Oklahoma Chapter 7 Bankruptcy
Oklahoma Chapter 7 bankruptcy is about starting over financially with a clean slate. In the last few years bankruptcy itself has lost much of its social stigma as finance and credit in the new millennium becomes more complicated than in previous years. Bankruptcy, particularly Oklahoma Chapter 7, has become a far more common option of last resort for many individuals and businesses who find themselves imprisoned by their debts and facing repossession, foreclosure, and legal action. Filing for Oklahoma Chapter 7 bankruptcy cancels out many of these outstanding debts, and prevents any agency from taking your house, car, or other possessions by placing them in the hands of the court.
After the court takes control of your property and protects you from further action, your case is placed in the hands of a "bankruptcy trustee", who oversees the liquidation of certain assets in order to reimburse as many creditors of secured debt as possible. Once as many creditors are compensated as possible, the rest of your debt is canceled out, allowing you to start your life over again, without the looming burden of financial insecurity and insurmountable debt.
It’s important to note that the United States Congress has recently enacted extensive changes to bankruptcy laws which affect the ability of people to receive bankruptcy protection from the courts. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has formulated certain steps that must be followed before bankruptcy is allowed, which could affect thousands of people suffering from financial crisis.
Bankruptcy laws are intentionally confusing and complicated, for creditors want to squeeze every penny out of you. A sympathetic and experienced bankruptcy attorney will fight on your behalf to protect all of your assets within the power of the law. Don’t risk losing more in your bankruptcy battle by misunderstanding the law. Consult one of our lawyers, and start on the path towards financial freedom today!