What is bankruptcy?

Bankruptcy is a legal process that people and businesses can use to deal with overwhelming debt. In Oklahoma, bankruptcy law is governed by federal law. In bankruptcy, an individual or business can eliminate some or all of their debts. This process is designed to give people and businesses a fresh start and a way to pay down their debts, or in some cases to have their debts completely eliminated. In most cases, individuals and businesses filing for bankruptcy have to follow a certain process. This process begins with preparing and filing a bankruptcy petition with the court. This petition will provide information about the individual or business and their assets and debts. The court will evaluate this information to determine what type of bankruptcy the individual or business is eligible for. In Oklahoma, individuals and businesses can file for one of three different types of bankruptcy. The most common form of bankruptcy is Chapter 7, which involves liquidating assets to pay down some or all of the debts. Chapter 11 allows businesses to reorganize their debts and reorganize their operations. The third type of bankruptcy is Chapter 13, in which the individual can pay off their debts over a period of time. No matter which type of bankruptcy is chosen, it can have significant financial repercussions. A person’s or business’s credit score may be impacted, and they may be unable to obtain credit for a number of years. It is important to understand all of the potential consequences before filing for bankruptcy.

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What is bankruptcy?

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