Consumer Bankruptcy Lawyers in Midwest, Oklahoma

Find the right Consumer Bankruptcy attorney in Midwest, OK

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you eventually decide that they are outweighed by the benefits. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Oklahoma are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Midwest, Oklahoma bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Midwest, Oklahoma

In Midwest, Oklahoma, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Midwest, Oklahoma.

Chapter 13 Bankruptcy in Midwest, Oklahoma

In Midwest, Oklahoma, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Midwest, Oklahoma

Chapter 13 is typically a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an accomplished local Midwest, Oklahoma bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Midwest

Believe it or not, but Midwest is the name of a city in Oklahoma. Per the 2010 census, 54,371 people call it home. It is located nearby Tinker Air Force Base. The city is recognized for enduring the wrath of two tornadoes in 1999 and 2003.

The two most popular attractions are Tinker Air Force Base and the Atkinson Heritage Center. Amongst other attractions is the list of famous residents, both past and present. This list includes names such as A.J. Hinch, Matt Kemp, Brian Tallet, Shelden Williams, Mike Gundy, Royce D. Applegate, and J.T. Realmuto.

Although Tinker Air Force Base is seen as a top employer, Midwest also has many law offices and small firms that cater to legal needs of residents and local businesses in many areas of law. Therefore, residents and businesses can remain rest assured because any and every legal need can be handled by Midwest's competent legal force.

Overall, Midwest is a great place to call home and a great place to visit!

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