Legal Question in Bankruptcy in Oklahoma

Under which Chapter do I fall?

I acquired a loan from the SBA to open my business. I see no way in which my business can thrive. I am unable to pay both home and business debts. The the only out I see is to file bankruptcy, yet I know little about it. Which chapter would be appropriate for me to file, and what specifically would that entail?


Asked on 11/20/97, 3:41 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

What chapter to file

Your best result may be under Chapter 7, Chap.11, or Chap. 13 (or Chap. 12 if your business is agricultural). You need to discuss these options with your lawyer. DO NOT EVEN THINKOF FILING BANKRUPTCY (particularly one involving business debts) WITHOUT A LAWYER.

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Answered on 11/23/97, 4:00 pm


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