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Tulsa Bankruptcy Law

Posted on: January 20th, 2020 by: Kholter

The State of Oklahoma passed a new bankruptcy law the S.256 – Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

This requires Oklahomans who file bankruptcy to partake in credit counseling within six months of filing. They are also required to complete a financial management class following filing. Meanwhile the 2005 Bankruptcy Act allows the analysis of expenses and income in order to determine qualification for Chapter 7 bankruptcy. For those who do not qualify for Chapter 7 Bankruptcy, Chapter 13 is an option. 

The two rarely mentioned options of bankruptcy are Chapter 12 and Chapter 11. Chapter 11 is extended to those who would qualify for Chapter 7 with the exception of brokers. Chapter 11 is also used by railroads; who do not qualify for Chapter 7. Chapter 12 is similar to Chapter 13 and is only available to family fishermen and farmers who maintain a regular income. The expertise of an Oklahoma bankruptcy lawyer can guide you through this difficult financial process. 

Benefits of Hiring a Bankruptcy Lawyer

It is wise to hire a Tulsa bankruptcy lawyer if you are filing for bankruptcy. Some of the benefits of hiring an attorney include:

Who Is The Best Bankruptcy Lawyer For You?

Most professional Bankruptcy Attorneys will be willing to offer you a free first consultation to estimate the case and determine if they can help you. Discuss your financial problems with them and let them help guide you through the legal procedures, if you are a candidate to file for bankruptcy protection. In some states, the courts will also offer such Bankruptcy Lawyer Referral services. This is true in Oklahoma. Search the Tulsa Attorney Directory Resources Page to find the assistance you need. Most of the Bar Associations in the United States offer Lawyer Referral Services for individuals looking for bankruptcy protection.

You can search for the Bar Association of Oklahoma on the Tulsa Attorney Directory Resources Page.

You can also gather more information about selecting your preferred Bankruptcy Attorney firm from their website. You should look at their experience; previous cases handled by the firm, and take some references in order to ascertain the proficiency of a bankruptcy attorney. You can also check if the law firm is associated with similar cases and have achieved success in them.

Determining whether bankruptcy is the right choice can be difficult, as can choosing an appropriate chapter of the U.S. Bankruptcy Code to file under. The two chapters that most consumers file under vary significantly. Chapter 7 bankruptcy entails the liquidation of certain personal assets to satisfy outstanding liabilities, while Chapter 13 bankruptcy requires a repayment plan. A person’s current financial situation and long-term goals can help determine which plan offers a better fit.

Bankruptcy is likely something you will do only once or twice in your entire life.

However it’s something that must be done correctly (and lawfully) the first time and without unnecessary challenges and hassles. You do not want the “cheapest” attorney, you want an attorney who will get the job done right the first time. Since you are already in debt so hiring an experienced, knowledgeable bankruptcy attorney can sometimes be challenging. However, the cost of hiring a good attorney and getting the best possible result can be priceless, not only to discharge all possible debts, but for your own peace of mind and emotional comfort.

Debt does not have to control your life. Research your options and take action. You can then regain control of your finances and enjoy a comfortable life with your family. Ease your mind and financial burden by finding the best bankruptcy lawyer with the Tulsa Attorney Directory.

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