Feb 12, 2021

Posted by in Business | Comments Off on Points Related To How to file Bankruptcy in Tulsa Oklahoma

Points Related To How to file Bankruptcy in Tulsa Oklahoma

You may be wondering if filing for bankruptcy can help you avoid foreclosure and save your home if you are in foreclosure or are facing foreclosure proceedings. That is a complicated question and both yes and no are the answer. There are several different chapters of bankruptcy laws under which you can file when you file a bankruptcy. Each chapter has different advantages and disadvantages and different qualifications for eligibility, so you need to consult with a bankruptcy lawyer to determine which section of the bankruptcy law works for you.http://tulsabankruptcyhelp.com/how-to-file-bankruptcy-in-tulsa-oklahoma/ is one of the authority sites on this topic.

Chapter 7 is the most common chapter of the Bankruptcy Act. Also known as a straight bankruptcy is a Chapter 7 bankruptcy. A debtor (the legal term for the person filing bankruptcy) transfers all of its non-exempt assets (exempt assets are the assets you are allowed to keep when you file bankruptcy) to the bankruptcy lawyer under this chapter in the bankruptcy law, who in turn will sell the assets to raise as much money as possible to pay your creditors (the people you owe money to) once you have passed some court You may be able to save your house from foreclosure by filing chapter 7 insolvency. Some states, but others do not, have your homestead as an exempt asset. Use Google and search “your state bankruptcy exemptions” to find out if your state has a homestead as an exempt bankruptcy asset.

Chapter 13 is the other most common chapter of the bankruptcy laws. This chapter of bankruptcy law is also referred to as a debt adjustment. You, the debtor, will create a re-payment plan for your creditors under this chapter. Your mortgage payments, other expenses, and your bankruptcy lawyers’ fees still have to be paid. If your state does not have homesteads as an exempt asset and you are desperate to save your home from being foreclosed, this chapter will be favourable to you. However, if you have not been able to make your monthly payments before, if you file for bankruptcy under Chapter 13, it may be even more difficult for you to keep up with your payment plan obligations than before. You may find it is impossible for you to keep up with the payments down the line in your re-payment plan. Your home will be foreclosed at this point; you may have delayed the inevitable proceedings of foreclosure, but you may still be unable to save your house from foreclosure in the end.