While filing for bankruptcy is not the preferred choice for individuals and businesses alike, there are certain advantages linked to bankruptcy filing when it is done at the right time and with the right attorney. We recommend consulting with an experienced and diligent bankruptcy lawyer in Oklahoma to help orient you in a process that may otherwise seem daunting and confusing. A guiding hand in such circumstances can prevent you from making rash decisions that could permanently impact both your finances and lifestyle.
When to Declare Bankruptcy
Generally, when a person accrues substantial or insurmountable debt, filing for bankruptcy is the only feasible option. If you have sought out this article, chances are you are considering it, but still have some lingering questions about whether or not your situation fits the bill for bankruptcy filing. MoneyUnder30, delineates some scenarios in which filing for bankruptcy is either the smartest choice or the only choice. Among the reasons the author shares for declaring bankruptcy are facing home foreclosure and/or car repossession, wages being garnished, and complete dependence on credit cards. These outcomes, however, are preventable. If you fear these are imminent scenarios, contacting bankruptcy lawyers in Tulsa, Oklahoma is paramount to preserve your financial stability and security.
Chapter 7 & Chapter 13 Bankruptcy
If you are unfamiliar with the different kinds of bankruptcy chapters, it’s important that you become acquainted with at least two of them: Chapter 7 and Chapter 13. Chapter 7 is oftentimes referred to as “liquidation bankruptcy” which halts the collection process and once finalized dismisses your debts. This method tends to be the most swift and direct. According to the United States Courts there are various steps to filing for bankruptcy. Some of the primary steps include “…[filing] a petition with the bankruptcy court, serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.” Then, “the debtor must also file with the court, schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of executory contracts and unexpired leases.” A chapter 7 bankruptcy attorney can help you with these initial stages and through the entire process.
Chapter 13 bankruptcy, also called wage earner’s plan, aids individuals in the process of restructuring their debts. Through this method, individuals with a consistent income can develop a plan, preferably with the help of their attorney, to repay all or some parts of their debt. The primary steps are similar to those for Chapter 7. Contact a Chapter 13 bankruptcy lawyer at Henson Law Firm, PLLC to assist with the approach of your choice.
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.