Tulsa Bankruptcy Lawyers

Family Law and Tulsa Bankruptcy

As divorce and Family lawyers in Tulsa Oklahoma we find that  Financialbankruptcy_attorney_tulsa_ok problems and Family tension many times go hand in hand.  More often financial problems within the family can act to tear you and your family apart as the never ending pressure from creditors creates family tension and marital distress. If you are being bombarded by creditor calls and constant threats of law suites and wage garnishments A Tulsa Oklahoma Bankruptcy Lawyer may be able to help.

Consumer Bankruptcy in Oklahoma is generally divided into two chapters under the Federal Bankruptcy Code. Those two chapters are Oklahoma Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Both chapters of bankruptcy will give you relief from your creditors but the two are very different from each other.
Chapter 7 Bankruptcy  is designed for those families or individuals in Oklahoma who have a family income that is less then the median family income for your particular family size. The Chapter 7 Bankruptcy is the preferred bankruptcy by many people because this chapter of bankruptcy gives you a total discharge from most if not all of the unsecured debt that you owe. Chapter 7 bankruptcy will also allow you to keep those assets that are secured by loans but you intend to keep and continue making payments on. An example of this kind of debt is your home or  car.  If you are current on any of those two type loans and wish to keep them you simply reaffirm the debt, keep the house or car and continue to make payments.

Chapter 13 Bankruptcy is designed for those Oklahoma Families or individuals who make more then the median family income and therefor do not qualify for a Chapter 7 bankruptcy. A chapter 13 bankruptcy does not discharge all of your unsecured debt but rather requires you to make payments on the debt for 5 years. Often times the percentage of the total debt that you are required to pay over this period is reduced but non the less you will have to make a certain amount of payments on the debt. The chapter 13 bankruptcy requires the Bankruptcy Court to approve your bankruptcy plan and its complexity will require that you have an Attorney in Oklahoma that specializes in Chapter 13. The plan payments are deducted from your payroll check and sent directly to the Bankruptcy Trustee in your case who in turn distributes the money to your creditors per their share, as set out in the bankruptcy plan. In Chapter 13 you can still keep your house and other assets and in many cases if the home has arrears or is in foreclosure the arrearage may be put in the plan and paid out over the 5 year period.

For a free bankruptcy consultation with a bankruptcy and family lawyer in Tulsa Oklahoma call or email today.