Exploring the Legalities of Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a great tool for many people who want to be relieved of their debts and start fresh. But this is overall a very complicated legal process. A chapter 7 bankruptcy lawyer of Oklahoma can express the whole process.

But even after that, there are some things that you have to know before you jump the gun. In this article we are going to discuss a few of them. Read the article, and figure out a strategy using which you can be relieved of all your loans and borrowings.

Chapter 7 Bankruptcy- The Definition

Firstly, let us tell you what chapter 7 bankruptcy is. The American government provides you two ways of relieving debts. They are known as chapter 7 and 13 bankruptcy. Chapter 7 bankruptcy allows someone to liquidate their assets to pay debts. There are some certain rules and regulations regarding chapter 7 bankruptcy. You can get to know more about them once you hire a chapter 7 bankruptcy lawyer of your own.

Chapter 7 bankruptcy focuses on unsecured priority creditors first. Once all of the unsecured debts are paid then only you can move to secured and non-priority unsecured creditors. Unsecured priority debts include things like tax debts and personal injury claims while all the loans from banking and non-banking organizations fall under the category of secured debt.

The Filing Process

Now that you know some of the basic things about chapter 7 bankruptcy, let us know about the procedures of filing bankruptcy. Usually this should be done by your chapter 7 bankruptcy lawyer. But if you do not manage to get one, you can file your bankruptcy by filling out some forms. They also have to file a petition to the court. If that is done, an automatic stay order is put in action that prevents the creditors from collecting their debts.

Why Reneau Law Group?

Choosing a chapter 7 bankruptcy lawyer from Reneau Law Group will help you deal with all the obstacles with ease Our trained and professional attorneys will aid you in getting out of the situation once and for all.

We, here at Reneau Law Group, have some of the best lawyers in Oklahoma who have been helping countless people with their bankruptcy and other legal problems. We assure you that if you choose one of our lawyers, it would probably be one of the best decisions of your life.

**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.