A Deep Dive Into Bankruptcy in Tulsa, Oklahoma

Life is full of trials and tribulations, for all of us. While we all face different issues depending on our status in society, we are all usually dealing with one issue or another. Certainly, one of the major issues people in America and in other countries of the world confront on a day to day basis is economic instability. This financial insecurity could be due to a myriad of reasons, what’s important is that those facing it know that there are options available to them, options such as filing for bankruptcy. If you or someone you know is facing insurmountable debt due to medical expenses, sudden loss of income, a divorce or any other reason, we suggest that you contact a capable and knowledgeable bankruptcy attorney in Tulsa, Oklahoma or reach out to “Attorneys Near Me.” 

What’s the Purpose of Bankruptcy & How Can It Help Elders?

According to the National Consumer Law Center “bankruptcy is a process under federal law designed to help people and businesses get protection from their creditors. An important goal of bankruptcy is to give individuals with debt problems a chance for a fresh financial start. For some elders, bankruptcy does this by eliminating the legal obligation to pay debts. Others gain an opportunity to get current on mortgages and car loans or to pay off debts at a reduced amount. Filing bankruptcy immediately stops most creditors from seeking to collect debts, at least until things are sorted out in the bankruptcy process.” 

The Most Frequently Filed Bankruptcy Chapters in the U.S.

Per Investopedia chapter 7 bankruptcy “essentially liquidates your assets in order to pay your creditors. Some assets—typically including part of the equity in your home and automobile, personal items, clothing, tools needed for your employment, pensions, Social Security, and any other public benefits—are exempt, meaning you get to keep them.” Chapter 13, on the other hand, allows debtors to retain their assets but work with a trustee to repay their debt over a period of three to five years. 

Valuable Resources Available for Those Considering Bankruptcy Declaration

There are dozens if not hundreds of tools available to people who are thinking about filing, but one of the most valuable would definitely have to be seasoned bankruptcy attorneys who have walked other people through the filing process before and can determine whether or not bankruptcy is the right approach for you. They are trained and ready to assess your finances, review and determine what bankruptcy chapters would suit your unique situation, and suggest any alternatives should bankruptcy not be the right choice for you. If you or someone you know is giving it some thought, we recommend reaching out to the attorneys at the Henson Law Firm. You can also call (800) 672-3103 for answers to your legal questions and concerns. 

The Henson Law Firm, PLLC is located at:

601 S. Boulder, Suite 600

Tulsa, OK 74119

Phone: 918-551-8995

Website: www.myoklahomadefenselawyer.com

*We are a debt relief law firm in Tulsa, Oklahoma.

*We help people file for bankruptcy relief under the Bankruptcy Code.