Our Okmulgee bankruptcy attorneys can help you file bankruptcy fast. Each year, through out the United States, tens of thousands of people file for bankruptcy. In Okmulgee County alone hundreds of cases are filed each year. Bankruptcy is a federal process that helps you get rid of a large portion of your debt. Although its a federal law, there are many aspects of the law that are controlled by the State Court. An Okmulgee bankruptcy is part of the Eastern District of Oklahoma. This means that the Judge and the bankruptcy Trustee in the Eastern district court administer the case.
Okmulgee Chapter 7 Bankruptcy
There several different kinds of bankruptcy available in Okmulgee. The best bankruptcy you can file is a chapter 7. The reason most people like to file chapter 7 is because it discharges the vast majority of your debt. This means that if you have medical bills, credit cards, repossessions or most other unsecured debt its forgiven in bankruptcy. Our Okmulgee bankruptcy attorneys have filed nearly two thousand chapter 7 cases. Of the cases we’ve filed 99.9% have gone through without any problem and our clients have received a full discharge of their debt.
Chapter 13 Bankruptcy
in Okmulgee, Chapter 13 bankruptcy is filed far less often then chapter 7. The reason is that in this kind of bankruptcy you’ll be required to pay back some of the unsecured debt that you owe your creditors. How much you have to pay back is figured out by looking at your yearly family income and expenses. Most chapter 13 are filed to save a persons house. The chapter 13 will collect all of the late mortgage payments and spread them out over five years. This will stop the foreclosures but your Okmulgee bankruptcy attorneys will have to sit down with you and figure out exactly what your payment is.
Can I Keep My Stuff in Bankruptcy
Your Okmulgee bankruptcy attorneys will tell you that many of your assets are protected in bankruptcy. This is because the State of Oklahoma has some of the most generous exemptions in the country. If you file a chapter 7 bankruptcy you will not lose your car, house, furnishings, retirement accounts and many other assets that you have. If you have a secured asset that has a loan against it you have to continue to pay for it or give it back. An example of this is a car or house that you’re making payments on.