Guide

What Is Bankruptcy? Is Bankruptcy Still Available? Choosing Bankruptcy Attorney in Oklahoma

What is bankruptcy?

Judges and court trustee assess the holdings and obligations of people, partnerships, and companies declaring bankruptcy when their liabilities have gotten so out of hand that they don’t think they can afford them.

The judge makes the decision about debt clearance. A “discharge” signifies that the debtors are no more obligated to make payments. If the judge determines that the individual or company has sufficient means to cover its debts, it may potentially drop the case.

Laws governing bankruptcy were created to provide people a fresh start if their assets fell apart. Legislators could realize that a 2nd chance to shine is an essential safety net in a capitalist market, regardless of whether the crash was the result of poor choices or terrible luck.

Making the choice to file bankruptcy is a big step, so if you intend to preserve your assets, you should seek legal counsel out of an Oklahoma bankruptcy attorney who is familiar with both federal and state bankruptcy legislation.

Can I still file for bankruptcy?

YES! Oklahoma bankruptcy still accepts filings.

Many individuals have the misconception that bankruptcy isn’t any option due to the uproar caused by the 2005 changes to the bankruptcy legislation. It is untrue. Personal debt, hospital debt, and other types of debt can all be erased via a Chapter 7 petition, so bankruptcy remains an option. Yet, the new legislation has made it harder and onerous. Sadly, some persons who might have been allowed to file by themselves without even a lawyer under the previous rules now need the help of a bankruptcy lawyer to ensure they don’t miss their opportunity for a clean slate. However, bankruptcy may be a swift and easy procedure if you work with a knowledgeable bankruptcy lawyer.

The most significant modification made by the new legislation is the restriction on who could pursue a Chapter 7 bankruptcy, that’s the type that does not include a repayment schedule. These days, the extent of such bankruptcy is constrained by things like income.

Choosing Bankruptcy Lawyer

Consulting to a bankruptcy attorney is the first step if you’re considering declaring bankruptcy, if it’s to assist you in getting rid of card debt, prevent mortgage on your house or automobile, or for any other reason.

Choose a lawyer who specializes in bankruptcy law while searching for legal representation in Oklahoma. A regional bankruptcy lawyer is essential since regional bankruptcy rules differ from one another. You need a bankruptcy attorney that can assist you during the entire route and is forthright, fair, and capable. Whether you need a chapter 7 bankruptcy, a chapter 13 bankruptcy, or you are unsure of which debt reduction strategy is best for you, The Debt Line Law Firm as well as its Oklahoma bankruptcy lawyers are your go-to provider for skilled bankruptcy lawyers in Oklahoma.

Oklahoma Bankruptcy Attorney

Edward L. Kelley is the principal bankruptcy lawyer of the Debt Line Law Firm in Oklahoma. Kelley has aided hundreds of clients in Oklahoma in declaring bankruptcy and getting rid of their debts, including card debt, health expenses, back payments on repossessions, and much more. Oklahoma City ‘s central bankruptcy court is the appropriate location for citizens who are required to close up shop. The bankruptcy branch of The Debt Line Law Firm in Oklahoma is located just a few steps from the bankruptcy court.

 

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