In Oklahoma, bankruptcy provides fast results for consumers who want to settle debts in a short amount of time. The liquidation process is an incredible choice for consumers with a vast collection of assets. The properties could provide adequate capital for ridding the consumer of high volume debts in under six months. A local attorney can help consumers examine the requirements of Chapter 7 bankruptcy.
Invoices for All Debts
The consumer should collect invoices for all their debts. The most receive invoices reflect the current balance of the debt, the account number, and the creditor. The attorney reviews all debts and calculates the consumer’s total debt value. Next, the lawyer explores all options such as possible discharges for debts such as unsecured credit card debts.
Deeds and Titles for Assets
The deeds and titles for the assets are collected from the consumer. Each asset is appraised to determine their exact value. A market analysis is conducted for all real property. The attorney determines an estimated total value of the assets and projected proceeds that are likely after all sales. All deeds and titles are turned over to the trustee assigned to the bankruptcy case.
Auctions and Sales
The trustee conducts sales and auctions for all assets. The proceeds are sent to the trustee after each asset is sold. The exempted value associated with each debt is collected for the claimant. All debts are paid off with the proceeds. At the end of the process, the exempted values are sent to the consumer.
Managing Debts and Removing the Listings
At the end of the claim, the trustee can provide the claimant with receipts for all debts that were paid off. The claimant can request a removal for any debts listed on their credit reports. The receipt provides evidence of debt settlement if the consumer is required to file a dispute with the credit bureau.
In Oklahoma, bankruptcy is an advantageous choice to settle debts in under six months. The process requires the consumer to surrender their titles and/or deeds to the court. A trustee manages the liquidation process and pays off creditors after the assets are sold. Consumers who are interested in a chapter 7 claim can contact an attorney now.