Dealing with Bankruptcy

When is it time to enlist an Oklahoma bankruptcy attorney?

In America, over 40% of families spend more money than they are earning. Debt may seem jobitel.com daunting, but it’s a realistic thing that most families face in today’s economy. According to statistics, almost 1 in every 100 households will claim bankruptcy every year. That is a steep statistic that will continue to grow in the struggling economy. With debt increasing and more families considering bankruptcy as a serious option, https://xjobs.org the role of the bankruptcy attorney becomes more vital. Having a skilled lawyer on your side not only gives you confidence in your next steps, but also gives you more time to focus on your jobitel.com family. Spending all your nights organizing bills or recalculating expenditures isn’t fair to you or your family.

If you are wondering how you can seek relief from your debt, filing for bankruptcy might a viable option. At The Law Office of Bryon J. Will, P.L.L.C., we have over 15 years of experience and a team of skilled attorneys who may be able to fight for your case. We understand that taking steps towards bankruptcy can be emotional and sensitive. At our firm, we can arrange for meetings to take place in your home, making the process more comfortable and personal than in an office. If you need more information or want to speak with an attorney today, contact us by filing out a free online case evaluation or calling us over the phone.

Taking Steps Toward Bankruptcy

While taking the step to file for bankruptcy can seem difficult, stressful or overwhelming, enlisting the help of a bankruptcy lawyer may be your best option. Our firm will meet with you before your decision is made so that we can walk you through the options and alternatives to bankruptcy. We will look at your necessary payments, unpaid bills and other finances to assess your case. There may be potential for you to avoid filing for bankruptcy, and by examining your financial records, we may be able to find an alternative such as a negotiated settlement or repayment plan. We do offer in-home consultations, knowing that it can be stressful to reach out for help. You don’t have to figure out the financial mess by yourself, talk to one of our Oklahoma County and Noble County attorneys today to start getting relief.

Chapter 7 vs. Chapter 13 Bankruptcy

Options are available for the type of bankruptcy you file, and depending on your financial situation, one may be more beneficial. Chapter 7 bankruptcy will commonly deal with the liquidation of your assets. In most incidents, when a debtor pursues relief through a Chapter 7 bankruptcy, the court wilxjobs.org/ l move to liquidate their assets and use the proceeds to pay off as much as they can to the current creditors. When your pockets are empty every month after paying all the basic expenses, or worse, and you have little property outside of the basics, Chapter 7 may be the most practical choice. Any unsecured debts will be eliminated and you will get to enjoy the benefits of an automatic stay.

Chapter 13 bankruptcy is intended to adjust debts so that they are more payable for individuals with monthly or regular income. If you have equity in your estate or other property and a regular income that covers living expenses, but you are struggling to manage the scheduled payments towards your debt, Chapter 13 bankruptcy could be an option. Through this form of bankruptcy, you will be able to keep most of your property by spreading out the payment times for already due charges and accounts.

You may be given up to five years to recover on delinquent accounts, depending on the court-ordered schedule. Your co-signers may be protected as well, and you won’t have direct contact from creditors during your protection period. If you have unsecured debt below $360,475 and a secure debt lower than $1,000,000, you may be eligible to file Chapter 13 bankruptcy. To make sure you have the best payment schedule, protection period and appropriate debts to pay, seek the help of a bankruptcy attorney.

Debtor’s Rights

If you are considering filing for bankruptcy, no matter how serious the debt, you are entitled to certain rights. A creditor has the right to make collection efforts such as foreclosure or repossession of your property if the debt is secure. Once you have filed bankruptcy and the case is in an Oklahoma county court, creditors can give input for repayment plans or other payment discharges. They can even challenge an automatic stay, which halts their ability to collect the debts, if they are able to prove fraud or wrongdoing. Thanks to Oklahoma law, you are protected from all or at least a portion of your property being seized by creditors depending on the type of bankruptcy you file. Oklahoma provides specific property protections on assets such as real estate, automobiles and livestock. Whether your debt is due to excessive credit, unplanned medical emergencies, sudden unemployment or divorce, our Oklahoma City and Perry bankruptcy lawyers strive to help our clients get back to living without fear. If you are considering filing for bankruptcy or have questions on the process, contact ustoday for more information.

Creditor’s Rights

Every debt has two sides-the creditor and the debtor. While debtors often suffer more emotional and familial damage through bankruptcy, creditors will also have rights to claim in court. We can help them to the fullest extent that the law allows. We also represent creditors such as small businesses and banks throughout the state of Oklahoma.

 

 Land Run Lawyers is a debt relief agency. This firm helps people file for bankruptcy relief under the Bankruptcy Code. The bankruptcy services or benefits of bankruptcy provided by the firm are with respect to bankruptcy relief under Title 11 of The United States Code. [Title 11, U.S.C.A. Section 528(a)(3) and (4)].