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Bankruptcy May Be Your Option

Chapter 7 or chapter 13: Which is right for me?

Realizing you need to file for bankruptcy can feel stressful and confusing. Yet, this process can be a huge relief for many families, leading to a fresh start in life. For consumers, there are two choices available: chapter 7 bankruptcy and chapter 13 bankruptcy. Knowing which is best for you — or even which you qualify for — can be a big help.

Chapter 7 bankruptcy is typically reserved for lower-income individuals and families. When financial hardships hit and you are barely making ends meet as it is, chapter 7 can be a way out. But to qualify in Oklahoma, you generally must make less than the state’s median income. If you do not, you may still qualify, depending on your debts. Filing for chapter 7 will liquidate any assets you have to cover debts. You will get a fresh start after that. There are some debts that will not be covered, however; your attorney can discuss that with you.

Chapter 13 bankruptcy is for those who can pay off their debts with a little more time. Essentially, the court will rearrange your debts so you have 3-5 years to pay them off. This is ideal for people who may have had a setback at work or unexpected medical bills. To qualify, you must have less than $922,975 in unsecure debts, plus less than $307,675 in secured debts.

No matter the type of bankruptcy, you must attend financial counseling before filing to make sure there are no other options. If you do find you need to file, having an experienced attorney by your side can make the entire process much easier. 

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