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Bankruptcy May Be Your Option

Choosing a Chapter 11 bankruptcy in Oklahoma

Over the course of the last few years in Oklahoma and across the country, multiple businesses, including Toys R Us, Radio Shack and The Limited, have opted to seek bankruptcy protection. Businesses are often forced to make such a decision based on market changes that they have little -- if any -- control over. However, without the guidance of a professional with experience concerning such proceedings, businesses may be confused about the benefits of such action and whether to file for Chapter 11 or Chapter 7 bankruptcy.

Chapter 7 bankruptcy will typically allow the business to discharge all of its unsecured debts. However, the business will no longer exist once proceedings are complete. As a result, many businesses seek other options.

The most popular form of bankruptcy for businesses is Chapter 11. This option allows a business to reorganize its debts in order to pay them off in a set period of time. Businesses can still operate during this option.

While a business can choose to file for Chapter 11 or 7 bankruptcy, an individual struggling with debt can choose Chapter 7 or 13. Often, debt becomes more than an individual or company in Oklahoma can manage. Without seeking some form of relief, such as filing for bankruptcy protection, even more debt could accumulate and further complicate the overall financial status. Because the average person likely has little experience with bankruptcy filings, it is often necessary to seek the advice of an experienced professional to fully understand whether such a filing is necessary and what option is most appropriate for the person's or company's particular circumstances.

Source: Forbes, "Filing For Bankruptcy: 3 Most Important Things You Need To Know", Larry Myler, Oct. 3, 2017

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