subject: What Should I Expect from Oklahoma Bankruptcy? [print this page] One should understand that no body ever plans for a bankruptcy. It is one of those unfortunate situations where an individual or company has no alternative but to file for a bankruptcy to get out of the financial difficulties and make a new beginning. With more number of people filing for bankruptcy owing to lay offs, lower interest returns, dwindling wages, increasing medical expenses, fall in property rates and a growing incidence of divorce rates, it has become very challenging for a common man to maintain his finances in perfect order. The past couple of years have seen a market meltdown like never seen before. This means that your investments have diminished in value leading to defaulting on payments which in turn leads to bankruptcy.
When you file for an Oklahoma bankruptcy, the bankruptcy trustee is your main contact in the court. He is the person who sees all bankruptcy cases and is the person who administers the assets. He will go through your documents and makes sure that your petition is accurate. In some instances he may ask you for further requirements, if necessary.
Normally, a bankruptcy petition is heard within six weeks in an Oklahoma bankruptcy court from the date of your filing the petition. During the hearing, the court assistant will verify your identification along with your social security number. Then the court will ask you about your properties, tax refunds, bank accounts, cars and other financial information. It will also ask you about your tax refunds and bank statements.
As a bankruptcy petitioner, you are required to keep all the relevant financial data with you in court, during the hearing. Once the court peruses all the information available at its disposal, it will decide whether the case is an asset case or a non asset case. If your petition falls under the non asset category you can keep your property. In the event your case is an assent case then the trustee will provide you an opportunity to buy back your assets from the bankruptcy court and files a document declaring the asset status of your bankruptcy petition.
