Bankruptcy laws are designed to help individuals struggling with debt, and Oklahoma laws make it easy to put those protections into practice.
The U.S. bankruptcy code and Oklahoma state laws include an array of tools designed to help gain control of finances and get out of debt. Chapter 7 or Chapter 13 bankruptcy may be the right tools to help you take control of your situation while allowing you to hold on to your property.
If you have questions about how bankruptcy laws could help you get out of debt, get the straight answers from a local Oklahoma bankruptcy attorney today. Simply fill out the case review form below to get started.
Oklahoma bankruptcy laws provide financial help in two main ways: Property protection and debt relief.
Both Chapter 13 and Chapter 7 bankruptcy cover these bases, although they do so in different ways. Both may be used to stop foreclosure, repossession and harassing creditor phone calls.
Chapter 7 bankruptcy may eliminate most to all unsecured debts. Unsecured debt is debt that isn’t tied to property like a house or car. Unsecured debt may come from credit cards, medical bills or even personal loans.
This debt is retired if, based on the income requirements, you are eligible for Chapter 7 bankruptcy.
For this type of bankruptcy, your secured debts may be handled by a liquidation sale. However, if your property is protected by the Oklahoma bankruptcy exemptions then it won’t be sold.
We’ve provide a general list of the Chapter 7 exemptions in Oklahoma for informational purposes, but consider consulting with a bankruptcy attorney for a clear and complete understanding of how much of your property is covered.
Chapter 13 bankruptcy does not involve any liquidation sale, and, therefore may be used to protect larger amounts of property.
To be eligible for this type of bankruptcy you will need some steady source of income that can be used to make a monthly debt payment.
Chapter 13 bankruptcy orders and structures your debts.
So instead of trying to keep up with multiple bills, you’ll make one payment to your court-appointed trustee who will then handle your debts, some of which may have been reduced during the process.
This overview of the Chapter 13 and Chapter 7 bankruptcy laws in Oklahoma is by no means complete. You likely have questions about how these laws will apply to you.
If you need answers – or if you’re ready to use these tools to get your financial life under control by filing bankruptcy – speak with a local bankruptcy attorney.
Complete the free case review form on this page or call us, toll free at 877-349-1309, and we’ll connect you with a local sponsoring Oklahoma bankruptcy attorney.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local Oklahoma bankruptcy lawyer.
PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Bankruptcy is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Bankruptcy does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 400, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.
FLORIDA ONLY: Total Bankruptcy is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service.
If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.