How long does bankruptcy take in Oklahoma is a common question clients have. People facing bankruptcy are generally experiencing pressure from collection agencies. They may be faced with a garnishment, being forced to appear at asset hearings, or experiencing the endless ringing of their telephone. The common thread is that they are being pressured to pay debts they may not have the money to pay. So when they come in, they understandably want to know how long until they get some relief. Regardless o which bankruptcy you file, first we need your information.
The first step in any bankruptcy is to gather all the necessary information. This may include two years of tax returns, bank statements, titles to vehicles you own, pay stubs from your work, and retirement documents. The required goal is to identify everything you own and everyone you owe. This is where you can really help yourself. The faster we gather all the information the faster we can file your bankruptcy. This process takes as long as you let it take. But the good news is that relief from creditors is right around the corner.
Bankruptcy Relief is Immediate
After we successfully collect all your information we generally get your case filed in a day or two. Immediately when your case is filed the automatic stay, provided by the Bankruptcy Code, is triggered. This means that once we file your bankruptcy all the collection efforts must stop. That means no more garnishment of your wages, no more harassment, and creditors must stop trying to collect their debt. After filing a court appearance is scheduled in approximately 30 days. This is called the 341 meeting. At the 341 meeting the trustee will ask you a series of questions which reveal how honest you were in completing your information gathering. The next step is to obtain your discharge.
Bankruptcy Discharge & Final Decree
Creditors have 60 days after the 341 meeting to object to your discharge. When no objections are filed you will receive a Discharge from the Bankruptcy Court. A Discharge is a court order declaring that you are no longer responsible for the debts listed in your bankruptcy petition and schedules. Shortly after receiving your Discharge the Court issues a Final Decree. This means your bankruptcy is done and your case is closed.