Oklahoma City Bankruptcy Lawyer

Table of Contents

What to Look for in Hiring an Oklahoma City Bankruptcy Lawyer?

Looking for a bankruptcy lawyer in Oklahoma City? Contact our law office for a free consultation.

Financial strain makes life difficult. It affects both personal and professional relationships. When it happens to you, you want to find a way out. In some cases, bankruptcy might be the best answer. There are different types of bankruptcy depending on your individual circumstances, bankruptcy lawyers will advise the best strategy to file for bankruptcy. If you find yourself in need of bankruptcy assistance, you are not alone. The bankruptcy attorneys of Hasbrook & Hasbrook law firm are well-versed in Oklahoma City law and will guide you through the bankruptcy process from start to finish. Our team’s primary focus is always on providing our clients with consistent and compassionate support and excellent legal guidance. We will handle your bankruptcy and set you on a path for future success.

How Much Does it Cost to File Bankruptcy?

In addition to the law firm bankruptcy attorney fee, which will be based on your personal circumstances, you will also need to pay the court filing fee and take 2 online courses (the combined cost of these courses is approximately $25.00). The court filing fee for Chapter 7 is currently $335.00 and the court filing fee for Chapter 13 is currently $310.00. The court may allow you to pay this filing fee in installments if you cannot pay all at once.

The Bankruptcy Process in Oklahoma

Filing bankruptcy in Oklahoma City is a lengthy and complicated process. The best way to ensure your case is handled properly is to hire a qualified and experienced Oklahoma City law firm bankruptcy attorney. Having an experienced bankruptcy attorney on your side will give you peace of mind and allow you to file for bankruptcy in the most efficient way. Preparation is key in bankruptcy proceedings and debt relief. Learning what you can about the bankruptcy process is crucial. These financial classes help to educate people on how to achieve debt relief and avoid any type of bankruptcy in the future.

Chapter 7 vs Chapter 13 Bankruptcy. Bankruptcy law might affect your case in one of two ways:

Chapter 7 Bankruptcy and 13 are the two most common types of bankruptcy that can be filed by an individual. Eligibility for filing is based on the Means Test, and there are several key differences between the two types:

Chapter 7

The basic idea to file chapter 7 bankruptcy is to discharge your debts in exchange for your giving up property, except for “exempt” property which the bankruptcy law allows you to keep. However, property that is not exempt is sold, with the money distributed to creditors. If you want to keep property like a home or a car and are behind on the payments on a mortgage or car loan, filing for chapter 7 probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to apply to the debt. In order to qualify for a Chapter 7 bankruptcy, a consumer debtor must pass the means test. Individual debtors whose debts are primarily business debts do not have to pass the means test to qualify for Chapter 7. We also have a more detailed guide on the process for filing chapter 7 bankruptcy.

Chapter 13 Bankruptcy (Adjustment of Debts)

You should consider a Chapter 13 bankruptcy if:

  • Your income is too high to qualify for Chapter 7.
  • You have non-exempt property that you wish to keep.
  • You are behind on your mortgage or car loan and wish to keep the property.
  • In order to qualify for Chapter 13, you must be an individual (including a married couple) with a regular income.

Bankruptcy Documents

The amount of paperwork required is one of the reasons a bankruptcy case is so time-consuming. You must take several key steps in order to prepare for your bankruptcy, including:

  • Itemize Current Income Sources
  • Detail Major Financial Transactions Over the Previous Two Years
  • Itemize Monthly Living Expenses
  • List All Debts, Secured and Unsecured
  • List All Assets and Possessions
  • Prepared Tax Documents for Previous Two Years
  • Gather Deeds to Any Real Estate Owned
  • Gather Car Titles
  • Gather Documents for Any Outstanding Loans

An experienced Oklahoma City Bankruptcy Lawyer will be a huge help during this process. They will make sure you have all the required documents and paperwork. This will allow you to prevent your case from the Court in a clear and organized manner.

Filing for Bankruptcy

After the paperwork has been collected, it is time to file your case. Your bankruptcy attorney will file a two-page petition along with several other forms at your local bankruptcy court. The forms filed will give the Court a picture of your current financial status. It is imperative to be truthful on any document filed with the Court. If it is discovered that you have not been entirely truthful, your case could be negatively affected.

Page Views: 94

Top-Rated Oklahoma Personal Injury Attorney

We’ve recovered MILLIONS of dollars for injury victims. We serve people who have been injured or wronged by the actions of others. As personal injury attorneys, we choose to represent people instead of corporations and insurance companies.

Office Location:
400 N Walker Ave #130, Oklahoma City, OK, United States. Get Directions →