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.

 

Oklahoma Bankruptcy Filing Options

Chapter 7 is the most common type of bankruptcy, also known as liquidation bankruptcy. In Oklahoma, if Chapter 7 bankruptcy is filed, you are guaranteed protection of certain assets. These assets, that can not be taken from you, include:

• Real property
• Personal property
• Insurance
• Alimony and child support
• Pensions
• Public benefits

A Chapter 13, also known as "wage earners' bankruptcy", filing allows an individual to undergo a financial reorganization supervised by a federal bankruptcy court. Debtors usually have about three to five years to settle their obligations through the settlement.

It is advisable to seek legal counsel when filing for bankruptcy. A lawyer can help you choose which type of bankruptcy filing is right for you and will help you understand the proceedings. As a debtor, it is also necessary to have a lawyer on your side so as not to be taken advantage of by credit agencies. If you think that bankruptcy is your best option for a new financial beginning, or have any legal questions, contact an Oklahoma City bankruptcy lawyer by calling our firm or filling out a free case review form on the right-hand side of this page.