Filing for Bankruptcy in Oklahoma?
Streamline Your Bankruptcy Process with Oklahoma Attorney Alexander Hilton
Filing for Bankruptcy is a difficult decision for anyone. However, if paying back your creditors would place an undue financial hardship on you and your dependents, it is the right decision. We can help you decide. If you do choose to file, the smart choice is to hire an experienced bankruptcy lawyer.
Need assistance with filing for bankruptcy in Oklahoma? Contact us today for an Oklahoma bankruptcy attorney
When Should You File Bankruptcy?
Deciding when to file for bankruptcy is a significant financial decision that should be made after careful consideration of your individual circumstances. Bankruptcy is a legal process that can provide relief from overwhelming debt, but it also has long-term consequences that can affect your credit and financial future.
Here are some factors to consider when determining if and when to file for bankruptcy:
- Financial Hardship: If you are facing severe financial hardship, such as overwhelming debt, wage garnishment, foreclosure, repossession, or creditor harassment, bankruptcy might be a viable solution to address these challenges.
- Inability to Repay Debt: If your debts are far greater than your ability to repay them, even with a reasonable repayment plan, bankruptcy might be a way to discharge or restructure your debts.
- Type of Debt: Bankruptcy can address various types of debt, including credit card debt, medical bills, personal loans, and certain tax debts. However, not all debts can be discharged through bankruptcy (e.g., student loans, certain tax obligations).
- Exemptions: Bankruptcy laws allow you to protect certain assets through exemptions, which vary by state. If you have valuable assets that you want to keep, understanding the exemptions available to you is crucial.
- Creditors' Actions: If you are facing imminent legal action from creditors, such as a foreclosure or repossession, filing for bankruptcy can trigger an automatic stay that temporarily halts these actions.
- Legal Advice: Consult with a bankruptcy attorney to assess your situation. They can provide personalized advice based on your financial situation, goals, and the bankruptcy laws applicable to your jurisdiction.
It's essential to make an informed decision based on your unique circumstances. Bankruptcy laws vary by jurisdiction (chapter 7 and chapter 13 bankruptcy are common in the U.S.), and the process can be complex. Consulting with a qualified bankruptcy attorney can help you understand your options and determine if filing for bankruptcy is the right choice for your financial situation.
What Are the Requirements for Filing Bankruptcy in Oklahoma?
To be eligible for bankruptcy in Oklahoma, you must take the mandatory credit counseling course. www.summitfe.org is the least expensive online course in the US.
Follow the steps below to prepare for your filing:
- Determine if you are filing under Chapter 13 or Chapter 7 (a "means test" required)
- Gather your bills and files documenting your debts
- Collect your tax returns, deeds to property, and vehicle titles
- Last 2 years tax returns, vehicle titles, 3 months bank statements, 6 months pay history
- Alexander Hilton will explain and assert your available property exemptions
- Alexander Hilton will prepare and file your petition, schedules and all other required documents in the US Bankruptcy Court, will represent you in court, assure your discharge, safeguard your legal rights, your dignity and peace of mind.
Once you have filed, the automatic stay is ordered by the court. The automatic stay is an injunction stopping all collection actions. A trustee will be assigned to your case. You will attend a hearing one month later. In a Chapter 7 case, your discharge will be ordered 60 days later. In a Chapter 13, your proposed repayment plan must be confirmed before proceeding to discharge.
What Exemptions Does Oklahoma Offer?
Oklahoma allows consumers to protect most assets such as your home, your cars, veterans’ benefits, retirement accounts, wages and household goods. These exemptions are designed to help you keep as most of your property. If you own property which is not exempt but you want to keep, you have the right to negotiate to “redeem” it at a reasonable price negotiated by your attorney.
The State of Oklahoma exemptions include:
- Up to 160 acres outside of the city limits (1 acre inside city limits)
- Household furnishings and electronics
- One vehicle with EQUITY VALUE of $7,500 or $15,000 if married with 2 vehicles. (If, for example, your car is worth $15,000 and you still owe $10,000, your equity value is $5,000 – which is under the $7500 exemption amount - the car is 100% exempt.)
- Up to $10,000 worth of tools and equipment for a specific trade
- Certain amounts of livestock
- Firearms valued at up to $2,000
- Wedding rings
- Clothes
- Retirement accounts
- Unemployment compensation and Social Security
When you file, you need to make sure you capitalize on the available exemptions, which is why it is so crucial that you work with an Oklahoma Bankruptcy Attorney who understands these exemptions and how to utilize them.
