Few things in life evoke greater psychological or financial stress than going through a divorce. Problems, however, become far more compounded when bankruptcy and divorce intersect. When the two do collide, it is important that you seek consultation with an experienced Tulsa bankruptcy attorney as soon as possible.
Divorce, especially a hotly contested one, can drain an involved party’s finances quickly. This explains why divorce is often considered a catalyst for many consumer bankruptcies. If this situation rings true with you, and you are seeking financial relief, contact the versatile accomplished attorneys at Fry & Elder.
For over 50 years, Fry & Elder has been a hallmark of Oklahoma family law excellence, and firm attorney Kasey Curry focuses much of her practice on the dynamics of bankruptcy and family law.
Admitted to the Northern District of Oklahoma Bankruptcy Court, Kasey Curry is well versed in Chapter 7 liquidation and Chapter 13 debt reorganization strategies. Kasey has helped numerous clients find their financial footing after a divorce and provides a highly-detailed, customized legal game plan to each of her clients.
The highly-regarded Tulsa bankruptcy attorney answers some of the more common bankruptcy-related questions below.
What are the Benefits of Filing for Bankruptcy?
No one’s end goal is to file for bankruptcy, but there are circumstances when filing for bankruptcy might be the best course of action. Chapter 7 Bankruptcy can enable you to get the fresh start you may so desperately need during or after a divorce. The procedure provides forgiveness on a number of debts you may have incurred over the years or during your marriage.
If Chapter 7 is not for you, Chapter 13 might be your best option. Although Chapter 13 does not wipe out debt, it allows you to restructure your debt into one monthly payment. The more affordable monthly payments typically last between 3 to 5 years and often enable you to climb out of debt within that time frame.
Another benefit of filing for either Chapter 7 or Chapter 13 is that unsolicited, continual phone calls and letters from creditors to you and your family will stop. Additionally, if your paycheck is being garnished by the federal government, the garnishment will also stop.
Consulting with a knowledgeable attorney might also enable you to get favorable answers to overwhelming financial questions you might have such as: Will I be able to keep my car or will I be able to keep my house?
Are all Debts Forgiven When Filing Chapter 7 Bankruptcy?
Chapter 7 does grant forgiveness on a number of types of debts, some debt cannot be forgiven. Some of these include:
- Federally backed student loans
- Child support
- Secured loans
- Debts acquired after filing for bankruptcy
Why Consult with a Proven Tulsa Bankruptcy Attorney?
The burden of financial stress is difficult on anyone, making it all the more important that you know the options which are available to you in regard to Oklahoma bankruptcy law and whether filing Chapter 7 or Chapter 13 is an option you should pursue.
The esteemed attorneys at Fry & Elder will meticulously go over all your options with you while assessing all the possible advantages and disadvantages with you.
The firm has been named to the U.S. News and World Report’s Best Law Firms List for eight consecutive years and attorney Robert G “Hap” Fry Jr. is widely considered to be a leading family law practitioner in the Tulsa area.
Don’t let debt and financial stress keep you down. Contact Fry & Elder today to set up a personal consultation with an experienced Tulsa bankruptcy attorney.