Find a Bankruptcy Lawyer in Oklahoma City, Oklahoma
In Oklahoma City, Oklahoma, bankruptcy is a judicial process in which the debts of a person or business can be eliminated or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically efficient than requiring the debtor to pay off everything they owe. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has little chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.
Therefore, it is a good idea to talk with an experienced bankruptcy lawyer in Oklahoma City, Oklahoma. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of a Oklahoma City bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Oklahoma City, Oklahoma
There are three basic bankruptcy schemes that are most commonly used in Oklahoma City: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Oklahoma City, Oklahoma will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
Under Chapter 13 bankruptcy in Oklahoma City, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Oklahoma City Bankruptcy Lawyer Help?
The need to weigh all the options and consider the costs and benefits of filing for bankruptcy in Oklahoma City cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Oklahoma City bankruptcy attorney beforehand.
There are 380 Bankruptcy, Banking and Credit cases posted in Oklahoma City
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest OK Cities
Life in Oklahoma City
Oklahoma City, Oklahoma is the capital of, and largest city in, the state of Oklahoma. It has a population of over 551,000 people, and its greater metropolitan area has over 1 million residents.Oklahoma City, Oklahoma is home to a growing and diverse economy. It was once a major center for government employment and energy exploration, but its economy has transitioned into more stable and diverse sectors, helping to secure relative economic stability. In 2008, Forbes Magazine named Oklahoma City as one of the most "recession-proof" cities in the U.S. Its economy currently revolves around information technology, service, health care, and administration. It is home to 2 Fortune 500 companies, both of which are in the energy sector.
Oklahoma City has, unfortunately, become strongly associated with the 1995 terrorist attack against the Alfred P. Murrah Federal Building, which is still the largest act of domestic terrorism in U.S. history. It should be obvious, however, that Oklahoma City is far more than the site of a historic tragedy, and has a great deal to offer residents and visitors alike.
If you live in Oklahoma City, and need legal services, it's very likely that an Oklahoma City, Oklahoma attorney can help you.
