If you’re thinking about filing for bankruptcy in Oklahoma City, there are several things you should know about the process and what to expect once it’s underway. Bankruptcy laws in Oklahoma are generally pretty similar to laws in other states, but there are a few key differences that can affect your case and how long it takes to complete the entire process. Here are three things you should know about filing for bankruptcy in Oklahoma City.
1) There are two main types of bankruptcies
The most common bankruptcy is Chapter 7, which wipes out many debts in exchange for whatever equity you have left. It can also stop foreclosures and repossessions. There’s also Chapter 13, which helps you to pay off debts within three to five years. When deciding which kind of bankruptcy is right for you, it’s important to weigh a number of factors, such as what type of debt you have and how much property equity (things like houses or cars) you own. A bankruptcy attorney in Oklahoma City can help sort through these issues with his or her experience and knowledge of local laws.
2) You need to meet certain criteria
What are your debt-to-income ratios? It’s hard to answer that question when it feels like every month you have new bills popping up and old ones lingering. The first step in determining whether you need a bankruptcy attorney in Oklahoma City is to get a snapshot of your finances. Are you drowning in debt with no way out? If so, bankruptcy could be your solution; but before we dig into that more deeply, let’s talk about what you should know. What determines whether or not you can file? Do certain types of debt make it impossible to file? Here are three things everyone filing for bankruptcy should know.
3) The process takes time and money
It usually takes from three to six months before your bankruptcy filing is complete. Most of that time will be spent gathering your financial information and meeting with your attorney. During that time, you won’t be able to take out loans or close credit cards because doing so could undermine your bankruptcy petition. Additionally, it’s a good idea to keep in mind that depending on how much debt you have, bankruptcy may not be worth your time or money. In Oklahoma City, filing for bankruptcy can cost anywhere from $1,000 to $5,000 but given enough debt and assets (or lack thereof), you might find it more beneficial financially to just suck it up and pay off all those credit cards—trust us.
When you’re trying to get your life back on track after a financial setback, it helps to know what to expect. A bankruptcy attorney in Oklahoma City can help you make sense of it all and clear a path forward. If you’re struggling with debts you cannot pay off, don’t hesitate—the sooner you act, the sooner you can begin rebuilding your finances. You deserve a fresh start and there is hope for financial freedom; speak with an attorney today!