The Federal Bankruptcy code requires that anyone seeking to file for bankruptcy attend credit counseling within 180 days of filing.
Debt.org describes bankruptcy as a “court proceeding in which a judge and court trustee examine the assets and liabilities of individuals, partnerships and businesses whose debts have become so overwhelming they don’t believe they can pay them. The court decides whether to discharge the debts, meaning those who owe, are no longer legally required to pay them. The court also could dismiss the case if it believes the person or business has enough assets to pay their bills.” While bankruptcy is not a resource that most people want to ever have to recur to, it is one that can provide individuals struggling to manage their debts with immense relief. If you are personally dealing with what seems like insurmountable debt, we highly recommend meeting with a bankruptcy attorney in Tulsa, Oklahoma.
A Step By Step Guide on Filing for Bankruptcy in Tulsa, Oklahoma
While bankruptcy law allows for individuals to file on their own, it’s recommended that you seek out the help of a seasoned attorney to file on your behalf. Especially if it’s your first-time filing, you will want expert advice and someone who is more than prepared to take on the responsibility of spearheading the process from the get go. Once you meet with a bankruptcy lawyer, if you decide on that approach, they will examine your current finances and look through your financial history to determine whether you are a good candidate for bankruptcy. Bankruptcy is not meant for everyone.
According to Money Crashers, filing for bankruptcy is essentially an eight step process. You must “find an attorney, get credit counseling, complete a petition and paperwork, meet your trustee, attend a meeting of creditors, have your eligibility be confirmed, go through with the nonexempt property liquidation or repayment plan [that is if you are only filing chapter 7 or chapter 13] and finally have your debts discharged.” Of course, if you haven’t filed before you may be unfamiliar with some of these details but it’s important that prior to initiating the process you have all of the information you need to make wise decisions about your future.
What First Time Filers Need to Know
First on credit counseling. The Federal Bankruptcy code requires that anyone seeking to file for bankruptcy attend credit counseling within 180 days of filing. Then, the trustee. The court appointed trustee is there to oversee your case, liquidate nonexempt assets and ensure that procedures are followed. And finally, first time filers may be confused about the nonexempt property liquidation and the repayment plan. These processes are in reference to Chapter 7 and Chapter 13 bankruptcy. Chapter 7 places an automatic temporary stay on your current debts and chapter 13 allows filers to design a 3-5 year repayment plan to comfortably but diligently repay their debts. If you are considering filing, a bankruptcy attorney can educate you on the ins and outs of the process and guide you throughout it. For information on experts who can help, contact the Henson Law Firm.