Oklahoma Bankruptcy Lawyer - Bankruptcy Attorney

What are the consequences of filing for bankruptcy?

There are many consequences to filing a bankruptcy petition. Some are positive and some are negative. How a bankruptcy filing would affect you depends on many factors, including what assets and liabilities you have.

Those considering bankruptcy should also be aware of the following:

1. Filing for bankruptcy protection is not free.

2. A discharge makes many debts legally unenforceable, but not all debts are dischargeable. Some examples of nondischargeable debts in a chapter 7 case are: child and spouse support obligations, most tax debts, and most educational loans. The discharge prohibits any attempt to collect a debt that has been discharged. Secured creditors retain some rights which may permit them to seize the debtor's property, even after the debtor receives a discharge. Please refer to section 523 of the Bankruptcy Code for further information.

3. Failure to timely file the matrix of creditors, the schedules, or the statements may result in dismissal of the bankruptcy case. Your failure to file these documents may result in the court's barring you from filing another bankruptcy petition for 180 days. It is important that all the information you submit is complete and accurate.

4. If the Bankruptcy Court enters a discharge under Chapter 7 or 11 in a case, the debtor cannot receive another discharge under Chapter 7 in a case commenced within six years of the commencement of the first case.

5. Fraudulent information or acts by the debtor are grounds for denial of a discharge and may be punishable as a criminal offense.

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