Oklahoma Bankruptcy HelpWhat Oklahoma Bankruptcy Forms Are Available in Tulsa?

In Tulsa, there are several Oklahoma bankruptcy forms available.

Bankruptcy is a serious word for good reason. Like any major financial decision, no one should enter into bankruptcy lightly.

However, too many people believe that bankruptcy is always a bad idea. In some cases, bankruptcy offers a much-needed new financial start. The key is to learn from the past so you do not join the growing group of Americans who file multiple bankruptcy cases.

The Basic Oklahoma Bankruptcy Forms

If you or your spouse lost your job and have little hope of finding a new one anytime soon, Chapter 7 as one of the available Oklahoma bankruptcy forms may very well be a good idea.

You probably need to focus on covering basic living expenses, not literally starving yourself to pay your creditors.

However, if you have substantial assets such as a home then you could be better served pursuing Chapter 13 from the available Oklahoma bankruptcy forms. Only a qualified Tulsa bankruptcy lawyer really should advise you on which type of bankruptcy to pursue.

Chapter 7 vs. 13 Oklahoma Bankruptcy Forms

What is the difference between Chapter 7 and Chapter 13 bankruptcy in Tulsa? Well, Chapter 7 will permanently eradicate many of your pre-existing debts. On the other hand, Chapter 13 requires you to partially repay your creditors.

If you are living paycheck to paycheck and cannot save money, you might benefit from filing Chapter 13. Again, you will receive some debt relief and many legal protections; specific situations are best addressed during a consultation with a qualified Oklahoma bankruptcy attorney.

Keep in mind that a Chapter 13 bankruptcy damages your credit rating for seven years; Chapter 7 bankruptcy filings impact your credit report for 10 years from the date you formally requested legal help.

Additional Considerations

Overwhelming medical bills are another common, and perfectly acceptable, reason to pursue either of the most popular Oklahoma bankruptcy forms.

However, overwhelming student loan debt usually is ineligible for Tulsa bankruptcy assistance. If the loan was issued through a federal government program such as Stafford, most people are stuck with the bills for life.

Rare exceptions include cases of severe and permanent disability or the college going out of business. In all Oklahoma bankruptcy forms, mental health issues are rarely considered a severe enough disability to qualify people for a discharge of student loan debts.

Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer

To get the best possible outcome in your bankruptcy case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.

If you’re ready to file, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible.

To receive your free initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.