Bankruptcy FAQ

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. Fortunately, 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 bankruptcy exemptions, you can keep certain types of property after filing for bankruptcy. This could include the following:

  • Home
  • 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.

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Gene Thompson, Attorney at Law is proud to serve clients throughout Northeast Oklahoma, Creek County, Sapulpa, and other areas in Oklahoma.
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