Not sure how to file for bankruptcy in Oklahoma? Start the process today by calling on our Oklahoma City bankruptcy attorney.
What Sets Us Apart
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Representation From a Law Firm With One of the Highest Client Satisfaction Ratings in the State.
Our dedication to client success has earned us top satisfaction ratings, ensuring you receive trusted, results-driven legal support.
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Personalized Attention From Start to Finish.
We take a hands-on approach to your case, providing direct support and tailored legal guidance every step of the way.
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Affordable Chapter 7 Bankruptcy Payment Options.
We offer flexible payment plans to make Chapter 7 bankruptcy more accessible, helping you move forward without added financial stress.
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Evening and Weekend Appointment Availability.
With evening and weekend appointments, we make it easy to get the legal help you need, on your schedule.
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After years of struggling w/deriorating health due to a series of heart attacks,I struggled with trying to maintain my chiropractic practice and remain current with my current obligations. The struggle became unbearable with the COVID 19 shutdown and I really don't know what I would have done without the very capable counsel of Atty.Alex Hilton. I was interviewed at length,explained what was expected of me and told how to collect the necessary documents. I will be forever grateful for the compassion and expertise demonstrated by this law firm .Thomas Joyce
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A wonderful, professional attorney who cares! Recently we were at our darkest moment, financially speaking. However, Mr. Hilton clearly explained our legal rights and obligations and demystified the bankruptcy process for us. No surprises at all -- I could not recommend him more highly!Aaron
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Calling Alex was the best decision we have made!!! We were in a bad situation and had previously recieved some bad advice that made our financial situation even worse. Alex agreed to meet us the same day we called him and he even stayed late to do so! After looking over our mess, he gave us his advice and he answered EVERY SINGLE QUESTION we had! The rest is history! He did everything he said he would!! If you need help and are looking for a bankruptcy attorney, then look no further!! Call Alex today! You will not regret it!Kenna
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Our case was complicated and our situation was dire. I was a nervous wreck. Mr. Hilton assured me that once I stepped foot in his office that our problems because his problems and to no longer worry about it. Of course we are only human so that wasn’t possible however, true to his word he took our case, which wasn’t just a straight forward easy chapter 7, and got it sorted out and got our discharge. I would HIGHLY recommend him.Steven
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My mother and I have used Mr. Hilton's services on two separate occasions, and we cannot say enough good things about him -- as an attorney, and as a person. He is approachable, polite, transparent about his business practices, sympathetic to each client's particular financial situation and, of course, very knowledgeable about the laws pertaining Chapter 7 bankruptcies. Whenever either of us had a question about the process, he answered our queries thoroughly, making sure we understood everything we needed to before moving forward. Subsequently, what could have been nightmarish ordeals for us both instead were handled with relative ease and care. If you are looking for someone to help you get back on track financially without judgment or the fear of being overwhelmed by what can be an arduous and costly process, then Alex Hilton is your man.Khan
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My wife was so nervous to file bankruptcy and Mr. Hilton talked with her and gave her the history of bankruptcy and the reasoning that is was the right thing to do in our case which set her mind at ease. Mr. Hilton is always there if we have questions and always quick with return emails and phone calls. Even months after everything is finished he is still there for us. Cannot recommend this man highly enough to do him the proper justice.L & M Johnson
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It's been almost a year since Mr. Hilton saved us from a desperate situation. He helped us overcome an incredible burden and helped relieve a tremendous amount of financial stress we were dealing with on a daily basis. Personally, I was terrified and overwhelmed and he helped make an impossible situation manageable and he did so with patience and extreme kindness. He answered all of our questions and was always prompt with returning phone calls. The entire process was seamless for us and we couldn't have asked for a better attorney to represent us during the bankruptcy process.M&S B.
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After having a flake for our 1st attorney, Alex Hilton turned our case around and got us amazing results. He worked hard on our mess of a Chapter 13 case. I will recommend him to anyone I know that is in need of a Bankruptcy Attorney. He is kind , compassionate and doesn't mess aroundFormer Client
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Stop Garnishment
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Stop Foreclosure!
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FAQ About Bankruptcy
