Oklahoma City Bankruptcy Lawyer
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 bankruptcies depending on your individual circumstances. If you find yourself in need of assistance in a troubling financial situation, you are not alone.
We understand that sometimes good people find themselves in tough situations. The bankruptcy attorneys of Hasbrook & Hasbrook are well-versed in Oklahoma law and will guide you through the 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 Do I File for Bankruptcy? The Oklahoma Bankruptcy Process
Filing a bankruptcy in Oklahoma is a lengthy and complicated process. The best way to ensure your case in handled properly is to hire a qualified and experienced Oklahoma bankruptcy attorney. Having an attorney on your side will give you peace of mind and allow you to focus on getting your finances under control.
Preparation is key in bankruptcy proceedings. If you are considering bankruptcy, learning what you can about the process is crucial. Let’s start my taking a look at Oklahoma bankruptcy law.
2005 Bankruptcy Act
A 2005 change to bankruptcy laws might affect your case in one of two ways:
- Credit Counseling: The act requires that all debtors who file for bankruptcy after October 17, 2005 to undergo credit counseling within 6 before filing. After bankruptcy, a financial management course must be completed. This helps limit repeat filings.
- Means Test: The Means Test is a way to evaluate whether you can file for Chapter 7 or Chapter 13 bankruptcy. The Court will look into your income for the 6-month period prior to filing and compare it to the median income for Oklahoma. You may file Chapter 7 Bankruptcy only if your income is below the mean.
Chapter 7 vs Chapter 13 Bankruptcy
Chapter 7 and 13 are the two most common types of bankruptcies 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:
This is a liquidation bankruptcy. The intent is to remove your unsecured debts including medical bills and credit cards. There are strict income requirements for Chapter 7 bankruptcy, since many of the unsecured debts are removed without payment. Any nonexempt assets you own will be forfeited and sold to pay back creditors. However, nonexempt assets are uncommon and creditors often receive no payment.
This is a reorganization bankruptcy. A Chapter 13 bankruptcy is designed to allow the debtor to keep all of their property and create a repayment plan for all debts. In some cases, partial payments may be accepted, but this depends heavily on income, expenses, and the type of debt in question. This type of bankruptcy is for debtors who may have significant income, but need assistance with repayment plans.
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
A bankruptcy attorney 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 to 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 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 all documentation filed with the Court. If it is discovered that you have not been entirely truthful, your case could be negatively affected.
The Hasbrook & Hasbrook Edge
Our team of Oklahoma bankruptcy attorneys have successfully represented clients in a variety of cases. We understand that each case is unique, and we listen carefully to learn the individual needs of each of our clients. A positive outcome from your bankruptcy proceeding is only part of what we seek to accomplish. We also want to make sure our clients are set for future success, so they can rebuild a life free from financial strain.
As always, a consultation with Hasbrook & Hasbrook is completely free of charge. We will sit down with you and listen to the facts of your case and then advise you on the best course of action. If you are considering bankruptcy and need to discuss your options, please reach out today. We are a debt relief agency because we help people file for bankruptcy.