Learn What Bankruptcy Means

Bankruptcy is a legal proceeding in which a person is seeking relief from bills, loans and credit card debt when they financially are unable to keep up with the payments. Bankruptcy is a federally instituted option for those seeking a fresh start. The United States Bankruptcy Code provides different options for those seeking bankruptcy. The two most common are Chapter 7 and Chapter 13. Chapter 7 allows individuals to keep certain property and also to be cleared of debt. Chapter 13 allows individuals who can pay a portion of their debt to do so, and to have the rest exempted. Chapter 13 is a form of debt consolidation. It is important to consult with an experienced bankruptcy attorney to determine if you are eligible for bankruptcy protection and if so, which type of bankruptcy will best fit your financial situation and long term goals.

The hardest part about filing for bankruptcy is the decision to do so. Many people are embarrassed by their inability to pay the debts that they have incurred and are frustrated by collection calls and letters. It is important to remember that bad things happen to good people and bankruptcy is often the only solution to their mounting debt. Starting the process is as simple as calling our office to schedule a free consultation.

Chapter 7 bankruptcy is sometimes referred to as a fresh start bankruptcy and it is the most common type of bankruptcy case filed. If you qualify for a discharge in a Chapter 7 case your debts will be eliminated by the court when the discharge order is entered. Typically, you can expect to receive a discharge approximately four months after the case is filed and you generally only have to make one trip to the court for a brief meeting with a trustee to review your case.

Your attorney will run a Means Test to see if you are eligible to file for a Chapter 7. This test is a mathematical formula designed to compare your household income and family size to that household income of all other families in Oklahoma of similar size. If your income is equal to or less than this median income then you can generally qualify for Chapter 7 relief.

With the broad range of exemptions available to debtors in Oklahoma, most people who file Chapter 7 cases do not have to fear losing any of their property.

As with other forms of bankruptcy, once you file for Chapter 7 or 13 bankruptcy in Oklahoma, creditors and collection agencies will no longer be permitted to contact you except through the bankruptcy court itself.

The law office of Matthew E. Riggin, PLLC offers comprehensive bankruptcy attorney services in Broken Arrow, OK, Tulsa, OK, and the nearby areas. We assist clients who are facing debt challenges with the best guidance and advice regarding their financial concerns. Often, bankruptcy proves to be an effective and practical solution when seeking relief from loans and credit card debt, bills, and other financial challenges. As your bankruptcy law attorney, we will help you explore your solutions so you can have the best outcome for financial improvement.

Our law firm provides expert legal services for individuals who need to file chapter 7 bankruptcy or chapter 13 bankruptcy. Bankruptcy is a federally instituted solution that helps people get a fresh financial start. With a chapter 7 bankruptcy filing, the individual can keep certain types of property while discharging the debt. With chapter 13 bankruptcy, individuals can put a portion of their debt into a payment plan which is similar to debt consolidation. When you need a chapter 7 and chapter 13 law attorney who can help you get the best outcome in your bankruptcy case, turn to our law firm for the best legal services in Broken Arrow, OK or Tulsa, OK. 

Whether you are committed to the idea of filing for bankruptcy or simply exploring your options, our bankruptcy law firm will assist you every step of the way. Count on our bankruptcy attorneys for our skill, knowledge, and expertise with the bankruptcy process. We offer assistance with setting up repayment plans, bankruptcy reaffirmation agreements, and more.

Contact the law office of Matthew E Riggin PLLC to schedule a consultation at (918) 221-8847 today.