Oftentimes filing for bankruptcy is depicted as a complicated and troublesome process, but the reality is that that does not have to be the case, particularly, if you are filing with the help of a seasoned and knowledgeable bankruptcy attorney in Tulsa, Oklahoma. If you are thinking about filing for bankruptcy but have some lingering and pressing questions about the various bankruptcy chapters as well as which one is best suited for you, we suggest that you schedule a consultation with an attorney as soon as you are able to. This will prevent you from making any rash and uninformed decisions about your finances.
Bankruptcy Chapters: Which One is Right for You?
One of the misconceptions surrounding bankruptcy is that it is a one size fits all kind of deal, when in reality filers have several kinds of bankruptcy chapters available to them. Why is this? Because not all bankruptcy filers share the same background and financial hardships, and they need to file for the bankruptcy chapter that is best suited for their specific circumstances. Chances are that regardless of your particular situation, there is a bankruptcy chapter that speaks to your needs. In fact, according to Money Fit “currently there are six chapters of bankruptcy in the United States: Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13, and Chapter 15. Income and assets will determine the bankruptcy chapter you file [and] there are numerous considerations to make when determining what chapter to utilize when filing for bankruptcy protection, [which is why] speaking with an attorney is a prudent and smart choice.”
The Most Frequently Filed Bankruptcy Chapters
Chapter 7 and Chapter 13 are the most frequently filed bankruptcy chapters. Per Credit, “under chapter 7, you can eliminate most of your unsecured debts and some secured debts by surrendering your assets. Qualifying individuals can file for Chapter 7, but certain businesses can also file.” When it comes Chapter 13, “the goal is to eliminate your debt by creating a repayment plan to pay back all or a portion of what you owe over three or five years. You make monthly payments to a court trustee, and the trustee distributes the money to your creditors. At the end of your plan, the remaining unpaid debts are discharged.” Those who file chapter 7 typically don’t count with monthly or regular income to pay back to their debtors on a regular basis, while those who file for chapter 13 can manage to pay back consistently with the help of a repayment plan.
Consult a Bankruptcy Attorney in Tulsa, Oklahoma
If you’re tired of receiving calls from collectors day in and day out, and are living in constant fear that your wages will be garnished, that your home will be foreclosed on or that you’ll lose your car and other cherished and valuable possessions, this may be the time to contact an experienced and compassionate bankruptcy attorney in Tulsa, Oklahoma at the Henson Law Firm.
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.