All of our featured bankruptcy attorneys in Oklahoma have spent years specializing in bankruptcy law and have helped hundreds of clients eliminate their debt quickly and successfully. Feel free to browse their profiles to learn more about their backgrounds, past cases and accolades so you can choose the ideal legal counsel for your case.
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Oklahoma Bankruptcy Facts
Bankruptcy is the declaration of a debtor that they are unable to pay off their outstanding balance with creditors. Both consumers and businesses can file for bankruptcy, but because there are so many different kinds of chapters to choose from, obtaining the help of an experienced Oklahoma bankruptcy attorney is the best way to ensure the most favorable outcome for you case is attained.
Chapter 7 vs. Chapter 13
There are several bankruptcy chapters to choose from, but in Oklahoma, Chapter 7 and Chapter 13 are the most popular. Chapter 7 involves the liquidation of assets in exchange for the discharge of unsecured debt, while Chapter 13 places debtors on a repayment plan to pay back creditors. Each petition results in a different outcome, but depending on your individual circumstances, one may be better for you than the other. Your bankruptcy lawyer will help you choose the ideal chapter for your financial situation so you can obtain debt relief as quickly as possible.
Below are further details regarding each chapter to make your decision easier:
Chapter 7 Bankruptcy:
- - Can be filed by both individuals and businesses
- - The majority of unsecured debts are wiped, if not all of them
- - Gives debtors a fresh start
- - There is no minimum amount of debt required to file
- - Proceedings run quickly, usually lasting under 6 months
- - Assets are liquidated to cover debt, but there are several exceptions, including the debtor’s home and certain personal effects
Chapter 13 Bankruptcy:
- - Can only be filed by individuals
- - Does not require the liquidation of assets
- - Debtors are placed on a payment plan to reimburse creditors lasting between 3 to 5 years
- - Much easier to obtain approval for
- - Ideal for debtors facing foreclosure
Hiring an Oklahoma Bankruptcy Lawyer
There are so many bankruptcy chapters to choose from aside from Chapter 7 and 13 and petitioning Oklahoma bankruptcy court for the wrong one can lead you to incur even more debt than you started with. However, when you work with a leading Oklahoma bankruptcy lawyer, you can rest assured that only the most favorable outcome for your case will result.
Oklahoma bankruptcy attorneys handle all aspects of your case, from analyzing your income to coming to agreements with creditors over your debt to eliminate as much of your financial obligation as possible. Whether you have incurred debt from unpaid credit card bills, medical costs or business expenses, trust that your attorney will help you obtain debt relief swiftly and with as little hassle to you as possible.
Schedule a consultation with a leading bankruptcy lawyer in Oklahoma today to put an end to your financial struggles.