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Oklahoma City Bankruptcy Lawyer

Nearly all of us experience some type of financial setback in our lives. Whether you are facing overwhelming debt due to divorce or job loss, you may wish to consult with a bankruptcy lawyer to learn about what options are available to you through the U.S. Bankruptcy Code.

Discussing Bankruptcy with an Attorney

When the bulk of your debt is credit cards and medical debt, filing Chapter 7 can help give you a clean start. These debts, which are called unsecured debt, can be eliminated if you are eligible to file Chapter 7. Eligibility is determined by the use of a means test and your attorney can tell you more about this important aspect of bankruptcy. It is also important to understand that you will have to attend a consumer credit counseling course before a bankruptcy can be discharged.

Why Hire an Oklahoma City Bankruptcy Lawyer?

Some people believe they can file bankruptcy on their own without the assistance of an attorney. However, there are specific deadlines which must be met, you may need representation during a creditors hearing and you may need assistance working with the bankruptcy trustee. Because of the complexities involved in bankruptcy, hiring an attorney can help protect your rights and ensure all deadlines are met.

What Bankruptcy Options Are Available?

Typical consumer bankruptcy is handled through Chapter 7 or Chapter 13. Chapter 7 discharges unsecured debt completely while Chapter 13 reorganizes the debt and allows you to make payments over a three to five-year period.  Once a bankruptcy has been discharged, consumers can begin the process of rebuilding their financial lives. Your Oklahoma City bankruptcy lawyer can help you determine which chapter is most suitable for your specific needs.

Protecting Assets During Bankruptcy

It is important to understand that you typically will not lose your home, automobile or other personal assets just because you are filing bankruptcy. This is because there are exemptions available under both Federal and Oklahoma laws. Your Oklahoma City bankruptcy lawyer will explain these exemptions. It is important if you are considering filing bankruptcy that you not transfer any assets as the courts may use a look back period and the transfers can be reversed. Make sure you tell your attorney about any transfers of property or assets over the last 24 months.

If your debt has been accumulating and you cannot seem to catch up on your past-due payments, contact an Oklahoma City bankruptcy lawyer. Regardless of whether your financial problems stemmed from a lost job, medical issues or a divorce, you may be able to keep many of your current assets by filing bankruptcy.