Facts vs. Myth: What Happens to My House and Cars if I File Bankruptcy?

What About my House and Cars?

There's a lot of bad Bankruptcy information out there. Beware of office talk and helpful "friends" who volunteer non-lawyer opinions, information or advice. If they are not a trained Bankruptcy lawyer, they are usually wrong.

Bankruptcy Myths

Here are 3 common myths I am frequently asked about:

1. They will take my house and cars! WRONG. These are usually exempt.
2. It will ruin my credit for 10 years! WRONG. It can actually improve it.
3. I don't qualify to have all my debts canceled. WRONG. You probably do. You should find out if you do qualify so you can make an informed, rational decision.

Who Qualifies for a Chapter 7 Debt Discharge?

You qualify for Chapter 7 Bankruptcy if:

A. Your annual income is below the Median Income amount for your household size, and

B. You have not filed Chapter 7 bankruptcy in last 8 years.

IF A AND B APPLY, YOU QUALIFY TO HAVE YOUR DEBTS PERMANENTLY CANCELED.

*THE MEDIAN INCOME TEST: (Even If you make more than this you may still qualify after your exemptions & future expenses are applied.)

Chapter 7 Median Income test as of 1/1/11

These figures are for Oklahoma residents, other states will differ. If there are more than four in the household, an Additional $7500 is allowed for each addl.child/person or dependent over 4 people.

The Facts

• If you make less than these amounts you qualify for Chapter 7
• If you make more than these amounts you probably qualify for Chapter 13
• Either way, if you want to keep your cars & house, you can
• If you don't want to keep them, you can give them back walk away with no obligation
• Bankruptcy laws exist because working Americans have the right to be FREE of enslavement to creditors
• Have you become an indentured servant to banks, credit card issuers, lenders or auto finance companies?
• IF SO, YOU HAVE OPTIONS. FIND OUT WHAT THEY ARE. GET THE RIGHT INFO BEFORE YOU DECIDE WHAT TO DO ABOUT IT
• CALL TODAY FOR A NO OBLIGATION CONSULTATION. YOUR CALL IS FREE. GET THE RIGHT FACTS. THEN DECIDE.

ALEX HILTON

(405) 625-1525