Our Oklahoma bankruptcy lawyers can help you get a fresh financial start. If you’re having a difficult time paying your debt we can help. If you’re constantly being harassed by creditors an Bankruptcy may be the answer for you and your family.

Married couples can file a bankruptcy either together or individually. This means that if you’re married and your spouse doesn’t want to file they don’t have to. The bankruptcy wont impact them at all.

Some common misconceptions about bankruptcy are that you cant discharge credit cards or medical bills. Many people also think that they’ll lose their home or car. Although certain restrictions do apply, filing bankruptcy doesn’t mean that you’ll lose all of your property.

Bankruptcy protection is a federal program that allows you to file either a chapter 7 bankruptcy or a chapter 13 bankruptcy.  Bankruptcy is a Federal Program designed to reduce or eliminate most if not all of your debt. Many cases end in a fresh financial start. Each year thousands of cases are filed and the vast majority of them are successful.

Oklahoma Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often called the fresh start bankruptcy. A chapter 7 eliminates the majority of your unsecured debt. In a chapter 7 you can keep your home and automobile but you must continue to make your monthly payments. In order to file a chapter 7 your income must be below a certain amount. This amount depends on your family size and other factors. If you qualify, chapter 7 is a the equivalent of a gift from the government to you. The reason is that its easy, cheap and the most comprehensive Oklahoma bankruptcy. Unlike debt consolidation or reduction programs, chapter 7 is a law. This means you don’t have to ask a creditor to settle for less. Its easy, if you qualify they don’t have a choice. The debts forgiven.

Oklahoma Chapter 13

Chapter 13 bankruptcy is different than a chapter 7. Its reserved for employed people and is generally for those people who make above the limit to file a chapter 7. A chapter 13 is often a tool used by home owners facing foreclosure. It will stop the process and allow you to pay the past due amount over the period of the chapter 13 repayment plan.

Oklahoma Bankruptcy Exemptions

Because Oklahoma has adopted some of its own Bankruptcy exemptions you will be allowed to keep many if not all of your assets including your home, car and retirement funds. If the asset is secured by collateral and you want to keep the loan you can simply reaffirm the debt, keep the asset and continue making payments.

Depending which chapter of bankruptcy you file there are different requirements that must be met. If you file a chapter 7 your income must not exceed the median family income for your size family. If you wish to file a chapter 13 bankruptcy you must be working and have sufficient income to make the chapter 13 bankruptcy plan payments.

Contact an Oklahoma Bankruptcy Lawyer

Our Lawyers file bankruptcy cases throughout the State and service all Oklahoma Counties. If you’d like an immediate free consultation with a chapter 7 or chapter 13 Attorney call or email your questions.