Bankruptcy can oftentimes get a bad rep. Most people would detest the idea of seeing themselves in a position where there’s no other choice but to file for bankruptcy. While we understand that under desirable circumstances most people wouldn’t file for bankruptcy, sometimes there comes a time when one must make tough decisions to preserve their financial stability, future and overall wellbeing. To help you make these tough decisions are bankruptcy attorneys in Tulsa, Oklahoma who have years of experience and can attest to the effectiveness of declaring bankruptcy when it is done in the appropriate circumstances. If you’re unfamiliar with the process, and what are the specifics benefits it can bring, we hope to enlighten you throughout this article.
The Benefits of Chapter 7 and Chapter 13 Bankruptcy:
Bankruptcy doesn’t have a one size fits all kind of approach. In fact, there are various options from which debtors can choose from when opting to file for bankruptcy. It will all depend on their unique financial circumstances and what they feel is best for them moving forward. Chapter 13 bankruptcy according to Internal Revenue Services “is a common form of bankruptcy. It is available to individuals who cannot make regular, monthly, payments toward their debts. Businesses choosing to terminate their enterprises may also file Chapter 7.” It “provides relief to debtors regardless of the amount of debts owed or whether a debtor is solvent or insolvent. At the conclusion of [it] you will receive a discharge of debt. A discharge releases you (the debtor) from personal liability for certain dischargeable debts. “Chapter 13 on the other hand, according to The Balance “is less about the elimination of debt (Chapter 7) and more about the reorganization of your finances. The Chapter 13 process requires that the debtor (that’s what we call the person who files the bankruptcy case) make a monthly payment to a Chapter 13 Trustee for a period of 36 to 60 months.” Chapter 7 and Chapter 13 are both popular choices for debtors and while they are quite similar, the main difference is in how the debt is discharged. With chapter 7 you are required to turn over nonexempt property while with chapter 13 instead of turning over your property for your trustee to sell, you make payments for 36 to 60 months to the trustee who then distributes the funds to the creditors who have filed claims that comply with the courts.
Once you have chosen a filing plan a bankruptcy attorney can walk you through the process and help you make decisions beforehand so that you do not lose assets you are interested in keeping and you maintain as much of your assets and finances as possible. For more information on how a bankruptcy attorney in Tulsa, Oklahoma can help you, contact the Henson Law Firm today.
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.