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Oklahoma Bankruptcy Laws

HomeBankruptcy OklahomaOklahoma Bankruptcy Laws

Oklahoma Bankruptcy Laws provides unique provisions while filing for bankruptcy.

Chapter 13 allows a petitioner to file a plan.

This plan should detail information concerning payments of certain past dues, current debts and other debts over 3-5 years.

Chapter 13 bankruptcy can be considered in cases where a home is owned,

but there is a risk of losing it due to money problems.

It can be also resorted when debts are required to be cleared off within a certain time frame.

 

Bankruptcy under Oklahoma Bankruptcy Laws

  • Chapter 7; – “Straight Bankruptcy”.

The debtor is required to give up certain property exceeding certain limits, so that property can be sold to make good certain creditor’s payme

  • Chapter 11; – “reorganization”.

It is resorted in case of huge debts- in case of individual debtors and certain businesses

  • Chapter 12; – “family farmers”.

It is prima facie designed for enabling the homemaker to protect his debts effectively

  • Chapter 13; – “debt adjustment”.

It requires debtor to file a debt payment plan, detailing payments from current income

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