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Tips to File A Bankruptcy Case in Oklahoma City
Money matters can go wrong, but that’s not the end of life. If you are struggling with your finances, you can always rely on your state’s services to rescue. Instead of worrying about money and all that’s lost, appointing a dependable lawyer can be a viable solution.
While Oklahoma City has myriad law firms, finding the right lawyer might look like an arduous task.
Top-notch associates such as Chris Mudd Oklahoma City bankruptcy lawyer can help you out with their highly-skilled advocates who can present your case. With reliable professionals on your side, focusing on things can become easier, helping you smoothly battle the bankruptcy odds.
If you are a resident of Oklahoma City, you may know that Chapter 7 has a provision to provide bankruptcy relief to its natives, subject to a means test. Under this, whether you can file a bankruptcy regardless of the debt amount and your status of solvency. It also exempts property under the state law and enables filers to begin afresh with its protection under the liquidation law.
On the other hand, Chapter 13 bankruptcy allows you or your appointed attorney to come up with a payment plan with which you can repay your credit with 5 years. This, however, has to be approved by the court. Depending on your stake, you can file bankruptcy. Appointing the right attorney can improve your chances of not having to lose everything. Check out the tips to file a bankruptcy case in Oklahoma City.
How to file bankruptcy
The state has a system that enables filers to apply for free. Yes, there is a lot of paperwork that goes into it. This is where you might want to seek assistance and help from a professional lawyer who can handle it all.
Filling the forms will need you to disclose your financial information, such as your income, expenses, and other assets. You may also have to submit documents that verify your income and credit report when filing for insolvency. It would be good to keep all the required documents handy before filing.
Check out how to declare your bankruptcy status at https://www.wikihow.com/Declare-Yourself-Bankrupt.
If you are uncertain about how to go about the procedure, a dependable law agency can help. In Oklahoma City, you might need to take a mandatory counseling course. And this has to be a government-approved one. As you work on the form, make sure to complete all the other documentation simultaneously. This typically involves filling the Schedules, Statement of Intentions, and that of Financial Affairs, etc.
There is a detailed manual that can show you how to process these forms easily. If you feel stuck, your bankruptcy lawyer can help. There is a fee waiver for those who can prove an income of less than 150% of the federal poverty line.
Completing the application on time and planning can enable the faster collection of the filing fee. However, if you miss the opportunity, you can choose to pay the fee in installments.
Things you need to keep handy
A hard copy of the bankruptcy form is essential to keep. Your attorney can submit all the necessary documents to the Court. This can be done through the e-filing system for lawyers dealing with insolvency. With professional lawyers filing it on your behalf, you may not need to print out a second copy of the application.
If you are heading to the Court to file your application in Oklahoma City, carry a government-issued ID with your photograph on it. Your Trustee will ensure that all the mandatory documents are submitted on time.
The Trustee’s office keeps track of the progress of your case. This helps to prevent any unwarranted delay in your case. If you don’t hear from them within a couple of weeks of filing bankruptcy, you can call the Trustee’s office to check the status.
In a bankruptcy case, you will have to complete the financial management course along with the credit counseling certificate. Also, attending 341 meetings has its advantages as you would get an opportunity to ask questions regarding your case.
Make sure you have your driver’s license and social security card handy when heading to this meeting. It would be a good idea to prepare yourself for the meeting by reviewing all the documents filed in the case.
File A Bankruptcy Case in Oklahoma City
Among other assets to be listed on your bankruptcy form, you must include your car if you own one. This will allow you to make a comprehensive decision on the way forward. You can surrender your car under the provisions of Chapter 7. This could discharge the outstanding loan as well. Follow this link for further information on Chapter 7 bankruptcy.
Among the other debts that cannot be wiped out under Chapter 7 are most include:
- Student loans, car loan,
- Unpaid fines,
- Unpaid alimony payment or child support,
- Tax debts of many kinds,
- Debts caused by fraud, theft or embezzlement,
- Debts from property settlement after a divorce,
- Damages to another person in case of drunk driving or misconduct
A certified agency can guide their clients in the right direction so that the bankruptcy case proves to be in your favor. You can expect an expert lawyer to list all debts when filing the insolvency papers with the court to get the maximum advantage for you, although not all of those debts can be erased.
You can expect your bankruptcy attorney to understand your case through an initial consultation, which is usually free. With an overview of your case, your attorney will suggest the type of bankruptcy case that you should file. They can handle all the paperwork necessary for the process and represent you when the case goes to court.
Sometimes your lawyer may recommend other means such as debt settlement to resolve your problem instead of filing a case straight away. He/she is there to protect as many assets as possible. Appointing an experienced attorney comes with perks as they would know what kind of evidence looks convincing to the judge. Hiring a trustworthy lawyer increases your chances of being proven right.