Is There Anything You Should Know Before Filing for Bankruptcy in Tulsa, Oklahoma?

For years now, bankruptcy filing has had a negative stigma attached to it. Some feel that those who file have failed in terms of their financial welfare and even at life itself, yet that couldn’t be further from the truth. Whether we are self-aware enough to admit it or not, we all have and probably will face a seemingly insurmountable challenge in our lives. Some of us struggle with one thing while others struggle with others, bottom line we all face difficulties in life, what’s important and what determines the kind of person we are is how we behave in reaction to those challenges. Bankruptcy declaration is nothing to be ashamed of; there should be no shame in asking for help when you need it. Given the amount of people who are drowning in debt, many could benefit from this resource to restart their lives. 

Waiting for the Right Moment to Declare? Signs That You Should Consider Filing

According to Investopedia, “if you have large debts that you can’t repay, are behind in your mortgage payments and in danger of foreclosure, are being harassed by bill collectors—or all of the above—declaring bankruptcy might be your answer. Bankruptcy cases are handled by federal courts, and federal law defines six different types. The two most common types used by individuals are Chapter 7 and Chapter 13, named after the sections of the federal bankruptcy code where they are described. Chapter 11 bankruptcy, which is often in the headlines, is primarily for businesses.” Before getting started on the process, however, it’s essential that you reach out to an experienced bankruptcy attorney. Bankruptcy may or may not be for you. It all depends on your specific situation. Just as there are positive outcomes linked to bankruptcy filing, there can be some negative consequences associated with it. For instance, those who file may experience a lower credit score for some time, although the likelihood of that is determined on a case by case basis. 

Chapter 7, Chapter 13, and Chapter 11 Bankruptcy

Per Credit, “chapter 11 bankruptcy is a business reorganization plan, often used by large businesses to help them stay active while repaying creditors. Chapter 7 bankruptcy doesn’t require a repayment plan but does require you to liquidate or sell nonexempt assets to pay back creditors. Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period. Bankruptcy is a complex legal proceeding, so it’s a good idea to consult an experienced bankruptcy attorney to determine if this is an option for you and which type of bankruptcy may be the right choice.” If you are in need of the expertise of a bankruptcy attorney in Tulsa, Oklahoma, we suggest you contact the Henson Law Firm today.

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.