Things to Consider if You’re Thinking About Filing for Bankruptcy in Tulsa, Oklahoma

Filing for bankruptcy is a difficult and often life changing decision for anyone to make. Whether you live in Oklahoma or in any other state, whether this is your first time filing or you have filed before, no one wants to be put in that position. Not only because of the stigma associated with bankruptcy filing but because people often fear what will come next. It’s hard to believe it, but there’s no reason to fret. Bankruptcy declaration can provide immense relief if you approach it the right way. It can shape and transform your life for the better. If you are in fact considering filing, we recommend that you reach out to a seasoned bankruptcy attorney in Tulsa, Oklahoma, and that you read through the following details to make an informed decision about whether this is something you truly want to pursue, need to pursue and are ready to pursue. 

The Basics of Bankruptcy

According to the United States Courts, “filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity. All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code. There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code.” In the United States there are six bankruptcy chapters. These are chapter 7, chapter 9, chapter 11, chapter 12, chapter 13 and chapter 15. Chapter 7 and chapter 13, however, are undoubtedly the most popular bankruptcy chapters among filers. 

What Makes Chapter 7 and Chapter 13 So Popular?

According to Credit, “when you file Chapter 7, you typically agree to liquidate your assets to pay off as much of your debt as you can. The remaining debts that are part of your bankruptcy are dismissed. Whether or not you can file for this type of bankruptcy is determined by income. If your income is below the median for the state you’re filing in, you can probably choose Chapter 7 bankruptcy.” Chapter 13 on the other hand involves a repayment plan, and it “allows someone with regular income to make an adjustment to how they pay back some debts.” It could also be a good “option for individuals who fail the means test for Chapter 7.” The reason they are so popular is because most filers fit within one of those two categories.

How Can a Bankruptcy Attorney Help You Navigate This Process?

A seasoned attorney can assess your finances and determine whether or not you are a good candidate for bankruptcy filing. Believe it or not, not everyone is. Perhaps your situation does not demand bankruptcy filing, and your attorney could recommend another approach. They could also advise you on the bankruptcy chapter you should file, and take care of all the paperwork and legalities. If you or someone you know is thinking about filing for bankruptcy, we suggest contacting the attorneys at the Henson Law Firm. 

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.