Bankruptcy FAQs
- How much will it cost to file for bankruptcy?
- How long will the bankruptcy process take?
- Will I lose my house, car, and other belongings if I file for bankruptcy?
- What does the discharge order generally discharge?
- What is the means test?
Q: How much will it cost to file for bankruptcy?
A: At the Law Office of B. David Sisson, there is no fixed rate for handling bankruptcy matters for clients. The costs for filing for bankruptcy, including attorney fees, depend on the complexity of the matter involved. After meeting with you and evaluating your case, we will discuss possible costs.
Q: How long will the bankruptcy process take?
A: There is no single, fixed length of time for bankruptcy matters to be processed. A variety of factors affect how long a bankruptcy matter takes, such as whether the matter is contested, the type of bankruptcy filing, and the complexity of the matter.
Q: Will I lose my house, car, and other belongings if I file for bankruptcy?
A: Generally, when you file for bankruptcy you may claim certain exemptions under state law that will allow you to hold onto certain types of real or personal property. For instance, in Oklahoma, subject to certain exceptions, debtors can claim "a homestead exemption, regardless of value, not exceeding one acre, if located in a city, town or village, or 160 acres, regardless of value, if located outside a city, town or village." Other types of property that may be exempt under Oklahoma's laws include such items as household and kitchen furniture used primarily for personal, family, or household use; clothing; and certain retirement plans to name a few of the possible exemptions.
Please see the Oklahoma State Bar Association's website on bankruptcy for more information.
Q: What does the discharge order generally discharge?
A: A discharge order is issued by the bankruptcy court after the bankruptcy process, stating that the debtor does not have to pay certain or most debts. The types of debts that can be discharged depend on the type of bankruptcy chapter you are filing and the specific debt involved. Some debts cannot be discharged such as some taxes, student loans, criminal restitution, child support, alimony, and other domestic support obligations, and debts for death or personal injury caused by operating vehicles while intoxicated.
It is important to keep in mind that the discharge only applies to debts that arose before the date you filed. Additionally, if the judge finds that you made a false oath, withheld information or property from the trustee, failed to satisfactorily explain the loss of assets, or failed to obey an order of the court, the debt may not be discharged.
Q: What is the means test?
A: The means test is generally a method of determining whether a debtor is eligible to file for relief under Chapter 7 bankruptcy. Generally, a debtor who has more than a certain level of income is not eligible to file for Chapter 7. A qualified bankruptcy attorney can calculate your gross monthly income for the last six months and determine whether this amount is less than your home state's median income level for the same size family. If the amount is less than the state's median income level, you may be eligible.
If you need more information on Chapter 7 and Chapter 13 bankruptcies, please see the Consumer Bankruptcy page.
For an experienced bankruptcy lawyer, contact the Law Office of B. David Sisson today for a no obligation consultation.
