Overwhelming debt can leave you feeling trapped and unsure of how to move forward. For many Oklahomans, Chapter 7 bankruptcy offers a fresh start by discharging most unsecured debts and giving individuals the chance to rebuild their financial future. At the Law Offices of B. David Sisson, our Norman bankruptcy attorney helps clients navigate the Chapter 7 process with clarity and confidence.

About Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often called a “liquidation bankruptcy.” It is designed for individuals who cannot reasonably repay their debts. The process allows for certain assets to be sold in order to pay back creditors, while most unsecured debts—such as credit cards and medical bills—are discharged permanently.

One of the key benefits of Chapter 7 is that most people can keep their essential assets, including retirement accounts, pensions, and in many cases, homes and vehicles. With the right legal guidance, you can move through this process while maintaining financial stability.

Do I Qualify for Chapter 7 Bankruptcy?

To qualify for Chapter 7, you must pass the means test, which compares your household income to the state median. In Oklahoma, the income guidelines may vary over time, but as of recent updates:

• 📉 $39,749 for an individual
• 👥 $51,097 for two people

If your income falls below these numbers (or if your allowable expenses bring you under the threshold), you may qualify. In some cases, exceptions to the income requirement can also apply. An experienced bankruptcy attorney can help determine your eligibility.

Additionally, before filing, you must complete credit counseling within the six months prior to filing your case.

Can I Keep My House or Car in Chapter 7?

One of the most common concerns about Chapter 7 is whether you’ll lose your home or vehicle. The truth is, many people are able to keep them:

• 🏡 Homes & Cars: If there’s little to no equity—or if the property is covered by exemptions—you may keep it.
• 💰 Retirement Accounts & Pensions: Typically protected under federal and state law.
• 📦 Other Exempt Property: Many personal belongings are also exempt.

Assets not covered by exemptions may be sold by the trustee, with proceeds distributed among creditors. Any remaining dischargeable debt is wiped clean, giving you a financial reset.

Debts That Cannot Be Discharged

While Chapter 7 wipes out most unsecured debts, some obligations cannot be eliminated, such as:

• Certain tax debts
• Student loans (in most cases)
• Criminal restitution
• Alimony and child support obligations

Understanding what debts qualify is critical to setting realistic expectations and planning effectively.

Why Work With a Chapter 7 Bankruptcy Attorney?

Bankruptcy law is complex, and mistakes in the process can delay or even jeopardize your case. By working with David Sisson, an experienced bankruptcy lawyer in Norman, you ensure that:

• ✅ You meet all requirements (means test, counseling, filings).
• ✅ Your exemptions are maximized to protect your assets.
• ✅ The process moves efficiently with minimal stress.

We are a debt relief agency. We help individuals and families file for bankruptcy relief under the U.S. Bankruptcy Code.