At Convenient Bankruptcy, our dedicated team collaborates on every case, employing a comprehensive, team-based approach to ensure that each client receives prompt and top-notch assistance.
When you engage the services of an Oklahoma Chapter 7 bankruptcy attorney from Convenient Bankruptcy, you can trust that they will meticulously prepare petitions and schedules outlining your income, debts, and assets for submission to the bankruptcy court. In this process, a bankruptcy trustee is appointed by the court to oversee your case. While the trustee's primary responsibility is to ensure the fair distribution of any available assets to creditors, it's noteworthy that most Chapter 7 filers retain possession of all their property. This is often due to certain property being deemed exempt, safeguarding it from the claims of creditors.
Chapter 7 bankruptcy serves as a beacon of hope for individuals grappling with overwhelming credit card debt, medical bills, and other forms of unsecured debt. Through this form of bankruptcy, a significant portion of these debts is discharged, relieving individuals of their legal obligation to repay them.
On the other hand, Chapter 13 bankruptcy, commonly referred to as "reorganization," becomes a viable option for those seeking to halt foreclosures, address tax debts, or individuals ineligible for Chapter 7 due to their higher income. In contrast to the debt elimination characteristic of Chapter 7, Chapter 13 involves a structured repayment plan, enabling clients to repay a portion of their debts over an extended period. Notably, the monthly payments under Chapter 13 are typically more favorable than what most creditors would otherwise permit, providing clients with a manageable pathway to financial recovery.
