Bankruptcy in Oklahoma is a broad concept that can mean so many things, depending on who you ask. You might be thinking about filing for a chapter 7 or a chapter 13 bankruptcy, or you may be starting to think about your options if you have debt that is coming due.

The truth is, you need to decide what type of bankruptcy in Oklahoma best suits your needs, and consider it before you find yourself in serious financial trouble.

Bankruptcy Types

There are a couple of broad classes of bankruptcy in Oklahoma that many people consider when filing for bankruptcy. A chapter 7 bankruptcy is the type that many people think about. This is where you file a petition for relief with your local court, usually allowing you to discharge all debts that you owe.

This can include your mortgage, credit cards, and car loans. This type of bankruptcy is typically considered the easiest and quickest way to file, and it also sets you up with a budget that allows you to get back on track and stay on track.

A chapter 13 bankruptcy is the opposite. You hire a trustee to represent you in court, who works out a repayment plan for your debts and provides you with a monthly payment schedule.

Chapter 13 bankruptcy in Oklahoma is supposed to be the best of the two, as you work with your trustee to make a plan that is fair and in the best interests of all parties involved.

Personal Information

While it's difficult to be sure exactly what type of bankruptcy is right for you, you do need to gather a few pieces of personal information to make the best choice possible. The first question you should ask yourself is how many times you have filed for bankruptcy in the past, including a prior bankruptcy, and when you first filed.

The second question you should ask yourself is how much your debt is currently, and how much is it owed. You should also check the age of your spouse if you have a spouse, and figure out if it is a joint bankruptcy situation.

After you've answered the questions, try not to make rash decisions based solely on what you think is best. Consider talking to an attorney who can give you solid advice, and help you come up with a bankruptcy plan that you are comfortable with.

Budgeting

One of the first things you need to do after filing for bankruptcy is budgeting. You are likely to have lost a lot of income. which can put a major strain on your budget.

You need to find ways to stay on top of your finances, as the last thing you want to do is go further into debt. It can be difficult to find a routine, so you may need to start slow by simply writing down everything that you spend each month and assigning a certain amount to each category.

If you need to work, keep your expenses to a minimum. If you can work, it is best to make sure that you bring home as much money as you are able, because if you end up falling behind. it can be difficult to recover from the situation.