Chapter 7 is the preferable chapter to file under for most individuals & couples. It is the fastest and easiest way to get out of debt. Chapter 7 is the simplest bankruptcy. It’s the type most people think about when the word “bankruptcy” comes to mind. However, eligibility for this chapter of the Bankruptcy Code is dependent on your gross monthly income. If your income is “above median” you may not qualify for a chapter 7.
If you qualify, the court appoints a trustee to oversee your case. The trustee’s job is to take your assets, sell them and distribute the money to the creditors who file proper claims. The trustee doesn’t take all your property. You can keep property that is exempt under Oklahoma’s exemption laws. For example, retirement & pensions are property that can be claimed as exempt. This means the trustee cannot take this property and sell it to the benefit of creditors. The extent of exemptions depends on your individual circumstances and should be carefully considered under the advice of an experienced attorney.