Oklahoma Bankruptcy Provides Solutions to Financial Stress
The American economy is struggling through the worst recession in more than 70 years, and these economic times have hit everyone hard. Oklahoma has not been spared from this outbreak of financial trouble, and as a result many people are looking for somewhere to turn for help but feel that there are no viable options for relief.
Fortunately, nearly every financial situation, no matter how dire it seems, presents options for solutions. In many cases, a worthwhile approach is to file for consumer bankruptcy protection under Chapter 7 of the United States Bankruptcy Code. Below you will find information regarding Chapter 7 filings overall, the new bankruptcy laws enacted in 2005, the concept of the discharge of debts under Chapter 7 filings, exempt versus non-exempt property under this chapter and finally how you should proceed if you need help putting your financial problems behind you.
Chapter 7 Filings by Oklahoma City Bankruptcy Attorneys
Filing under Chapter 7 of the United States Bankruptcy Code is generally known as a ‘liquidation’ bankruptcy because of the manner in which the person filing – known as the debtor – must deal with his or her assets in order to at least partially satisfy outstanding debts. It is the most common type of filing, and the vast majority of those who file under Chapter 7 file for individual consumer bankruptcy.
A filing under this chapter basically takes all of the debtor’s assets and liabilities into account and sends them to the Bankruptcy Court in the form of schedules that are reviewed by the court and by the creditors named on the bankruptcy petition. The debtor and the creditors have a hearing in which any problems with the case are brought up, and if there are no problems, the court should ultimately issue a discharge of debts upon the liquidation of any remaining assets. This means that the debts no longer exist in a legal sense and do not need to be repaid in full.
Hiring an Oklahoma City Bankruptcy Attorney
If you are experiencing serious financial problems, you need professional help to see your way past them. As noted above, bankruptcy filings can be complicated under Chapter 7 of the Bankruptcy Code, so contact the Oklahoma bankruptcy attorneys at Oklahoma Legal Center today to schedule an initial consultation.