How Often Can You File Bankruptcy in Oklahoma City?

OKC Bankruptcy Attorney

“How often can you file bankruptcy in Oklahoma?” This may be a question on your mind. Whether you are still considering filing for bankruptcy or have already filed, this question must be addressed to help you make wise decisions. However, bankruptcy laws are far more complicated than you may think. This is the same reason that almost every debtor is skeptical of this legal remedy. Thus, to avoid yourself to fall for misconceptions, you need to talk to an experienced bankruptcy attorney.

Scott Harris Law, PLLC, is considered the best bankruptcy attorney in Oklahoma City. We gained a prudent reputation and significant experience in the state as a result of our strong desire to assist our clients and achieve positive results. With our experience, statewide recognition, and knowledge, you can be assured that your case is in good hands. If you are in need of legal help, set up a free consultation today!

Why do I need a Bankruptcy Attorney in Oklahoma?

how often can you file bankruptcyAs mentioned, the bankruptcy process and laws are complex. Aside from determining whether to file or not, it is also one of your most crucial decisions to choose the best lawyer in your state. Thus, you have to take note of their qualities and backgrounds. To get the best possible service, look for the following good characteristics:

  • Gives 100% attention – Bankruptcy, like any other area of law, is a time-consuming process. In Chapter 7, your case will last approximately 4-5 months. On the one hand, Chapter 13 will remain open for 3-5 years. Choose someone who guarantees that they will be reachable and available to answer your questions at any time, even after bankruptcy. You deserve a bankruptcy attorney who is completely focused on you.
  • Proven to be the best – There are many bankruptcy lawyers who claim to be the best, but only a few can prove it to you. When it comes to hiring the so-called best lawyer, you should be skeptical. A legitimate agency should validate its competence as one of the best.
  • Solid Reputation – Your bankruptcy lawyer should have a substantial reputation in the state. Consider assessing their background in terms of experience and education. Determine whether or not your bankruptcy attorney has deep ties to the state. A reputable lawyer can help you process the case more quickly. 

Scott Harris is the founder of Scott Harris Law, PLLC, and has relatively deep ties with Oklahoma. In terms of reputation, qualifications, experience, engagement, and professionalism, considered its bankruptcy law firm one of the best bankruptcy attorneys in Oklahoma City. Scott Harris Law, PLLC is committed to giving you its full attention when providing legal services. Our legal team understands that every case is different. Thus, our prudent options will be tailored based on your circumstances. If you need help, schedule a free legal consultation today!

Is Bankruptcy The Answer?

The Federal Bankruptcy Act provides businesses and individuals with options for repaying debts. The laws on consumer bankruptcy assist by giving either a fresh start through asset liquidation or by creating a debt repayment plan to repay the creditors in an appropriate manner. Only one method can be utilized by the debtor to resolve their financial problems. 

Nonbankruptcy solutions can be a great alternative for businesses, individuals, and creditors. There are also cases that arise when the potential filer should not resort to filing a bankruptcy petition due to the risk of denial of discharge while giving up nonexempt properties for distribution and liquidation to collectors by the bankruptcy trustee.

What are nonbankruptcy alternatives?

Nonbankruptcy alternatives for debtors include:

  • Negotiation with creditors
  • Consolidation loans
  • Credit counseling
  • Using defenses against you on a debt that is in question

How Many Times Are You Allowed To File for Bankruptcy?

Bankruptcy cases can be filed by debtors as they like. Bankruptcy laws do not limit people to a certain number of bankruptcy filings, and no minimum waiting period is required before you declare bankruptcy again. However, an important thing has to be noted. If you filed for bankruptcy too soon after you just wiped your debts out, you are disqualified for another debt discharge in your latter case. Before you are eligible for additional debt forgiveness, the waiting period must first expire.

How Often Can A Debtor Get Bankruptcy Discharge?

In Chapter 7 bankruptcy, discharges are received by debtors once every eight years. Other state laws may also apply if you previously got your debt discharged in Chapter 13 bankruptcy. A debtor in Chapter 7 bankruptcy will not be discharged from dischargeable debts if he or she was discharged from Chapter 13 bankruptcy within eight years of filing the Chapter 7 bankruptcy petition unless the Chapter 13 payments are: 

  • 100% of the unsecured debts allowed; or
  • 70% of the unsecured debts and Chapter 13 plan were filed by the debtor in good faith and was the debtor’s great effort. 

A person who files a Chapter 13 bankruptcy cannot receive a discharge if he or she received a discharge in a case filed under Chapter 12, 11, or 7 in the four years preceding the current bankruptcy filing or within two years of filing the current bankruptcy case if the debtor received a discharge from a Chapter 13 petition. 

What Essential Factors Should You Consider When Choosing Between Filing Chapter 13 and Chapter 7 Bankruptcy?

  • Whether or not you are eligible for each bankruptcy chapter
  • Whether you require a fresh start or based on a means test, Chapter 7 would be assumed to be an abuse
  • Whether you could get a discharge under Chapter 13 that cannot be discharged in Chapter 7
  • Whether you have enough disposable income to fund the Chapter 13 payment plan
  • Whether you wish to retain nonexempt properties that would be renounced to the trustee in Chapter 7.
  • Whether the debts you have are entitled to priority and can be paid throughout the term of the plan, such as child support, taxes, alimony, etc.
  • Whether the bankruptcy court would require you to file Chapter 13 according to the means test.

Call our Oklahoma City Bankruptcy Attorney Now!

Declaring bankruptcy is a crucial decision. There are a lot of things that have to be taken into account. Every bankruptcy filing has to be evaluated depending on the factors you currently have. If you are a debtor and are considering filing for bankruptcy, talking to an experienced bankruptcy attorney is a great decision.

For more than a decade, Scott Harris Law, PLLC, has been consistent in providing excellent legal service to its clients. As duly recognized as one of the best bankruptcy attorneys in Oklahoma City, our legal team is focused on providing 100% of our attention because we acknowledge that every case is distinct. We take actions based on our circumstances, not the other way around. Other than bankruptcy, we also handle debt consolidation, debt negotiation, credit card debt, student loan debt, and foreclosure defense. Get rid of your unwanted debts today!

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