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CHAPTER 7


One of the prime reasons the American economy finds itself mired in a continuing
recession is because of consumer and/or credit card debt. Below is an overview of what
is involved in a Chapter 7 Bankruptcy filing. Unlike Chapter 13 bankruptcy, Ch. 7 involves
liquidating the non-exempt assets of a person to apply against their debt while sustaining
a reasonable standard of living. However, since Oklahoma has very generous exemption
laws in favor of its residents, the regular person still gets to keep everything he owns while
having his debts wiped out. Below you’ll find information regarding how the process of
filing for bankruptcy protection begins, how the Bankruptcy Trustee plays a part in
bankruptcy case, what occurs at the meeting with the trustee, the disposition of the case
and how you should proceed if you need relief from your crushing financial stress.


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