Bankruptcy Law Attorney Oklahoma City
Helping individuals and families who need a strong legal advice
Our experienced attorneys and the Dan Davis Law Firm can help Oklahomans filing for bankruptcy to protect their property and gain debt relief. If you are facing foreclosure, repossession, harassing phone calls from creditors, bankruptcy law may enable you to protect the property you and your family have worked so hard for and give you a chance to get back on your feet. Depending on your circumstances, you may choose to file for either Chapter 13 bankruptcy or Chapter 7 bankruptcy.
We know that bankruptcy can happen to good people for any number of reasons. A serious illness, a divorce or a job loss can have a devastating financial impact. Any of these events can cause significant financial difficulty and put you in a place you never imagined. Bankruptcy law is there to protect folks like you who have hit a difficult time in their life. Contact us today for answers to your questions about filing for bankruptcy in Oklahoma. We understand what you are going through, and we’re ready to help.
Examples of Dischargeable Debts
- Unsecured Debt – this means debt that is not secured with collateral. This may include credit card debt and medical bills.
- Secured Debt – Generally, secured debt will not be discharged in bankruptcy; however, some individuals may choose to forfeit the secured property, which may allow an individual to discharge the remaining debt.
Examples of Nondischargeable Debts
- Child support and alimony
- Student loans
- Most taxes – although there may be some exceptions.
People facing financial difficulties who hope to retain the equity they’ve established in a home or other property most often apply for Chapter 13 bankruptcy. Those who file for Chapter 13 bankruptcy often have regular income and can pay living expenses, but can’t maintain scheduled payments on debts. In some cases the co-signers on any secured debts (such as a mortgage) may be protected under Chapter 13 as well.
Under Oklahoma law, Chapter 13 bankruptcy allows you to keep most of your property and spread out the time you have to pay down your debts (unlike Chapter 7 bankruptcy, which may involve the liquidation of assets). A bankruptcy trustee will work with you to establish a payment schedule that you can maintain without losing the equity you seek to protect. The schedules typically range between three and five years.
Oklahomans who have fallen on hard economic times — who find they have little or no money left after paying basic expenses (if they can meet those expenses) — may qualify for Chapter 7 bankruptcy protection. If unsecured debts like medical bills are putting you “underwater,” we urge you to speak with us today about filing for Chapter 7 bankruptcy.
The Chapter 7 bankruptcy process is quick and efficient. Unsecured debts may be completely discharged in a matter of months. Chapter 7 bankruptcy, however, may involve the liquidation of assets (unlike Chapter 13 bankruptcy, which may allow you to retain equity in an asset). Filing under Chapter 7 usually is not preferable for those with significant equity or wealth.
A debtor must qualify under a means test and complete a pre-filing session with a credit counselor. Chapter 7 bankruptcy may involve a liquidation sale of secured debts and assets. Oklahoma law provides certain exemptions from this liquidation process, including but not limited to:
- Your principal residence
- One motor vehicle worth up to $7,500
- Household and kitchen furniture
- Cemetery lots
- Tools for farming
- Livestock / farm animals
- Prescribed health aids