Q: Is bankruptcy the right choice?

A: There exists no one-size-fits-all answer to this question. It is for this reason that Swift and Watkins embrace a personalized approach to each potential bankruptcy client we serve. In some instances a non-bankruptcy solution will be less expensive and better received by creditors. In other cases bankruptcy may be the only option. Contact Swift & Watkins Oklahoma bankruptcy attorneys to schedule a free consultation and see if bankruptcy is in your best interest.

Q: What options exist other than filing for bankruptcy?

A: Alternatives to filing for bankruptcy essentially include a combination of services such as working with creditors to reduce interest rates and payments, and pursuing some form of debt consolidation. Each individual case is different. It is for this reason that Swift & Watkins embraces a personalized approach to each potential bankruptcy client we serve. Contact us today for a free consultation so that we can determine if bankruptcy is the best fit for your situation.

Q: Why do I need an attorney to file for Chapter 7 Bankruptcy in Oklahoma?

A: Technically you are not required to hire an attorney in order to file for bankruptcy. However, changes regarding Chapter 7 Bankruptcy filings brought on by the October 2005 Bankruptcy Code made the process undeniably more difficult for individuals to liquidate debts. Under the guidance of an experienced attorney you will undoubtedly obtain far better results. You will also be ridding yourself of the stress involved in taking on such a process without professional help.

Q: Why do I need an attorney to file for Chapter 13 Bankruptcy in Oklahoma?

A: Chapter 13 Bankruptcy filings are an involved process. This type of filing requires great attention to detail in drafting an acceptable plan, negotiating with creditors, and dealing with the Chapter 13 Trustee’s office. Furthermore, if you have filed a Chapter 13 Bankruptcy with the intent of maintaining your home or other valuable assets, it’s a very bad idea to risk these assets by attempting self representation. You may initially feel that you’ve saved some money, but a simple mistake can cost you hundreds of thousands of dollars down the road. It’s essential that you retain professional representation to ensure a successful Chapter 13 Bankruptcy filing result.

Q: How will bankruptcy affect my credit and for how long?

A: If you are truly a candidate for bankruptcy you will be less of a risk to creditors after filing than you were before. Bankruptcy will stay on your credit record for 10 years. The further in the past your bankruptcy becomes the less it will have an effect on your credit. Just two years after filing bankruptcy individuals may be eligible for mortgage loans on the same terms as others with similar down payments and current financial standings.

Q: Can all of my debt be erased by bankruptcy?

A: Simply put no. Only unsecured debt such as credit card debt, medical debt, car repossessions, or home foreclosure judgments can be erased or discharged. There exists types of unsecured debt which cannot be discharged and in general secured debt is not dischargeable. This is why it’s so important for bankruptcy candidates to consult with a professional Oklahoma bankruptcy attorney and determine what is in their best interest.

Q: What debts are not erased (discharged) by bankruptcy?

A: In general the majority of unsecured debt is erased (discharged) in a bankruptcy filing except for:

• Federal, state and local tax claims
• Customs duties
• Spousal support
• Child support
• Most student loans
• Fines and penalties imposed by government agencies
• Debts incurred due to false statements made with the intent to deceive
• Fraud committed in a fiduciary capacity, such as embezzlement or larceny
• Punitive damage claims
• Drunk driving obligations

Secured debts such as mortgages are typically not discharged.

Q: If I file for bankruptcy what property or assets might I keep?

A: Oklahoma exempts (allows you to keep) the following if the individuals domicile (home) has been in Oklahoma for 180 days immediately preceding the bankruptcy petition filing date. This exemption includes:

• If the individuals principal residence, a homestead not exceeding one acre in an urban area or not to exceed 160 acres of land if not within a city, or town
• If the individuals principal residence, a mobile home
• Interest in a claim for personal bodily injury, death or workers' compensation claim for a net amount of no more than $50,000
• Household and kitchen furniture held for personal, household use
• The debtor's interest, not to exceed $3,000 in value, in a single motor vehicle
• Tools of the trade or related materials of up to $5,000
• Apparel up to $4,000
• Certain types of retirement or pension plans created with pre-tax dollars

Q: If I file for bankruptcy what property or assets might I lose?

A: In general assets in excess of your allowed exemptions, and/or any non-exempt assets will be liquidated by the Trustee’s Office.

Q: What does it cost to start the bankruptcy process?

A: Swift & Watkins specializes in affordable Chapter 7 and Chapter 13 Bankruptcy filings. It costs you nothing to begin the bankruptcy process with a free consultation. Let us help get you started on the road to restoring your financial health by scheduling a free bankruptcy consultation.