Families and many major corporations in Oklahoma City and through out the USA found that they could not pay their debts as hoped. For some people it was layoffs and cutbacks, for others it was illness or unexpected expenses, or less-than-perfect planning, or the slow economy. But whatever the reason, they all took advantage of Chapters 7, 11, or 13 of the Bankruptcy Code to make a fresh start, while keeping all or most of their property.

The discharge only applies to debts that arose before the date you filed. Also, if the judge finds that you received money or property by fraud, that debt may not be discharged.

Oklahoma City Bankruptcy wants you to know it is important to list all your property and debts in your bankruptcy schedules. If you do not list a debt, for example, it is possible the debt will not be discharged. The judge can also deny your discharge if you do something dishonest in connection with your bankruptcy case, such as destroy or hide property, falsify records, or lie, or if you disobey a court order.

You can only receive a chapter 7 discharge once every eight years. Other rules may apply if you previously received a discharge in a chapter 13 case. No one can make you pay a debt that has been discharged, but you can voluntarily pay any debt you wish to pay. You do not have to sign a reaffirmation agreement (see below) or any other kind of document to do this.

Some creditors hold a secured claim (for example, the bank that holds the mortgage on your house or the loan company that has a lien on your car). You do not have to pay a secured claim if the debt is discharged, but the creditor can still take the property.

Bankruptcy law is complicated and not easily described. Thus, you may wish to seek the advice of an experienced bankruptcy attorney in Oklahoma City or your city to learn of your rights and responsibilities should you decide to file a petition.

Oklahoma City Bankruptcy