Oklahoma Bankruptcy Attorneys : Garrett Law Office, P.C.

Oklahoma Bankruptcy FAQs

I can't take it anymore, the bills keep coming and the creditors keep calling! What can I do?

Many people have felt that they have reached the end of the line when it comes to their finances. If you feel that there is no way you can get out from under your financial problems, think twice before filing for bankruptcy. The best way to approach your financial problems is to do so knowledgeably. Nothing is worse than approaching something without knowing what you are getting into. Bankruptcy may be an option for you, but think carefully and consult with an Oklahoma bankruptcy attorney before you decide.

What is Oklahoma bankruptcy?

Bankruptcy is a legal declaration of an inability to pay all or some of your debts. It is one of the more common legal procedures in the U.S.

What is the purpose of Oklahoma bankruptcy?

The purpose of bankruptcy is it allows people a new start by relieving most of their debts and it gives creditors an opportunity to reclaim as much debt as possible.

I heard that Oklahoma bankruptcy can wipe out all my personal debts no matter what. Is that true?

You should be aware that there are some debts that cannot be discharged or erased with bankruptcy. Some debts do not and cannot be wiped out in bankruptcy. For example, you typically cannot discharge debts for:

child support and alimony
most taxes
most student loans
personal injury caused by driving drunk or under the influence of drugs
court fines and criminal restitution
debts incurred through fraud or theft

What will bankruptcy do to my credit?

Bankruptcy leaves a negative impression on your credit report and will not go away for a long time. Under federal law, bankruptcies remain on your consumer credit report for at least seven years. Also, beware that federal law does not regulate how long a bankruptcy can remain on your business credit report. It is a good idea to know what is on your credit report anyway and you can consult an Oklahoma attorney to assist you with obtaining and reviewing your credit report.

Keep in mind that after the bankruptcy, it may be difficult to obtain a new mortgage, car loan or even a credit card. Upon finding someone who will give the debtor another chance, their credit limits may be much lower with a much higher rate of interest.

What does discharging a debt mean?

One of the many reasons people file for bankruptcy is to obtain a discharge of debt. A discharge is a court order which states that you are not responsible for the debts any more. Some forms of bankruptcy may discharge all of your debt. Other forms of bankruptcy can create a way to pay some or all of your debt over a period of time, not to exceed five years.

Will bankruptcy affect opportunities for employment and renting?

Federal law allows landlords and employers to review credit reports. A bankruptcy could result in the loss of a rental home, new job, or promotion. Employers may question whether you have filed bankruptcy because this may indicate your inability to handle personal finances.

What is Oklahoma Chapter 7 bankruptcy?

Chapter 7 bankruptcy protection is a court ordered hold on all your personal assets and property. A bankruptcy trustee will determine what property can be liquidated in order to satisfy any outstanding debts.

If I file an Oklahoma Chapter 7 bankruptcy, what can the court take to satisfy my debt?

The laws regarding the seizure of property vary from state to state. In Oklahoma, exempt assets in property include:

Homestead - Real property or manufactured home to an unlimited value up to 1/4 acre, otherwise up to $5,000 for up to one acre in city or town and up to 160 acres elsewhere.
Insurance - Includes assessment or mutual benefits, fraternal benefit society benefits, funeral benefits prepaid & placed in trust, group life policy or proceeds, and limited stock insurance benefits.
Pensions - County employees, firefighters, law enforcement employees, police officers, disabled veterans, ERISA-qualified benefits, public employees, teachers, and tax exempt benefits.
Miscellaneous - Alimony and child support.
Personal Property - Books, firearm, pictures and portraits; clothing up to $4,000; motor vehicle up to $3,000; furniture, food for 1 year, and health aids; farm implements, tools, books and business equipment up to $5,000 total; two bridles and two saddles; burial plots; 100 chickens, five cows and calves under six months, ten hogs, two horses, 20 sheep and feed to last one year; and personal injury and wrongful death recoveries not to exceed $50,000 total.
Public Benefits - Crime victims' compensation, Social Security, worker's compensation, and unemployment compensation.

What is Oklahoma Chapter 13 bankruptcy?

Chapter 13 bankruptcy is a court ordered reorganization of personal finances arranged to compensate creditors for any outstanding debts. Debtors typically have five years to pay out this negotiated settlement.

Are the creditors allowed to call me anymore?

Once the petition for either a Chapter 7 or Chapter13 bankruptcy has been submitted an automatic stay is entered in your case. The automatic stay prevents bill collectors from attempting to collect the debt. As soon as the creditor becomes aware of the fact that you have filed for bankruptcy, all collection efforts must stop. Upon filing for bankruptcy, the court will mail a notice to all the creditors listed in your bankruptcy schedules. This can take a few weeks and if you do not list the creditor on your schedule, they will not get notice and will not be prevented from contacting you. If a creditor calls you during this period and you know that they have been listed properly, supply them with the case number.

Do I need a lawyer to file an Oklahoma bankruptcy petition?

Having an Oklahoma bankruptcy attorney fighting for your rights is always advised when dealing with bankruptcy cases. Without someone working on your behalf, creditors may take advantage of you and your situation.

We can handle your potential legal case if you are in any of these Oklahoma cities. Even if your city is not listed you may still speak with one of our Oklahoma bankruptcy attorneys by filling out our contact form or calling us toll-free at 1 (866) 664-0400.

Ada, Afton, Altus, Alva, Anadarko, Ardmore, Atoka, Bartlesville, Blackwell, Broken Arrow, Catoosa, Chandler, Checotah, Chickasha, Claremore, Clinton, Del City, Duncan, Durant, Edmond, El Reno, Elk City, Enid, Erick, Frederick, Glenpool, Grove, Guthrie, Guymon, Henryetta, Idabel, Lawton, Locust Grove, Mcalester, Miami, Midwest City, Moore, Muskogee, Norman, Oklahoma City, Okmulgee, Owasso, Pauls Valley, Perry, Ponca City, Poteau, Pryor, Roland, Sallisaw, Sand Springs, Savanna, Shawnee, Stillwater, Stilwell, Stroud, Tahlequah, Tulsa, Vinita, Wagoner, Weatherford, Woodward, Yukon

Oklahoma Bankruptcy Attorneys