If you are not able to pay your bills and creditors are calling, it may be time to consider bankruptcy. Bankruptcy is a legal process that can help you eliminate or repay debts without having to pay everything you owe in full.
Bankruptcy is not for everyone. It is a tool that you can use to help get out of debt and start over, but it does take some time. If you are considering filing bankruptcy, do I need to file bankruptcy in Oklahoma? it is important to know your options and the possible consequences of each choice.
- Bankruptcy can be helpful if you:
- Are behind on your mortgage payments
- Have fallen behind on student loan payments
- Are facing eviction from home or apartment
- Have had repossessions (repossession of cars, boats or other property)
- Have medical bills that have gone unpaid
Bankruptcy Laws Differ From State to State
Bankruptcy in Oklahoma is different from bankruptcy in other states because of the law’s roots in tribal heritage. The Choctaw Indians were forced off their land and moved west on a forced march known as the Trail of Tears. Oklahoma’s bankruptcy laws were created to give debtors an opportunity to start over, just as the Choctaws were allowed to do after their exodus from Mississippi.
You must meet certain requirements for Chapter 7 or 11 bankruptcy protection, but there are exceptions if you are unable to meet those tests. For example, if your income is too high or too low, then you may still qualify for relief under Chapter 13.
What Is Chapter 7?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a way to get rid of unsecured debts like credit card bills, medical bills or personal loans by selling off property that you own under certain conditions.
If you qualify for Chapter 7, the court will order a trustee to sell all non-exempt property and distribute the proceeds among your creditors. You’ll get to keep exempt property like your home and car as well as money in a retirement account. If some of your debts are discharged (wiped out), those creditors can’t go after you later on for any unpaid debt they’re owed, even if they don’t get any money from this process.
Do I Need to File Bankruptcy in Oklahoma?
Bankruptcy laws vary from state to state. If you have questions about whether you would benefit from filing for bankruptcy protection, contact the experienced Oklahoma bankruptcy attorneys at Marty Martin Bankruptcy Law for a free consultation.
There are many reasons why someone might need to file bankruptcy in Oklahoma. There are also many reasons why you may not actually need to file. It could be that you have too much income to qualify, or it could be that your debts are too old to be discharged. It’s important to understand your options before filing for bankruptcy in Oklahoma.
At Marty Martin Bankruptcy Law our goal is to help you get out of debt while preserving as much of your assets as possible and allowing you to move on with your life so that you can focus on more important things like spending time with family and friends, pursuing a career or simply enjoying life!