Oklahoma Bankruptcy HelpOklahoma Bankruptcy Terms You Need to Know

Undergoing bankruptcy in Tulsa, Oklahoma can be stressful and complicated.

This is especially true if you’re unfamiliar with the new vocabulary that comes along with it.

However, understanding some basic Oklahoma bankruptcy terms can make the process a lot easier.

Basic Oklahoma Bankruptcy Terms

There are a few different parties involved in a bankruptcy.

Parties outlined under Oklahoma bankruptcy terms include the following:

Debtor

Anytime you take on debt, whether it is a mortgage, credit card, or other loan, you will be in debt. In a bankruptcy context, however, you are considered a “debtor” by the court once you file a bankruptcy petition. The court will, then, refer to you as a “debtor” in reference to your case.

Creditor

Any entity you borrow from is called a creditor. Even if you did not obtain a credit card from them, they have still extended credit to you in the form of a mortgage, loan or credit card. A court will therefore refer to anyone you owe money to as a creditor.

Bankruptcy Judge

Federal law governs bankruptcy cases, no matter what state you are in. Thus, when you file bankruptcy, a federal judge must preside over your case.

He or she is the bankruptcy judge in your case.

Bankruptcy Trustee

When you file for bankruptcy, someone must represent the interests of all of your creditors. This person is the bankruptcy trustee, and is appointed in all Chapter 7 and Chapter 13 bankruptcies.

Bankruptcy Petition

In order to begin the bankruptcy process, you must file a bankruptcy petition in federal court. This is your formal request for relief under federal bankruptcy laws. Your attorney may prepare your petition or you may fill out a form.

341 Meeting

Once you’ve filed for bankruptcy, you will be required to disclose your financial affairs to the bankruptcy trustee. You, as a debtor, must attend this meeting. During the meeting, you will be asked several specific questions relating to your bankruptcy claim.

Dischargeable Debt

The point of bankruptcy is to eliminate debt you cannot pay. However, you will need to determine which debt you can actually get rid of. In Oklahoma bankruptcy terms, this is called dischargeable debt.

Discharge

Once the court has decided your debt is dischargeable, it will discharge it. This will prevent your creditors from taking any further action to obtain the money from you. It will also prohibit creditors from contacting you further.

Initial Debt Relief Analysis: Tulsa Bankruptcy Lawyer

To better understand Oklahoma bankruptcy terms, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible. We can quickly assess whether or not bankruptcy is right for you.

To receive your low-cost initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.