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As an individual or a couple, people have essentially two possible options available under the Bankruptcy Code: Chapter 7 and Chapter 13. A third option, Chapter 11, applies mainly to corporate bankruptcies, but in a few rare cases, it may be used by an individual. Hiring Oklahoma Bankruptcy attorneys will help you determine which option best suits your needs.
Chapter 7 is the simplest and quickest way to get rid of uninsured debts, primarily medical bills, credit cards, old utility bills, and deficiency judgments of repossessed property. Folks should be able to qualify for Chapter 7 if they have proof that their income is not sufficient to pay their creditors. If an individual has insured debt, such as a mortgage or a vehicle and if their payments are up to date, he or she can usually continue to make payments and keep the property. However, the filing party could also give up the property without having to pay the balance.
In theory, Chapter 7 forces a person’s assets to be liquidated in order to pay their creditors. However, the law allows for many exceptions, protecting many liquidation assets, including some properties such as the filing party’s home and vehicle, personal property, retirement benefits, insurance policies, public benefits, manslaughter and personal injury compensation, and a percentage of their recent earnings. Many people filing Chapter 7 have nothing to pay off after applying for exemptions. Again, bankruptcy attorneys Tulsa can explain how Oklahoman bankruptcy exemptions work and which ones they have the right to. The conclusion is that most people who file Chapter 7 will seldom have to pay anything.
If a person does not qualify under Chapter 7, they may qualify for Chapter 13, which is a 3 to 5-year repayment plan that allows the person to keep all of their properties. Chapter 13 stops creditor harassment and wage garnishment and gives people the opportunity to maintain their home and catch up with payments if they are behind on their mortgage. Of course, there is much more than this to consider, so it is important to ask for a consultation with a local Tulsa bankruptcy law firm.
Chapter 11 of the Bankruptcy Code provides a means for a business to reorganize (or restart) when financial problems cannot be conquered. This is only the case when the business remains viable. Chapter 11 consists of proposing a plan to repay creditors over time, keeping the business going. Visit for more details.
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