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Bankruptcy May Be Your Option

Sometimes a "fresh start" is more than you need

If you have reached the point financially where you are thinking about personal bankruptcy, you may be wondering which of the two most common forms for individuals, Chapter 7, or Chapter 13, is right for you. A key part of your answer will depend on what property and other assets you have, and how much of those assets you want to keep when you emerge from the bankruptcy process.

Many people choose Chapter 7 because of its efficiency in eliminating debts through discharge. Chapter 7 is often referred to as a "fresh start" bankruptcy for this reason, it puts you into a position with few if any remaining debts and effectively allows you to start all over again. Something to keep in mind about Chapter 7, though, is that you can lose more than just your debts during the process. Some of your belongings, including your house and your car if you are still making payments on them, can end up on the auction block in a trustee's sale, the proceeds of which will go toward paying your creditors.

If the prospect of losing at least some of your assets does not perturb you, then Chapter 7 can be an alluring choice. But what if you are not prepared to see your belongings sold off? What if you want bankruptcy relief, but not in such a potentially draconian fashion? If this describes your situation, then Chapter 13 may be better suited for you.

Chapter 13 bankruptcy does not eliminate your debts as completely as Chapter 7. You will need to come up with a payment plan to satisfy your creditors. But it will enable you to hang on to your home, your car and other property that you could otherwise have to sacrifice in a Chapter 7 proceeding.

Helping our Oklahoma clients weigh their options and to make the best informed decisions for their needs is what we at the Colpitts Law Firm do. We will take the time to carefully go over your debts, your income, and your concerns with you on an individual basis to not only help you make the right choice but to also help you through the petition, the payment plan and the discharge process. Contact us to arrange for an initial consultation.

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