Oklahoma Bankruptcy Information

by Meagan Kania on September 29, 2010

Chapter 7 Oklahoma Bankruptcy Information

Chapter 7 bankruptcy sometimes called the “Fresh Start Bankruptcy” is by far the most filed form of bankruptcy protection in Oklahoma. This is because it allows the debtor to wipe his or her financial slate clean of most if not all of their debts and start over. This bankruptcy code provision is available to individuals, married couples, corporations and partnerships. The

Oklahoma Bankruptcy Information | Tulsa Bankruptcyfinal discharge normally occurs quickly after the Chapter 7 bankruptcy case is filed with the court. Exempt assets continue in your possession and secured assets like your home or car stay in your possession so long as you continue to make the payments. For a complete list of exemptions and any other Oklahoma bankruptcy information call one of our Tulsa Bankruptcy Attorneys. Once the Chapter 7 Bankruptcy is filed, collection efforts by creditors must stop. What this means is that once the case is filed calls from your creditors must stop and lawsuits which relate to the debts will be stayed or put on hold and often time dismissed in the bankruptcy case.

Chapter 13 Oklahoma Bankruptcy Information;

A chapter 13 bankruptcy is far different than is a chapter 7.  The chapter 13 is designed for Oklahoman’s who make above the median family income as set out in the means test and therefor do not qualify for a chapter 7.  To qualify for a an Oklahoma chapter 13 bankruptcy you must be working and must be able to show the bankruptcy court that you will be successful in completing the chapter 13 plan. Unlike the chapter 7 the chapter 13 will require you to pay back a certain percentage of the unsecured debt that you owe to your creditors.  The percentage you have to pay back will be determined based on your disposable income.  A chapter 13 is a great way for higher income workers and those with non-exempt property to reduce there debt while keeping the non-exempt asset.  An example of this may be those that own rental properties that are not exempt in a chapter 7 or those who are facing imminent foreclosure on their home. This is because in a chapter 13 bankruptcy you retain all of your assets both exempt and non-exempt.

We are Tulsa lawyers who help people file for bankruptcy in Oklahoma.  Call 918. 637-1546 for a free Oklahoma bankruptcy consultation

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