Oklahoma Statement of Financial Affairs - Form 7

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US-BKR-F7
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Description

This form is a statement of financial affairs. This statement must be completed by every debtor. Some of the categories which must be completed by each debtor are: income from employment or operation of business; payments to creditors; and assignments and receiverships.

How to fill out Statement Of Financial Affairs - Form 7?

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FAQ

A:The filing fee for Chapter 7 is $335. For a Chapter 13, the fee is $310. Attorney's fees usually vary based on the complexity of the case. There may be a small additional fee charged by the trustee for filing bankruptcy, and an additional fee for the mandatory classes.

Statement of Financial Af·?fairs. : a written statement filed by a debtor in bankruptcy that contains information regarding especially financial records, location of any accounts, prior bankruptcy, and recent or current debt. called also statement of affairs.

Form 7, the Statement of Financial Affairs, contains a series of questions which direct the debtor to answer by furnishing information. If the answer to a question is "None," or the question is not applicable, an affirmative statement to that effect is required.

While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.

When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property?such as your car, boat, or home?or let it go back to the creditor.

The vast majority?as much as 99%?of people who file Chapter 7 bankruptcy have their debts completely discharged and are under no obligation to repay their creditors. Debts you might still have to repay can include: Spousal support. Child support.

The court cannot take most property that ordinary individuals have. Oklahoma law exempts your home, your car, your clothing, your household items and various other items. There are limits on the value of the property that you can keep, but they are well above what most individuals have.

Oklahoma exemptions protect 75% of wages earned in the 90 days preceding the bankruptcy filing.

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Oklahoma Statement of Financial Affairs - Form 7