Oklahoma City Credit Card Debt Lawyer 
If you’re thinking about filing for bankruptcy, it’s important to explore your debt relief options with the assistance of a trusted Oklahoma City credit card debt lawyer. Filing for bankruptcy isn’t the best option for everyone who is struggling with debt. However, it may be the best option available to you at this time. Once you meet with the experienced legal team at Marty Martin Law, we’ll assess your income, expenses, debt, and property to determine which debt relief options may help to provide you with a fresh financial start. If you are struggling to pay down your credit card bills, medical bills, and other unsecured debt, filing for bankruptcy may be a particularly transformative option for your financial situation. However, you may benefit significantly from filing for bankruptcy even if you have a mix of secured and unsecured debt. Once our firm’s debt relief lawyer Oklahoma City, OK residents trust evaluates your case, our team will be able to provide you with personalized guidance concerning your options.
The Potential Benefits of Filing for Bankruptcy
The first benefit of filing for bankruptcy manifests as soon as your bankruptcy paperwork is filed. There is a legal tool called “the automatic stay” that goes into effect as soon as the court receives your bankruptcy paperwork. The automatic stay places a temporary hold on virtually all collection action, wage garnishments, foreclosure actions, and other debt-related legal action while the bankruptcy case remains active. This legal tool makes it unlawful for most creditors to contact you while your bankruptcy case is working its way through the system.
A second major benefit of the bankruptcy process is the discharge of eligible debt. When a debt is discharged, creditors can no longer (ever again) demand payment of that debt. In a successful Chapter 7 bankruptcy action, eligible unsecured debts are discharged in as little as 90 days. By contrast, in a successful Chapter 13 bankruptcy action, eligible unsecured debt balances are discharged after the completion of a successful 3-5 year debt repayment plan period. Chapter 13 filers restructure their debt so that their monthly payments become manageable. After 3-5 years of making required payments, any remaining eligible debt balance is discharged. Members of low-income households eligible for debt relief under Chapter 7 bankruptcy have their eligible debt balances discharged without having to first honor debt repayment obligations.
Finally, filing for bankruptcy may allow you to restructure your finances generally. Although not all types of debt are eligible for discharge under the Bankruptcy Code, wiping away these debts will free up income so that you can focus on other debts and expenses, thereby making your financial situation more manageable overall.
Legal Assistance Is Available
If you have yet to schedule a consultation with our firm, please do so now. Consultations are confidential and risk-free, so you have nothing to lose by learning more about the options available to you at this time. Our firm’s Oklahoma City credit card debt lawyer looks forward to speaking with you.