What types of bankruptcy are available in Oklahoma?

Bankruptcy in Oklahoma is a legal way for debtors to reduce, reorganize or eliminate certain kinds of debt. The best type of bankruptcy for an individual or a business is determined by the amount of debt, types of debt, income, assets and other financial considerations of the debtor.

Oklahoma Bankruptcy Options

The main types of bankruptcy filed by individuals and businesses under Oklahoma law include:

• Chapter 11 is available to Oklahoma businesses and individuals who have substantial assets or income. This type of bankruptcy is used to restructure debt and make it so the debtor can afford to keep many assets while paying off debts.
• Chapter 13 is similar to Chapter 11, except it is for individuals with regular income whose debts do not exceed one million dollars. It also allows individuals to reorganize debts under a repayment plan.
• Chapter 7 eliminates some or all debt for a debtor who has limited income and is not concerned about protecting assets such as a homestead. If the debtor has extensive assets or sizable income, Chapter 13 may be an option.

Getting Legal Help

Before you commence a bankruptcy filing, it is a good idea to first speak with an Oklahoma bankruptcy attorney about your options. An attorney will describe the options that suit your situation and help you figure out how to chart your course.