Bankruptcy FAQ - Understanding Bankruptcy in Creek County
Do you have questions? You are not alone.
If you are currently suffering from any type of debt, the financial burden
that you are experiencing could be one of the most overwhelming feelings.
You could have several concerns and anxieties keeping you awake at night.
there are answers to your pressing questions and G. Gene Thompson, Attorney at Law would be happy to provide you with
the peace of mind you need regarding your potential case.
Below, Gene has included a brief summary of some of the most common questions
that he receives at his office. Feel free to read through the following
questions and answers to gain a better understanding of where your case
stands and what your rights are at this time.
Your Questions Answered by a Knowledgeable Lawyer
Is it better to file for Chapter 13 or Chapter 7 bankruptcy?
Determining which type of bankruptcy to file will be based entirely upon
your unique situation. No two cases are the same, and as a result, no
two cases should be approached in an identical manner. It will be encouraged
for anyone considering bankruptcy to speak with an experienced lawyer
who understands the nuances of the law and can apply the best possible
solution based entirely upon your unique needs and goals.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Both forms of bankruptcy can be an effective way for consumer debtors
to live life debt free. Chapter 7 bankruptcy typically refers to a legal
process in which your assets are liquidated to pay back your creditors.
In order to qualify for Chapter 7, you must first pass a means test.
Chapter 13 can be a great option for consumer debtors who still have the
financial ability to pay back their debt over a specific period of time.
Upon creating a repayment plan, Chapter 13 will allow a consumer debtor
to pay off debts in more manageable increments over time.
Will I lose everything if I file for bankruptcy?
Perhaps one of the greatest misconceptions concerning the bankruptcy process
is that many people feel as though their life will be ruined after filing.
This could not be further from the truth! Under the protection of Oklahoma's
you can keep certain types of property after filing for bankruptcy. This could include the following:
- Personal property
- Wages earned within 90 days prior to filing
- Tools of trade
- Pensions, public benefits, child support, alimony, and insurance
Is there life after bankruptcy?
Absolutely. Though filing for bankruptcy will remain on a credit score
for up to 10 years, this does not mean that your line of credit will be
ruined forever. With the right guidance, and by making informed decisions
regarding your financial status, you can repair your credit score in as
little as 6 months! In fact, some people have rebuilt their credit score
to 720 in under a year, allowing them to qualify for new credit cards,
apply for loans, or purchase new homes.
Hope is at the end of the tunnel. Call today for more information.
Do you have more questions? Do you want to speak with a legal professional
directly and confidentially? Gene is here to help you through even the
toughest, most complicated financial dilemmas. With more than 15 years
of experience in business management, he understands just how overwhelming
the legal process of bankruptcy can seem. With his knowledge of business,
law, and all things financial, you can move forward with a sense of greater
control and knowledge of your situation.
You deserve help from a compassionate
Creek County bankruptcy attorney who can provide you with the focused, one-on-one attention that you are
worthy of receiving.
Call G. Gene Thompson, Attorney at Law, exclusively at Stinnett Law, today.
No matter what you are facing, he is here to help.