At Mitchel, Gaston, Riffel & Riffel, PLLC our bankruptcy attorneys have helped hundreds of people throughout Northwest Oklahoma get a fresh financial start by filing Chapter 7 & Chapter 13 bankruptcy. Many are able to keep their homes, their cars and other assets.
One of our bankruptcy attorneys will review your financial situation and determine whether you can file a Chapter 7 bankruptcy. If you have enough assets and income to repay at least some of your debts, you may be required to file Chapter 13 bankruptcy.
A financial crisis can happen to anyone. Unemployment, medical expenses, overextended credit, divorce and foreclosures are among the most common reasons for filing bankruptcy. No matter what caused your financial distress, we can help you take control of your finances and your future.
To learn if you qualify for filing Chapter 7 bankruptcy, please contact one of our Oklahoma bankruptcy Attorneys today.
Learn more: Visit our Bankruptcy Information Center.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Oklahoma Bankruptcy Filing Chapters 7, 13
The main purpose of Bankruptcy Law is to give a person who is hopelessly burdened with debt a fresh start by wiping out his or her debts. The guiding policy of bankruptcy law is that it gives the unfortunate debtor that is in debt beyond his or her ability to repay in the foreseeable future a "fresh start" through the bankruptcy discharge of debts. The Law Firm of Mitchel, Gaston, Riffel & Riffel, PLLC handles Chapter 7 and Chapter 13 bankruptcies.
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What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, sometimes called a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives full discharge of all discharge-able debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.
Bankruptcy Information Center