Oklahoma Bankruptcy HelpWhat Debts Can I Discharge in Tulsa Oklahoma Bankruptcy?
If you are thinking about filing for bankruptcy, it is likely that you are feeling overwhelmed by your debt. You may feel harassed by debt collectors, or feel like you are drowning in debt. Either way, you may want to know if you can discharge debts in Oklahoma, including which debts can be discharged and which debts may not qualify for discharge. To discharge debts means to forgive them, reduce them, or erase them. It is the term most often used by the bankruptcy court and by your Tulsa bankruptcy attorney.
How to Discharge Debts in Oklahoma
What debts are dischargeable and by what proportion depend in some part on the type of bankruptcy filing involved. Most people file for bankruptcy under either Chapter 7 (liquidation) or Chapter 13 (reorganization). Each person’s financial situation is unique. You want to make sure and choose the filing that is right for your situation.
Debts are divided into those that are secured by collateral and those that are unsecured. Those debts that are secured by collateral must be reaffirmed in a Chapter 7 filing or included in a reorganization plan if you want to keep the collateral. Unsecured debts can be liquidated in a Chapter 7 filing. That means that they can be discharged. However, it Is important to know that not all debts are eligible for discharge through bankruptcy.
Debts That May Not Be Discharged
For policy reasons, not all debts are eligible.
Some examples of ineligible debt in all bankruptcies include:
- Most federal government student loans
- Child support and alimony
- Court costs, fines associated with a crime, and court-ordered restitution
- Tax bills incurred less than three years before the bankruptcy filing
Any debt arising from an act of fraud. This includes such things as making false statements on credit applications and running up debt on a credit card in anticipation of filing bankruptcy. If you are facing such a situation in your bankruptcy, be sure and consult with an experienced Tulsa bankruptcy attorney as soon as possible.
Free Consultation: Tulsa Bankruptcy Attorney
Bankruptcy law can bring peace of mind, but mistakes in filings can cause your matter to be dismissed. It is important to get the forms right the first time. An experienced bankruptcy attorney in Tulsa can help you understand the process and how the law can affect your particular situation.
We are here to help you get it right the first time. To receive your free initial bankruptcy analysis, call Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.
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