Can You File Bankruptcy If You lose Your job in Oklahoma

Liquidation in Chapter 7 Bankruptcy

Yes, you can file for bankruptcy in Oklahoma if you lose your job and are facing financial difficulties. Bankruptcy is a legal process that allows individuals and businesses to eliminate or restructure their debts when they are unable to meet their financial obligations. Losing your job can certainly be a significant factor contributing to financial distress and may be a valid reason to consider bankruptcy.

Types Of Bankruptcy You Can File

  1. Chapter 7 bankruptcy typically involves the liquidation of non-exempt assets to pay off as much of your debts as possible. The good news is that in Oklahoma many of your assets are exempt and you don’t lose them when you file. this includes your home, car and all retirement accounts. Many types of unsecured debts, such as credit card debt and medical bills, can be discharged (eliminated) in Chapter 7. However, there are income and asset eligibility requirements you must meet to qualify.
  2. Chapter 13 bankruptcy allows you to create a repayment plan to pay back a portion of your debts over a period of three to five years. This can be helpful if you have valuable assets you want to protect, or if your income exceeds the Chapter 7 limits.

Do I Qualify To File Bankruptcy

Undeniably filing bankruptcy is a wonderful solution to your financial problems. The biggest obstacle to your fresh financial start and the freedom of being debt free is that you must qualify. Besides only being able to file a chapter 7 eight years from the last date you file there is a means test. The means test requires that you don’t make more than the median income for a family depending on how many family members that are in your family.

What Debts Get Forgiven in Bankruptcy

Think of filing bankruptcy if you lose your job as the best financial relief you will ever get. Unlike debt reduction efforts that often fail bankruptcy can totally eliminate most of your unsecured debt. If you have credit card debt, repossessions, foreclosures, garnishments, payday loans, medical bills and most other unsecured debt.

Put A Tulsa Bankruptcy Lawyer in Your Corner

In Oklahoma you can file bankruptcy If you lose Your job in Oklahoma. Before filing for bankruptcy, it is highly recommended that you consult with a bankruptcy attorney near you. There are many advantages bankruptcy offers people just like you. With the advantages comes the responsibility to provide the bankruptcy court with the data they require. Helping you provide the data and get your case done right is what we do. Bankruptcy can have long-term consequences on your credit and financial future. It’s important to fully understand your options and the potential implications before proceeding. Call the Tulsa bankruptcy attorneys at Kania Law Office. Get a free consultation from a local attorney near you. 918.743.2233 or click here to ask a free legal question.

Tulsa's Local Bankruptcy Lawyers

Law ScaleAre you looking for Tulsa attorneys who will fight aggressively for you? Our team of bankruptcy attorneys have the experience needed in Oklahoma law to secure the outcome you deserve.

Call us today for a free consultation 918-743-2233 or contact us online.