Many people feel that they have hit their debt limit and are out of options. Bankruptcy is a process through the federal court system that allows a debtor to either discharge, reorganize or pay back a portion of their debt so that the my get back on this their life. This is a fairly involved process and is regulated by the Federal government. http://garrettlawcenter.com/

1. Bankruptcy 101
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2. Many people feel that they have hit their
debt limit and are out of options.
Bankruptcy is a process through the federal
court system that allows a debtor to either
discharge, reorganize or pay back a portion
of their debt so that the my get back on this
their life. This is a fairly involved process
and is regulated by the Federal government.
Article I, Section 8, of the US Constitution
authorizes Congress to enact “uniform Laws
on the subject of Bankruptcies.” Congress
enacted the “Bankruptcy Code” in 1978.

4. The Bankruptcy Code, which is codified as
title 11 of the United States Code, has been
amended several times since its enactment.
It is the uniform federal law that controls
bankruptcy filings and proceedings

5. There are several different codes that you can file
under when seeking bankruptcy protection:
Chapter 7. Liquidation
Chapter 9. Municipality Bankruptcy
Chapter 11. Reorganization under the Bankruptcy
Code
Chapter 12. Family Farmer Bankruptcy or Family
Fisherman Bankruptcy
Chapter 13. Individual Debt Adjustment
Chapter 15. Ancillary and Other Cross-Border Cases

7. Most individuals find themselves filing
under wither Chapter 7 or Chapter 13 of the
Bankruptcy Code. Your eligibility to file
under Chapter 7 or Chapter 13 of the code
is determined by several factors. Your
income, number of dependents and
financial commitments all come into play
when calculation what chapter you file
under. Many consumers seek Chapter 7
bankruptcy because of its ability of
"discharge" of liquidate your eligible debts
under the code.

8. Under a Chapter 13 bankruptcy the
trustee (the representative of the
government), will work with the debtor
and the debtor's representative to
determine a plan to pay off whatever
percentage of the debt that the debtor's
income allows, and enter into a multi-year
plan to pay it off. Upon successful
completion of this plan, the debts a then
discharged by the court.

10. The process of Bankruptcy is involved and
has certain pitfalls that if not complied
with could leave the debtor ineligible to
file for bankruptcy protection for another
eight years. At Garrett Law Center, PLLC
your first consultation about the
possibility of you and your family filing
for bankruptcy protection is always free.
Give us a call today to set up your free no
obligation face to face appointment.

11. Visit Us:
Garrettlawcenter.com
Garrett Law Center
401 S Boston, Ste. 2201
Tulsa, OK 74103
888.655.2923 Tel
918.895.7217 Fax

12. Thank You