Bankruptcy is established through federal law to provide relief from debt problems. Bankruptcy gives you a fresh start, to get rid of certain debt and/or allow new repayment terms in certain matters. It can prevent your home from being foreclosed upon, your automobile from being repossessed, eliminate some tax debt, eliminate debts owed for car wrecks (with no insurance) which can cause a suspension of your driver’s license, and certain other benefits.
Regarding bankruptcy there are conditions to consider. There are limitations upon when a person can file bankruptcy again after a previous filing. These limits depend upon the chapter of bankruptcy previously filed, when it was filed, and if a discharge was received. Also, law requires transparency and honesty when filing a bankruptcy. You must reveal all of your debts and all of your assets. Any attempt to hide assets or commit fraud can result in, at best, a denial of the discharge and, at worst, criminal charges.
There are different facets of bankruptcy and related issues to consider:
• Chapter 7 & The Means Test – Allows one to write off most debts while exempting your property. A means test is used to determine eligibility.
• Chapter 13 – Debt reorganization bankruptcy, typically allowing a 3 – 5 year repayment plan.
• Foreclosure – Most common way to prevent a foreclosure is a Chapter 13 Bankruptcy. If you are facing foreclosure, contact The Tate Law Firm immediately as time is critical to prevent it.
• Repossession – If you fall behind on payments, filing bankruptcy will stop collection efforts, including repossession.
• Lawsuits – Filing bankruptcy in Oklahoma stops all collection efforts, including any new lawsuits filed or continuing cases already filed.
If you are struggling with your finances, contact us right away to protect yourself and your family! Don’t wait! There are time restrictions that cannot be exceeded in certain instances.
Schedule a free consultation with an experienced Oklahoma bankruptcy attorney at The Tate Law Firm. We’ll help you learn more about bankruptcy, which debts can and cannot be included, and determine which option is best for your current situation. Call 918-420-1100
or message us.