What exactly is bankruptcy?
Filing bankruptcy helps people get rid of debts or make a plan to repay debts. A bankruptcy case begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.
All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.
There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code.
- Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation.
- Municipalities—cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize.
- Businesses may file bankruptcy under Chapter 7 to liquidate or Chapter 11 to reorganize.
- Chapter 12 provides debt relief to family farmers and fishermen.
- Bankruptcy filings that involve parties from more than one country are filed under Chapter 15.
Let an Oklahoma City bankruptcy attorney help you file bankruptcy and get you on your way to financial recovery!
Talk to an experienced Oklahoma City bankruptcy attorney today. In these uncertain financial times, bankruptcy remains a viable and life-saving option for many Oklahomans and their families. While many families struggle to make ends meet, banks and the rest of Wall Street seem to be doing just fine, especially after being bailed out by you and me. While it would be nice to get an unconditional interest-free loan from the government to get out of this seemingly overwhelming debt, that is just not an option. What is an option in bankruptcy?
We at Hilbern Law set ourselves apart from other firms – an Oklahoma City bankruptcy attorney will help you every step of the way. While our firm has an extremely helpful and knowledgeable staff, we feel that it is important that our clients’ needs and concerns are answered by an attorney. From the initial consultation, through all court appearances, you will have an experienced attorney right there with you. Not only that, but you will also have your attorney’s cell number so you can be assured that you will get answers to any questions you have – after hours and weekends.
What Exactly Is A Chapter 7 Bankruptcy In Oklahoma?
In Oklahoma, a Chapter 7 bankruptcy is a way for people to discharge certain debts. So Chapter 7 is meant for people who don’t have the means to be able to pay their normal living expenses, house payments, car payments, food, and clothes, while being able to pay unsecured debts, like credit cards, medical bills, personal loans, and possibly some taxes. It allows people to discharge their obligation from paying those debts. At the end of the bankruptcy, they start from scratch. That’s why it is called a fresh start …Read More
What Is The Role Of A Trustee In A Chapter 7 Bankruptcy Case?
The trustee’s role in a Chapter 7 bankruptcy case is to review the bankruptcy filings to make sure that there are no discrepancies. Therefore, if there are discrepancies, the trustee is responsible for assessing the situation and include supporting documentation if applicable. The trustee’s role is to also look for property that is not exempt. The trustee will be looking for a property that can be taken from you, liquidated, and sold. The money would then be given to your creditors to help pay down some of your debt. A trustee is a lawyer who contracts with the court or the Department of Justice…Read More
What Exactly Is A Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy is the kind where an individual makes payments to creditors over a three to five-year period, as opposed to a Chapter 7 bankruptcy where you don’t pay anyone back. Chapter 13 is a payment plan that is often referred to as a debt consolidation or reorganization. In Chapter 13, you get to lump all of your bills into one payment, usually at a reduced amount…Read More
Feel free to browse our site to learn about your options. On our site, you can learn what it takes to qualify for bankruptcy and what the differences are between Chapter 7 and Chapter 13, as well as what it will cost. If you feel that bankruptcy may be the answer for you then give Hilbern Law a call, or contact us by email, to schedule a free no-obligation consultation with an Oklahoma City attorney today.
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