Tulsa Bankruptcy Lawyer

The right to file for bankruptcy is provided by the federal law. Bankruptcy gives debtors, who are unable to manage their large debts, a fresh financial start. Filing for bankruptcy discharges most debts, until the debts are sorted out legally. It can also stop the repossession of an automobile or a property and ensure that utility services are not terminated.

Filing for bankruptcy has serious legal and financial consequences that need to be understood. And who could explain that better than a bankruptcy attorney, who will help you make decisions that meet your requirements? Click here for a FREE assessment of your case.

When filing for bankruptcy, all your papers need to be complete and the requirements of the Bankruptcy Code and Federal Rules of Bankruptcy met. Failure to comply with the same may lead to a dismissal of your case. Bankruptcy for individuals can be filed under Chapter 7 and Chapter 13.

Chapter 7 is also known as ‘straight’ bankruptcy.

• When bankruptcy is filed under this chapter, all the debtors’ properties and assets are liquidated and the creditors are repaid, except those covered under exemptions.
• Most debts are discharged under this chapter. The exceptions include child support, alimony and students loans.
• Oklahoma exemptions include homestead worth up to $5,000, automobile worth up to $3,000, insurance, pension, food, furniture and health aids for a year and tools of the trade worth $5,000.
• A court appointed trustee oversees all the proceedings.
• A complete list of assets and debts needs to be submitted. Any debt that goes unmentioned will not be discharged.

Chapter 13 is often referred to as ‘reorganisation’ of debts.

• When filing for bankruptcy under this chapter, a detailed repayment plan that indicates the repayment of debts within five years needs to be submitted.
• This plan will be approved by a court appointed trustee, only after he or she consults with the creditors. Your bankruptcy lawyer will explain the legal aspects of these discussions.
• A list of debts, assets, secured and unsecured loans, and details of creditors needs to be submitted. The current financial statement of the debtor should also be submitted.

Our sponsoring Tulsa bankruptcy lawyers are competent, qualified professionals. They are well versed in the intricacies of bankruptcy law and aware of the recent revisions in them. Your Tulsa bankruptcy lawyer will help you make legal decisions that suit your situation. He will help you list your assets and debts and ensure that no relevant financial details are missed. All legal aspects of the case will be made clear to you by your bankruptcy attorney. Most bankruptcy cases are settled in a meeting with the creditors. However, in case of complications, your bankruptcy lawyer will represent you in the court, to the best of his abilities.

Our sponsoring Tulsa bankruptcy lawyers also offer their services in all other cities of Oklahoma such as Broken Arrow, Grove and Sapulpa.