Oklahoma is a good place to live in. People prefer to live here because of its calming environment, better employment opportunities, and reasonable standards. If you want to file bankruptcy in Oklahoma, the process is no different from other states. The Federal law of Oklahoma has given the authority to lead the bankruptcy process.
Struggling financially is a part of life. There are many events like this pandemic of covid-19 that can disturb your business and normal lives. To overcome financial losses of your business in such situations, the process of Bankruptcy is highly recommended. Bankruptcy works by unwinding the contracts between you and your creditors. It gives you and your business a fresh start. While filing a bankruptcy petition in Oklahoma, you need to submit all the documents of property you’re keeping in the case.
Process of filing the bankruptcy:
There are two most common types of bankruptcy you can file for in Oklahoma. They are named chapter 7 and chapter 13. To increase the chances of success in the case, you need to file the accurate bankruptcy chapter according to your requirements and assets.
Chapter 7 Bankruptcy is a quick method and will take only a few months to complete. It’s a cheap way and is suitable for the one who has few facilities for work and living. You can only adopt this way if you don’t have excessive life luxuries. In case you’re filing it and own houses, cars, and other possessions. Otherwise, if you’re behind them, you’ll lose them all. Chapter 7 has no payment plan and they don’t need to pay a single penny to their creditors.
Chapter 13 Bankruptcy is an excellent choice when you own large assets. In this chapter, the filers need to pay some of the amounts to the creditors according to the payment plan. It also allows you to keep all your liabilities. The payment plan can be customized based on your situation and preferences. This chapter has many benefits but the con it has is its kind of expensive. Many people can afford its monthly payment plans.
There are three ways of filing bankruptcy in Oklahoma:
- You can lead the process
There’s no such need of hiring any professional if your case is simple. You can save money by doing it. Because you don’t need to pay heavy fees. But it’s an insufficient process as you don’t have a broader understanding of knowledge regarding the diverse points.
- Hire a bankruptcy lawyer
It can be a great option to do it. A lawyer is better aware of the process and has experience. That can assist you throughout the case in different ways. They can advise you on a broader spectrum of which chapter you need to file. It also increases the chances of success in the case.
- Hire a bankruptcy attorney
An attorney can provide the best service by leading you more professionally and legally. All attorneys offer the first free consultation session and you can discuss your case with their specialist. They’ll guide you and handle all your document work.
Bankruptcy is a good way of getting out of your financial downfall and you can give yourself a fresh start. Make sure to hire a specialist if your case is complicated and you’re not prepared well for it. It will ease your stress by handling all the documents and leading you on every heading!