Oklahoma Blog: Bankruptcy Chapters 7, 11 and 13

When people experience serious financial problems, they often do not know where to turn for help in order to get out from under the mounting bills, increasing number of collection calls and letters and ever-rising stress and fear.  One option to put an end to this struggle is to file for bankruptcy protection under Chapter 7 of the United States Bankruptcy Code, but some people may mistakenly believe that they do not need the help of an Oklahoma City banrkuptcy lawyer in order to complete this process.  Below are a few reasons why you should seek this sort of help in order to make sure that you put your financial troubles behind you.

When Oklahoma residents are suffering from severe financial problems, it seems that there is nothing that they can do other than watch the chips fall around them as their situation grows ever more dire.  When creditors are owed money and the debtors are not making payments, they have options to collect on these debts.  One of the most severe and embarrassing forms of collection is wage garnishment.  If you are dealing with that humiliating reality now or you soon could, you need to contact an Oklahoma City bankruptcy lawyer as soon as possible to put a stop to it.  Below is a brief overview of wage garnishment and bankruptcy.

 

One of the most common legal proceedings, bankruptcy, is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in an effort to regain the losses incurred by this debtor, which is known as involuntary bankruptcy. More often though, the bankruptcy is initiated by the debtor in an effort to be wiped clean of debts and start fresh.  This is most effectively done with the assistance of an Oklahoma City bankruptcy lawyer.

 

Many people experience financial problems during their lifetimes, and for some, filing for bankruptcy is the best option to put an end to these struggles.  However, there are many others who allow their financial stress to linger simply because they feel that filing for bankruptcy protection will ruin their credit ratings forever and prevent them from ever being able to secure any sort of financing again.  Simply put, this is not reality, and with the help of an Oklahoma bankruptcy lawyer, you can rebuild your credit.  Below is an overview of this issue.

 

 

Looking for a fresh start after an intense financial crisis? Filing for Chapter 7 Bankruptcy, commonly referred to as liquidation or a straight bankruptcy, may be your best option. Chapter 7 works by converting one's assets into money, which is then distributed to the various creditors to whom the debt is owed. The debts are then forgiven, or discharged. Though this is the most popular form of bankruptcy, recent legislation has passed making it more difficult for an individual to file. In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted, bringing several significant changes to the U.S. Bankruptcy Code. Many who filed under Chapter 7 were found to be taking advantage of it, therefore BAPCPA will force many people to instead file for bankruptcy under Chapter 13.