For some people filing an Oklahoma bankruptcy is a scary thing. They’ll often ask me does the bankruptcy trustee come to my house when I file. The question really makes some sense but the answer is no, the Trustee in your bankruptcy case doesn’t come to your house.
Must Disclose Your Assets
One of the reasons people ask does the bankruptcy Trustee come to my house is that they’re required to disclose what assets they have. This disclosure is made in the bankruptcy petition. In most cases this is simple and the Trustee will not come to your home. This is because its assumed that you have basic assets and this includes household goods, a car and veracious other standard assets. The idea is that most chapter 7 cases involve assets that are exempt and the Trustee wont need to inspect your home because you’ll keep the basic asset anyway.
Paperwork the Trustee Needs For Bankruptcy
Regardless, if you file a chapter 7 or a chapter 13 bankruptcy, you will need to provide certain financial information to the Court. Generally you’ll need to provide six months of bank statements together with the last 6 months of payroll information. For a chapter 7 in Oklahoma you’ll also need two years of past taxes. For a chapter 13 you’ll need your last 4 years of tax returns. Additional information is required but what paperwork you need may depend on whats been going on in your particular circumstances.
Exempt Assets in Bankruptcy
When you file either a chapter 7 or a chapter 13 bankruptcy certain property that you own is exempt. An exempt asset is an asset that the court or creditors cant take from you in bankruptcy. In Oklahoma we have some of the broadest exempt assets in the County some exempt assets include:
- Your home
- Your Car
- Your Retirement Accounts
- Most Household Goods
- Tools of your trade
- Wedding rings
- Cemetery Plots
- Many other Assets
Contact a Bankruptcy Attorney
If you’ve got questions about filing a bankruptcy our Tulsa Oklahoma bankruptcy attorneys can help you. Bankruptcy is a great way to get a fresh financial start together with ending garnishments and eliminating debt. Get a free consultation and get the answers you need.
