Oklahoma bankruptcy court
It is not like that the Oklahoma in the United States is different from other parts. So, there are many bankruptcy applications in this part of the U.S that are filed by many a person, companies etc.
The Oklahoma bankruptcy court law provides enough provisions under which the application for the bankruptcy can be filed and the bankruptcy protection application can be filed only in the bankruptcy courts situated in Oklahoma. There are also exemptions that are indeed available to the residents of Oklahoma. These exemptions are permitted by the Oklahoma bankruptcy court after the proper examination. So, the process of bankruptcy protection filing starts with the filing of the application for the same in the Oklahoma bankruptcy court and it ends when the bankrupt debtor has emerged fully out of the bankruptcy. Let us discuss about the bankruptcy court in Oklahoma.
The oklahoma bankruptcy court
As said above, the process of bankruptcy of any person or company etc is initiated when the application for
the same is filed in the Oklahoma bankruptcy court and it gets ended when the bankruptcy court discharges the person, company etc from the bankruptcy. So, it can rightly be said that the bankruptcy courts are of course the center of all the action related to the bankruptcy in Oklahoma. It is also to be understood here that the bankruptcy courts in Oklahoma are indeed a part of the U.S bankruptcy courts that are there in different parts of the United States.
As far as the mission of the Oklahoma bankruptcy court is concerned, it mission is to serve the people by disposing off all the matters that are referred to it in an efficient manner. The time is important fact and this is the reason why every care is taken to resolve the matter as soon possible, but after due examination so that no provision of the Oklahoma bankruptcy law is overlooked. The court also strives for providing the prompt and accurate information to the various parties concerned with the bankruptcy cases. It always try to respond in a way that is in the best benefit of the society and the main aim of the court is of course to provide leadership in the administration of the justice system that is there in Oklahoma. The court fully understands the impact of the bankruptcy on the lives of the various persons and it always tries to serve the people in a transparent manner.
As far as the Oklahoma bankruptcy is concerned, this court is situated at 215 Dean A. McGee Avenue, Oklahoma City OK 73102. The contact number of the court is 405-609-5700 and the facsimile is 405-609-5752. The working hours of the court are from 0830 hrs to 1630 hrs. It is open from Monday to Friday excluding Federal Holidays.
Apart from this Oklahoma bankruptcy court City, there are other bankruptcy courts in Oklahoma. These are:
The Oklahoma Eastern District Court: This bankruptcy court is situated at Okmulgee and a person can easily send the correspondence to this court at P.O Box 1347, Okmulgee OK 74447. The clerks of this court can be easily contacted at 918-758-0127. The official web site is www.Okeb.uscourts.gov.
The Oklahoma Northern District Court: This court is situated at Tulsa and can be easily contacted at 224 South Boulder, ST STE 105 Tulsa OK 74103. The clerks of this court can be easily contacted at 918-699-4000. The various counties over which this court has its jurisdiction include Craig, Creek, Ottawa, and Tulsa etc.
Given above are the addresses of the various bankruptcy courts that are there in Oklahoma and where any person, company etc file application for the bankruptcy protection.
In the starting we had discussed about some functions of the Oklahoma bankruptcy courts. Let us discuss these in detail in our next part of discussion.
Functions of oklahoma bankruptcy courts
As said earlier also, the application for the bankruptcy protection can be filed in the bankruptcy court only in Oklahoma. There are different provisions under which the above mentioned application can be filed. Let us discuss the role of the Oklahoma bankruptcy court with respect to these provisions.
Chapter 7: A person, company files the application for the bankruptcy protection under this chapter if it wishes to liquidate its various assets in order to repay its various creditors. As far as the role of the bankruptcy court is concerned, the court first of all examines the application and on complete satisfaction appoints a special person known as the bankruptcy trustee. This bankruptcy trustee sells the non-exempt assets of the bankrupt debtor as soon possible so that those proceeds can be distributed to its all the creditors. Once the creditors have been fully repaid, the bankruptcy court closes the cases and the person; company etc comes out of the bankruptcy.
Chapter 11/13: As far as these provisions of the Oklahoma bankruptcy law are concerned, a person or a company files an application for the bankruptcy protection under these chapters if it wishes to repay its various creditors by means of a repayment program spread over the years. The bankruptcy court examines the outstanding debts of the debtor, the reorganization or the repayment plan submitted to it and then approves or disapproves the application. The bankruptcy court appoints a bankruptcy trustee in this case also and his role is to see whether the progress regarding the repayment of the creditors is going on as per the plan submitted or not. All the decisions taken by the company during the reorganization period have to be approved by the Oklahoma bankruptcy court. The court issues the certificate of emergence from bankruptcy only when it is satisfied that the creditors have been fully repaid.
Apart from the above roles, the Oklahoma bankruptcy court also examines the various exemptions as claimed by the debtor with regards to Oklahoma bankruptcy law. So, it can be said that all the provisions of the Oklahoma bankruptcy law are enforced by means of bankruptcy courts here and it plays a pivotal role in the whole episode.
So, the role is immense
After going through the above article, it can be rightly said that the Oklahoma bankruptcy plays a very important role as far as the bankruptcy cases in Oklahoma are concerned and all the decisions are taken by it keeping in view the provisions of the Oklahoma bankruptcy law.
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