Paths to debt relief in Oklahoma | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Paths to debt relief in Oklahoma

There are people in Oklahoma who are currently struggling with debt. Despite past misconceptions about how debt is acquired, there are some who are in their situation due to circumstances beyond their control, such as medical bills due to an unexpected illness or a lost job. Regardless of the cause, many need debt relief.

For some people -- and businesses -- this includes seeking help through the bankruptcy process; in fact, 844,495 such cases were filed in 2015. Of those cases, the large majority were Chapter 7. Through Chapter 7, a petitioner is released from the responsibility of paying his or her debt. While certain property -- potentially including pensions, equipment used for work, and a home -- are exempt from the process, non-exempt property is sold to help repay the debt. Of the Chapter 7 bankruptcy petitions filed in 2016, over 96 percent were successful.

Another option is Chapter 13 bankruptcy. In this option, petitioners restructure their debt and create a plan to repay it in three to five years. Those who did not qualify for Chapter 7 due to their income often choose this path. If the debt is not paid off at the end of the time period, the debtor may have the option to convert to a Chapter 7 filing.

Unfortunately, businesses and individuals in Oklahoma often find themselves suffering as a result of unexpected hardships and in dire need of debt relief. These people can sometimes feel that their situation is hopeless and that there is no way to end the harassing phone calls that often come with missed bills. Fortunately, there are options that can result in a clean financial slate, as well as professionals who can provide the guidance necessary to make informed decisions.

Source:, "New bankruptcy laws far more lenient", Vera Hogan, Jan. 30, 2018

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