Find a Bankruptcy Lawyer in Tulsa, Oklahoma

Find the right Bankruptcy attorney in Tulsa, OK

In Tulsa, Oklahoma, bankruptcy is a judicial process in which the debts of a person or business can be cleared or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically useful 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 requirement. It is designed to prevent debt which has slight 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 veteran bankruptcy lawyer in Tulsa, 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 distinct case, the counsel of a Tulsa bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Tulsa, Oklahoma

There are three basic bankruptcy schemes that are most commonly used in Tulsa: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Tulsa, Oklahoma will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other typically used bankruptcy system in Tulsa is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Tulsa Bankruptcy Lawyer Help?

Filing for bankruptcy in Tulsa is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Tulsa bankruptcy attorney for assistance.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Tulsa

Tulsa has been diversifying it's oil industry controlled economy. In doing so, Tulsa has become the second largest city in the State of Oklahoma and a major center for high tech, finance, aerospace, and telecommunications technology development and manufacturing. Tulsa acts as the most important manufacturing hub in Oklahoma and produces nearly 60% of the goods exported from Oklahoma. Financial institutions like BOK Financial Corporation are headquartered in Tulsa alongside business like QuikTrip, Dollar-Thrifty car rental, Hilti, and gas related companies like Sem Group, Synthroleum, and Excel Energy. Attesting to how well the city is doing, the housing trends show a 6% increase in rent last year. So what else does Tulsa have to offer?

The University of Tulsa, Oral Roberts University, Rogers State University, and Tulsa Community College each accept students seeking higher educations. The University of Tulsa was ranked among the best doctoral universities in the United States by U.S. News World Report and one of the top masters institutions by the Princeton Review. The Cancer Treatment Centers of America have their Southwest Regional cancer treatment facility in Tulsa which is located at the Southwest Regional Medical Center. It's one of the largest cancer treatment hospitals in the nation.

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