Oklahoma Bankruptcy HelpWhat Are the Differences Between Personal and Business Bankruptcy in Oklahoma?
Some people have a number of misconceptions about the differences between personal bankruptcy and business bankruptcy in Oklahoma.
Generally, you cannot include both business and personal debts in one Tulsa bankruptcy case.
Most people who file bankruptcy in Tulsa choose to undergo this complex process with an attorney’s assistance.
FAQ: Business Bankruptcy in Oklahoma
Chapter 7 and Chapter 11 are the types of bankruptcies traditionally reserved for business owners. A corporation cannot represent itself in any type of bankruptcy proceeding; you and any business partners must hire a qualified Tulsa bankruptcy attorney to represent your financial interests.
In corporate Chapter 7, a bankruptcy trustee will sell your business assets and distribute any profits to your creditors. When you file Chapter 7 on your company, you agree to cease operations though you are free to open another business in the future.
Chapter 11 allows entrepreneurs the chance to reorganize their financial affairs. However, some companies do not successfully complete Chapter 11 and still end up out of business.
FAQ: Personal Bankruptcy in Tulsa
Chapter 7 and Chapter 13 are the most common types of personal bankruptcy in Tulsa. While most company bankruptcies do not affect the business owner’s credit rating, this leniency does not apply to personal bankruptcy.
If you request debt forgiveness under Chapter 7, your credit score will suffer for 10 years from the date you filed your case. Chapter 13 offers a partial debt repayment plan and hurts your credit rating for 7 years from the date of case filing.
Personal bankruptcy is stricter than business bankruptcy in Oklahoma.
You cannot include recent tax debts, virtually all government-issued student loans, child support, alimony, monies owed due to the commission of a crime, and court fines in any type of bankruptcy.
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.
