BANKRUPTCY ATTONEY OKC

Bankruptcy is a legal process designed to help individuals and businesses who are struggling with debt. It is a way for them to either eliminate or repay their debts while also protecting themselves from creditors. In Oklahoma City (OKC), bankruptcy proceedings are governed by both federal and state laws.

The bankruptcy process begins by filing a petition with the bankruptcy court. This petition includes information about the debtor's assets, liabilities, income, and expenses. Once the petition is filed, an automatic stay goes into effect, which stops most creditor actions, including lawsuits, wage garnishments, and collection calls.

The debtor may then choose to file for either Chapter 7 or Chapter 13 bankruptcy, depending on their specific circumstances. In a Chapter 7 bankruptcy, most of the debtor's unsecured debts, such as credit card debt and medical bills, are discharged, meaning they are eliminated and the debtor is no longer legally obligated to pay them. In exchange for the discharge, the debtor may be required to sell some of their non-exempt assets to repay creditors.

In a Chapter 13 bankruptcy, the debtor creates a repayment plan that lasts three to five years. During this time, the debtor makes regular payments to a trustee, who then distributes the funds to creditors according to the terms of the plan. At the end of the repayment period, any remaining unsecured debts are discharged.

Bankruptcy can have long-lasting effects on a person's credit score and financial future, but it can also be a powerful tool for getting a fresh start and regaining control of their finances.

It is important to contact a Morrissette Law bankruptcy attorney in OKC to discuss the potential impact of filing for bankruptcy on your credit score and explore other options that may be available to you.

Filing for bankruptcy can have a significant impact on your credit score, as it is considered a negative item on your credit report. The extent of the impact depends on several factors, such as the type of bankruptcy you file, your current credit score, and how much debt you have.

A Chapter 7 bankruptcy can remain on your credit report for up to ten years from the date of filing, while a Chapter 13 bankruptcy may stay on your report for up to seven years. During this time, it may be difficult to obtain credit or loans, and if you do, you may be subject to higher interest rates and less favorable terms.

However, it is important to note that if you are struggling with debt, your credit score may already be damaged, and bankruptcy may actually help you to start rebuilding your credit. By eliminating or reducing your debt, you may be in a better position to make payments on time and demonstrate responsible financial behavior.

Additionally, many lenders and credit card companies may be willing to extend credit to individuals who have filed for bankruptcy, as they know that the debtor's debt has been discharged, and they may be in a better financial position to repay new debt.

It is important to contact a Morrissette Law bankruptcy attorney in OKC to discuss the potential impact of filing for bankruptcy on your credit score and explore other options that may be available to you.

Whether you can keep your assets if you file for bankruptcy in OKC depends on several factors, including the type of bankruptcy you file, the value of your assets, and whether they are considered exempt or non-exempt.

In a Chapter 7 bankruptcy, some of your assets may be sold or liquidated to repay your creditors. However, you may be able to keep certain assets that are considered exempt under Oklahoma law, such as a portion of your home equity, personal property, and retirement accounts.

In a Chapter 13 bankruptcy, you typically keep all of your assets, but you are required to create a repayment plan that includes making payments to your creditors over a period of three to five years.

It is important to contact a Morrissette Law bankruptcy attorney in OKC to discuss the potential impact of filing for bankruptcy on your credit score and explore other options that may be available to you.

The length of the bankruptcy process in Oklahoma can vary depending on several factors, including the type of bankruptcy you file and the complexity of your case. Generally speaking, a Chapter 7 bankruptcy takes about three to six months from the time you file your petition to the time your debts are discharged.

A Chapter 13 bankruptcy, which involves a repayment plan, typically lasts three to five years. During this time, you will make regular payments to a trustee, who will distribute the funds to your creditors according to the terms of the plan.

In both types of bankruptcy, there are certain requirements that must be met before the bankruptcy is finalized, such as attending a credit counseling course, providing documentation of your income and expenses, and meeting with your creditors at a meeting of creditors. The time it takes to complete these requirements can also impact the length of the bankruptcy process.

It is important to contact a Morrissette Law bankruptcy attorney in OKC to discuss the potential impact of filing for bankruptcy on your credit score and explore other options that may be available to you.

Yes, it is possible to file for bankruptcy more than once in Oklahoma. However, the specific rules and limitations on filing for bankruptcy again depend on the type of bankruptcy you previously filed and whether or not you received a discharge of your debts.

If you previously filed for Chapter 7 bankruptcy and received a discharge of your debts, you must wait at least eight years from the date of your previous filing before you can file for Chapter 7 bankruptcy again and receive another discharge.

If you previously filed for Chapter 13 bankruptcy and received a discharge of your debts, you must wait at least two years from the date of your previous filing before you can file for Chapter 13 bankruptcy again and receive another discharge.

If you previously filed for Chapter 7 bankruptcy and did not receive a discharge, you may be able to file for Chapter 7 bankruptcy again after a certain period of time has passed, depending on the circumstances of your case.

If you previously filed for Chapter 13 bankruptcy and did not receive a discharge, you may be able to file for Chapter 13 bankruptcy again after two years have passed.

While it is technically possible to file for bankruptcy without an attorney in Oklahoma, it is generally not recommended. Bankruptcy is a complex legal process, and even a small mistake can have serious consequences, such as the dismissal of your case, the loss of assets, or the inability to discharge your debts.

As an experienced bankruptcy attorney in OKC, we can help you navigate the bankruptcy process, understand your options, and ensure that your rights and interests are protected. Our lawyers can also help you determine which type of bankruptcy is right for you, develop a strategy to maximize your exemptions, and negotiate with your creditors to help you achieve the best possible outcome.

Additionally, bankruptcy attorneys are familiar with the bankruptcy laws, procedures, and court rules in Oklahoma, and can help you avoid common mistakes and pitfalls that may derail your case. By working with an attorney, you can ensure that your bankruptcy case proceeds smoothly and efficiently, and that you achieve the best possible outcome given your circumstances.

Overall, while it is possible to file for bankruptcy on your own, the risks and potential consequences of doing so are significant. It is highly recommended that you contact us, so you know you have a qualified bankruptcy attorneys in OKC to discuss your options and protect your legal rights.