Every bankruptcy analysis begins with a close look at the debtor’s overall financial situation. In some cases, filing for protection under Chapter 7 of the United States Bankruptcy Code is the best option. While many people assume that filing for protection under this chapter is a relatively simple process compared to other forms of bankruptcy, anyone who faces this situation needs the help of an Oklahoma bankruptcy attorney for several reasons.
The most critical aspect of any Chapter 7 bankruptcy filing occurs at the beginning of the process when the debtor compiles all of his or her financial information that will ultimately be included in the petitions and statements of assets and liabilities that are sent to the Bankruptcy Court. Not only must every financial detail be considered if not included in some way in these documents, but every debt and asset must also be properly organized and positioned such that the court will accept these statements as the truth. Even if an honest mistake is made without any malicious intent, errors can be fatal to a case that’s filed and cause delay, prolonged periods of intense collection efforts and even additional expenses if more help is needed.