Discharging Your Debt in Bankruptcy

How can you discharge your debt by filing bankruptcy?

When you cannot pay your bills and are being hounded by a variety of creditors, life is difficult and stressful. There are few life situations more full of anxiety than constant threats of foreclosure, lawsuits, repossession, wage garnishment and other actions that are taken by creditors who have not received promised payments. Thousands upon thousands of individuals, business owners and families have come under severe financial stress in the recent economic downturn, and are struggling to manage and just cannot make ends meet. Many of these individuals are likely eligible to file bankruptcy and discharge their debt. When a chapter 7 bankruptcy is complete, you will no longer owe most of your unsecured debt - it will be completely discharged.

How to Discharge your Debt

In order to determine if you qualify to file chapter 7, it is necessary to take the Means Test. This test evaluates your personal financial situation, including your assets, debts and income. If you qualify for chapter 7, as many in Oklahoma City do, you have the opportunity to be finally free of your unpaid obligations. This allows you, your family or your business to get a fresh start.

If you are interested in discharging your debt, including credit cards, medical bills and other unsecured debt, you should contact an Oklahoma City bankruptcy lawyer from Mitchell | Hammond at once. Our firm has helped countless business owners and individuals be freed from crushing debt. You may qualify for chapter 7, and if not, chapter 13 is an excellent opportunity to get your finances finally under control. For those that were caught in the subprime mortgage boom and now are struggling with a high mortgage payment, filing bankruptcy can allow you the time to get your mortgage issue resolved, and we can help.

Contact an Oklahoma City bankruptcy lawyer for information about discharging your debt through filing bankruptcy.