The Process of Filing for Bankruptcy in Tulsa, Oklahoma
Most people tend to view bankruptcy as the culmination of their financial stability, but the truth is that filing for bankruptcy does not have to be a negative if you approach it in the correct manner and with the appropriate assistance. For those who have been pondering whether or not they should file for bankruptcy in Tulsa, Oklahoma and what their qualifications are, it may be useful to gather some information about the process and what are some key details to consider as you move forward with the aid of a bankruptcy attorney in the area. Hopefully, this article can provide you with some tidbits of information so that you can safeguard your financial future and wellbeing.
File for Bankruptcy in Tulsa, OK with the Help of a Bankruptcy Attorney
Discharge Bankruptcy, commonly known as bankruptcy, according to the United States Courts, “releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts.” In essence, discharge bankruptcy allows those struggling with major or nearly insurmountable debt to keep their heads above water instead of drowning in debt while pressured by collectors to provide money they don’t have access to. There are, of course, different kinds of bankruptcy chapters available to debtors depending on their unique scenario. The most common bankruptcy chapter filings are Chapter 7 and Chapter 13.
Which is the Best Approach for You, Chapter 7 or Chapter 13?
According to Investopedia, “Chapter 7 of Title 11 in the U.S. bankruptcy code controls the process of asset liquidation. A bankruptcy trustee is appointed to liquidate nonexempt assets to pay creditors; after the proceeds are exhausted, the remaining debt is discharged.” This chapter of bankruptcy is set aside for people with little or no assets who don’t have a regular income and therefore can’t handle the continuous payments often demanded by collectors. Chapter 13 bankruptcy, on the other hand, “refers to a U.S. bankruptcy proceeding in which debtors undertake a reorganization of their finances under the supervision and approval of the courts. Individuals and married couples, even if self-employed or operating an unincorporated business, are eligible to file for Chapter 13 bankruptcy.” This kind of bankruptcy is helpful to individuals who do have a regular income and can therefore make monthly payments to their debtors.
Whatever bankruptcy chapter you have chosen to proceed with, we hope you request the aid of a bankruptcy attorney to help you make sound decisions as it relates to your financial future.
The Henson Law Firm, PLLC is located at:
601 S. Boulder, Suite 600
Tulsa, OK 74119
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.