In Oklahoma, consumers have an opportunity to manage their debts through bankruptcy. The cases provide them with two primary options. They can either liquidate their assets or set up a structured repayment plan. These options provide them with protection against creditors and a real solution for eliminating debts. A bankruptcy attorney helps consumers start these processes in Oklahoma.
Direct Requirements for Bankruptcy
All consumers regardless of the chapter they choose must attend a credit counseling program. The program must be state-approved, and all participants must acquire a certificate of completion. Next, the consumer must provide evidence of eligibility. For chapter 13, they provide income statements for six months. The income statements show their annual income. This is compared to the state median associated with their household size.
For chapter 7, they must present details about all assets and properties. The total value of the assets must reflect a value that is more than the debts included in the claim. The court evaluates the assets to determine if they can be used in the claim.
What Protection is Available?
An automatic stay is provided for all consumers who file for bankruptcy. The automatic stay lasts according to the duration of the case. During this stay, no creditors can file any legal action against the consumer. This includes foreclosure and repossession.
What are the Expectations After Approval?
The consumer must follow all terms included in their bankruptcy case. They cannot start new lines of credit. They must submit a monthly payment in chapter 13 or refrain from interfering with sales in chapter 7.
What Happens After Bankruptcy?
After the bankruptcy, the claim remains on the consumer’s credit report for up to ten years. They have the opportunity to see new ways to rebuild their credit. Select credit counseling programs show them strategies for rebuilding the credit. They also become immediately responsible for any accounts that weren’t paid off during bankruptcy.
In Oklahoma, consumers file bankruptcy to eliminate debts. The cases assist them through new payment plans or liquidation. These methods help them eliminate their debts without major issues. Consumers who want to file for bankruptcy can visit http://tulsabankruptcylawyers.net/ right now.