After you’ve made the decision to file for bankruptcy protection, the next choice involves moving forward with the best form of consumer bankruptcy that fits the specifics of your situation. This decision can be critical for several reasons, but it always starts with a close look at your overall financial picture that includes your assets, your liabilities, your income situation and your monthly expenses.
After you and an Oklahoma City bankruptcy attorney have closely analyzed your financial situation, the choice will generally come down to whether you want to or are even able to retain your existing assets and whether you’ll be able to make monthly payments to the Bankruptcy Court that would be a requirement under a Chapter 13 consumer bankruptcy case. If you are able to make these payments based on your income generation, it’s likely that you’ll choose this chapter. If you find yourself without any appreciable assets or income, filing under Chapter 7 of the Bankruptcy Code may be the better option.