Oklahoma City Bankruptcy Attorneys - Consumer Bankruptcy

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Oklahoma Bankruptcy Lawyers Provide Consumer Relief

Bankruptcy protection is a system of laws and an option for relief that exists for both consumers and business entities, and while many of the notions behind this form of relief are essentially the same regardless of the nature of the debtor, there are important differences both between consumer bankruptcy and commercial bankruptcy and the choices within the realm of consumer bankruptcy.

Below you’ll find an overview of consumer bankruptcy. You’ll find information regarding the types of consumer bankruptcy relief available, examples of information that’s used to make a decision regarding the type of consumer bankruptcy to file, the benefits of taking this sometimes difficult step and finally how you should proceed if you find yourself unable to shake free from your ongoing financial struggles.

Types of Oklahoma Consumer Bankruptcy

The United States Bankruptcy Code contains several different chapters, and when a consumer faces financial problems that simply cannot be overcome, there are two chapters that are used more than any others for relief. Each chapter in the code deals with a different type of bankruptcy filing, and below are the two chapters primarily used for consumer bankruptcy filings:

Chapter 7 – Chapter 7 of the United States Bankruptcy Code deals with the rules, regulations, standards and process involved with one type of consumer bankruptcy. Chapter 7 filings are commonly known as ‘liquidation’ bankruptcies because that’s essentially how a case plays out – the debtor files for relief and the court liquidates the consumer’s assets to satisfy the existing creditors as much as possible. While Chapter 7 bankruptcy filings are relatively simple compared to other forms of bankruptcy, there are still several particularities that need to be considered when moving forward with this type of consumer bankruptcy.
Chapter 13 – Chapter 13 of the United States Bankruptcy Code deals with all of the rules, regulations and procedures that govern the other prominent type of consumer bankruptcy filing, and a Chapter 13 filing is generally known as a ‘wage earner’s’ bankruptcy because it is usually the choice of filing made by those debtors who are not without income and who are somewhat able to make payments to existing creditors.

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Consumer Bankruptcy Assistance

A Few Advantages to Filing Consumer Bankruptcy Are:

Having Peace of Mind
Starting Again With a "Clean Slate"
The Chance to Rebuild Credit
End Creditor Calls
Stop Wage Garnishments
Learning How to Manage Credit
Build a New Financial Foundation

Oklahoma City Bankruptcy Attorneys

Good Habits to Avoid Bankruptcy

Consumers May Prevent Bankruptcy by Using These Practices:

Check Your Credit Score Regularly
Alert Creditors of Financial Troubles
Set a Budget
Don't Abuse Retail Credit Cards
Create an Emergency Fund
Do Not Abuse Balance Transfers
Prioritize Expenses
Avoid Late Payments
Make Payments Over the Minimum Amount if Possible

Hire a Consumer Bankruptcy Lawyer
Choose a Form of Bankruptcy
Benefits of Consumer Bankruptcy

Hiring an Oklahoma Bankruptcy Lawyer

If you find yourself unable to overcome your financial struggles, if you dread that walk to the mail box and fear answering the phone, you owe it to yourself to put a stop to that unhealthy way of living. You can take the first step towards accomplishing this by contacting the Oklahoma City bankruptcy attorneys at the law firm of Atkins & Markoff today to schedule an initial consultation to review your financial situation. It’s time to retake control of your finances and by result your life. Contact the firm today to get moving towards the relief you deserve.

Our Lawyers Help Choose a Form of Consumer Bankruptcy

After you’ve made the decision to file for bankruptcy protection, the next choice involves moving forward with the best form of consumer bankruptcy that fits the specifics of your situation. This decision can be critical for several reasons, but it always starts with a close look at your overall financial picture that includes your assets, your liabilities, your income situation and your monthly expenses.

After you and an Oklahoma City bankruptcy attorney have closely analyzed your financial situation, the choice will generally come down to whether you want to or are even able to retain your existing assets and whether you’ll be able to make monthly payments to the Bankruptcy Court that would be a requirement under a Chapter 13 consumer bankruptcy case. If you are able to make these payments based on your income generation, it’s likely that you’ll choose this chapter. If you find yourself without any appreciable assets or income, filing under Chapter 7 of the Bankruptcy Code may be the better option.

The Benefits of Consumer Bankruptcy

For many years, bankruptcy came with a stigma that was sometimes difficult to shake. However, given the reality of the modern economy, more people than ever before are seeking this type of protection for any number of reasons. One of those reasons is the benefits that those who file for protection realize.

Included in these benefits are:

Relief from constant creditors' collection efforts
Knowledge that you have a clean financial slate
The ability to begin the process of rebuilding your credit rating
An opportunity to save your assets in certain respects
Recapturing your peace of mind by putting an end to your financial stress

Of course, the benefits that result in any consumer bankruptcy filing will depend on the particulars of that situation, but regardless of those particulars, there are many instances in which simply starting over is the best option and most valuable benefit available.

Oklahoma Consumer Bankruptcy Law Center

Consumer bankruptcy filings are on the rise for many reasons, and there are generally two choices for this type of filing that include filings under Chapter 7 and Chapter 13 of the United States Bankruptcy Code, one of which is a liquidation bankruptcy and the other is a wage earner’s bankruptcy. The first step is to review your financial situation and to make a choice, and the benefits include putting an end to your stress regarding your finances, so contact an Oklahoma bankruptcy attorney at Atkins & Markoff today to schedule an initial consultation.