What Are Your Options as a Consumer or Small Business in a Bankruptcy?

Consult a Bankruptcy Attorney When Assistance Needed

Video Transcribed:  Oklahoma Bankruptcy Attorney Edward Kelley here, answering your Oklahoma bankruptcy questions with oklahomacitybankruptcyattorney.pro.  We are starting a new series on types of bankruptcy.

So I’ve been through this many times before, and I’ll go through it many times again, but this is the nitty gritty. What are your options as a consumer or small business? I don’t do the big giant corporation, so you could probably find videos for those elsewhere, but small business, individual, couple, debtor.

You had the option of a chapter 7 liquidation, which is basically be done with it and move on. Great if you can do it, you have to meet certain income guidelines and you don’t want to lose assets. So things to be aware of, whether that’s a good fit for you. Oklahoma Chapter 13s, where you pay what you can, not what you owe for five years and you have ways to save your home or car if you’re behind on those.

So if you make too much money to do a seven or even if you don’t, but you need to save a home or your vehicle or some other property that you’re behind on, that may be the fit for you. And then chapter 11, particularly given the small business reorganization act of last year, that has made it a quantum leap easier for the small business than before. This may be for you.

It’s generally going to be for a business LLC corporation that wants to get back on its feet. If you’re going to dissolve, it’s not really there to help you. If you can see a way to daylight, but need some help doing it, this new form of chapter 11 may be for you