- Chapter 7 Bankruptcy in Oklahoma
- Chapter 13 Bankruptcy in Oklahoma
- Cost and Fees of Bankruptcy
- Do I need to file a Bankruptcy?
- Discharging Taxes in Bankruptcy
- Bankruptcy Process in Oklahoma City
- Can Bankruptcy save your Home?
- Which debts can I discharge in bankruptcy?
- Glossary of Bankruptcy Terms
- Frequently Asked Questions
Welcome to The Law Offices of Marty D. Martin.
When choosing a bankruptcy attorney it is important to consider the commitment of the lawyer. I am a licensed Oklahoma City Bankruptcy Attorney and take very seriously the legal needs of all Oklahomans. This website contains information regarding Oklahoma bankruptcy law and will assist the reader in determining if they can and/or should file bankruptcy. This site will give information on the bankruptcy process in general and to help assessment of an individual or family’s financial situation if bankruptcy or an alternative plan would be best suited to their needs.
Are your wages about to be garnished? A garnishment is a court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owed by a debtor to a plaintiff creditor.
Did you recently get served a lawsuit? Getting served just means that you have been given notice of a lawsuit, in this case by a debt collector. You are served if you are handed a copy of the summons and complaint or if a summons and complaint are given to someone “of suitable age and discretion” at your home.
If you can’t buy a house or a car or even rent an apartment because of poor credit, you are not alone.
If you are in foreclosure, it can be a scary process. Foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
Repossession is a process where an auto lender can take back possession of your vehicle, sometimes without warning you in advance or having permission from the court. Repossession typically occurs after you fall behind on your auto loan payments.
Although you shouldn’t file bankruptcy and divorce at the same time, you can still choose which process to take care of first. If you and your spouse choose to file for chapter 7 bankruptcy, your joint income might put you over the income threshold for filing.
You don’t have to be employed to file for bankruptcy. For instance, you might not qualify for Chapter 7 bankruptcy if you’ve recently lost a high-earning position. By contrast, unemployed people won’t be eligible for Chapter 13 if the lack of employment income will prevent them from paying into a repayment plan.
New Chapter 7 Bankruptcy Law in Oklahoma
The New Bankruptcy Law went into effect on October 17, 2005. Many people think that this law has the effect of precluding them from filing bankruptcy. The fact is that the law only precludes certain individuals or families from making a relatively high annual income from filing for Chapter 7. Chapter 7 Bankruptcy is still available for the average individual or family.
Moreover, Chapter 13 Bankruptcy is still available to those who do not otherwise qualify for Chapter 7. It is critical to consult with an experienced Bankruptcy Attorney in Oklahoma who has practiced bankruptcy law for many years and understands all the nuances and can properly interpret the changes in the laws as they occur.
In fact, bankruptcy laws have a tendency to change often and it is important to seek an attorney who keeps up with ever-changing case law. It has been my experience that many of my clients who came into the process believing that they would not qualify for Chapter 7 Bankruptcy ended up being able to file Chapter 7 when all of their expenses and situations were properly analyzed.
Another common misconception or fear that I have seen is the fear of loss of a house, automobile, tools of the trade and household belongings or keepsakes when filing bankruptcy. The fact is Oklahoma Law is very liberal in its exemptions of such property in bankruptcy. In other words, under Oklahoma law, in most cases, you will not lose these things. It is vital to consult an experienced Bankruptcy Attorney in Oklahoma who can analyze and apply Oklahoma Law to your situation.
There is also a common fear or perhaps reservation many people have regarding bankruptcy, especially among Oklahomans. That reservation is engrained in Oklahoman’s character. The Desire to Pay Back What they owe! What I would say to that is this. Even the most determined, the well-intended & the most honest of us simply cannot withstand credit card interest rates that top 23% and the ridiculous fees and penalties that they charge.
The government has made bankruptcy relief to its citizens not merely out of charity. It is vitally important to the economy of the United States that its hard-working citizens get back on their feet and become good public servants, doctors, truck drivers, nurses, etc. again. Keep this in mind when determining your need for relief . . . your family, Country, and Community is counting on you to pick yourself up by your bootstraps and get back on your feet.
Bankruptcy just might be the best solution for you right now. This site has pages explaining the two most common types of bankruptcy available to individuals, Chapter 7 and Chapter 13. I encourage you to read these pages to get a background in the process.
I am a licensed Bankruptcy Attorney in Oklahoma City and will focus on your case first and foremost from the beginning to the end. Our practice specializes in consumer bankruptcy and consumer debt defense. From the first phone call to the end we will focus on you and your case as if you are our only client.
Our firm handles cases throughout Oklahoma in all three of the Federal Bankruptcy Courts. From Guymon to Idabel, Miami to Altus, we can assist you in this difficult decision. Please call my office today for a free bankruptcy consultation, either in my office or by telephone – (405) 255-2380