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Federal & State Bankruptcy Laws
Bankruptcy law provides for the development of a plan that allows a debtor, who
is unable to pay his creditors, to resolve his debts through the division of his
assets among his creditors. The following is list of laws related to Bankruptcy:
Repossession is the power of the creditor to take back goods
There are two types of loans: secured and unsecured. A secured loan is one that requires you to pledge something as collateral. For example, if you purchase a car, the creditor will usually require you to put up the car as collateral. On the other hand, an unsecured loan, does not require collateral. Using a credit card is usually an unsecured loan.
Definition:
The order of payment to the different classes of creditors mandated by the Bankruptcy Code. In theory, claims with higher priority are paid in full before other claims receive anything
Voluntary bankruptcy
Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.
Cash collateral
Definition:
Cash and cash equivalents held by the debtor in Chapter 11 subject to liens of other parties.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Ada
Altus
Ardmore
Bartlesville
Bethany
Broken Arrow
Chickasha
Choctaw
Claremore
Collinsville
Duncan
Durant
Edmond
El Reno
Enid
Guthrie
Lawton
Mcalester
Miami
Muskogee
Mustang
Norman
Oklahoma City
Okmulgee
Owasso
Ponca City
Sand Springs
Sapulpa
Shawnee
Stillwater
Tahlequah
Tulsa
Yukon
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