisfy payment of your debts. Keep making any payments on it and you can keep it. Oklahoma is an "opt out" state, which means that Federal Bankruptcy Exemptions are not available. Instead, the Oklahoma Bankruptcy Exemptions apply, which are: ASSET EXEMPTIONS Homestead Real property or manufactured home to unlimited value; property cannot exceed 1/4 acre. If property exceeds 1/4 acre, may claim $10,000 on 1 acre in city, town or village, or 160 acres elsewhere (need not occupy homestead to claim it exempt as long as you don't acquire another) Personal Property all household and kitchen furniture held primarily for the personal, family or household use; wedding and anniversary rings, $3,000; any lot or lots in a cemetery held for the purpose of sepulcher; implements of husbandry necessary to farm the homestead, $10,000; tools, apparatus and books used in any trade or profession, $5,000; all books, portraits and pictures that are held primarily for the personal, family or household use; wearing apparel not to exceed $4,000 in aggregate value; professionally prescribed health aids; 5 milk cows and their calves under 6 months old; 100 chickens; 2 horses and 2 bridles and 2 saddles; one motor vehicle not to exceed $7,500 in value; guns, $2,000; 10 hogs, 20 head of sheep; all provisions and forage on hand, or growing for home consumption, and for the use of exempt stock for one (1) year; Pension and Retirement Benefits ERISA; 401(K); Deferred compensation plans; Law enforcement employees; Public employees; Teachers; Tax exempt benefits; Tax deferred annuities; Health Insurance plans; County employees; Disabled veterans; Education retirement accounts; Qualified retirement plans Public Benefits AFDC; Crime victims' compensation; Social Security; Unemployment compensation; Workers' compensation, for a net amount not to exceed $50,000, but not including any claim for punitive damages Tools of the trade Implements to farm homestead, tools, books & apparatus to $5,000 total, if used in business or trade of debtor or dependent Wages 75% of all current wages or earnings for personal or professional services earned during the last ninety (90) days, except as provided in Title 12 of the Oklahoma Statutes in garnishment proceedings for collection of child support; right to receive alimony, support, separate maintenance or child support payment to the extent reasonably necessary for the support of debtor and his dependent Miscellaneous Alimony; Child support; Business partnership property What debts are discharged in Chapter 7 dischargeable possibly dischargeable (but action will be contested and additional costs and fees will be incurred beyond the flat fee amount) not dischargeable Personal loans Credit cards Repossession deficiencies Auto accident claims Judgments Business debts Leases Guaranties Negligence claims Tax penalties over 3 years old Income taxes that aren't priority taxes Property settlements or division of debts in divorce Willful and malicious injuries to others Embezzlement Debts incurred by fraud or dishonesty Debts arising from breach of fiduciary duty Recent taxes Trust fund taxes Child or family support Criminal fine or restitution Auto accident claims involving intoxication Debts not scheduled Penalties payable to the government other than tax penalties Student loans Debts listed in prior bankruptcy where debtor was denied a discharge CONTACT ME TODAY AT : jkm@oklahomabankruptcyattorney.net -- OR -- (918) 371-1896 ____________________________________________________________________________ WE ARE A FEDERALLY DESIGNATED DEBT RELIEF AGENCY PURSUANT TO TITLE 11 OF THE U.S. CODE. WE PROVIDE LEGAL ASSISTANCE AND HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.