Filing Personal Bankruptcy in Oklahoma
Bankruptcy laws were created by the federal government to provide a plan that allows an individual who is unable to pay his creditors, a chance to resolve his debt obligations through a division of his assets among his creditors.
Bankruptcy law provides the framework for the division and will ensure that all creditors are treated with a measure of equality. If you file Chapter 7 Bankruptcy, you may be able to free yourself of most of your accumulated unsecured debt and obligations, after your assets are distributed. Discharging of the debt will occur even if the debts are not paid in full. If you file Chapter 13 Bankruptcy, your unsecured debt obligations will not be discharged immediately, but you will have a chance to repay a portion or all of your debt with a new repayment plan.
Filing bankruptcy is a major financial decision and should not be done with out consulting an Oklahoma Bankruptcy Attorney. An Oklahoma Bankruptcy Attorney can answer you bankruptcy questions, review your assets, debts and income and determine what type of bankruptcy you can file.
You might consider filing bankruptcy if:
- You can only afford to pay the minimum payments on credit cards and loans
- You are constantly receiving notices from creditors or harassing phone calls that your bills are past due
- You can not make your mortgage payment each month
- You are unable to pay your bills due to a job loss, divorce, separation, death or high medical costs
- You are only paying the minimum amounts on your bills
- You will not be able to budget yourself out of debt within five years
- You are facing a home foreclosure
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