El Reno Bankruptcy Law Firm

Bankruptcy Law Firm El Reno OK

Bankruptcy Law Firm El Reno OK- man looking at credit card

Bankruptcy is something that people should take very seriously.  This is defined, as one lacking the necessary finances, to pay off a debt.  This mainly relates to businesses, in which due to bankruptcy, in relation to failing to be able to pay off a debt, one has to close their business.  One of the ways that the severity of bankruptcy is assessed, is when one has to file for bankruptcy, within a business or company. What happens during the process, is that the debt that needs to be paid is given to a debtor, and time is given for the debt to be paid off. In the meantime though, one’s credit may be heavily affected. Now; while all of this is a major issue, it can be averted, through looking at a bankruptcy law firm El Reno,OK residents turn to.

Bankruptcy Law Firm El Reno OK

What this kind of protection aids in doing, is ensuring that if one is having difficulty paying off a debt, any financial consequences that would usually come with bankruptcy aspects.  Moreover, to ensure that the process which comes about, is carried out in a strong manner, it is important to contact a law firm, to ensure accuracy of the situation at hand.  For example; one of the ways to ensure that one finds a strong bankruptcy law firm in El Reno, OK, would be to contact Marty Martin Bankruptcy Law.  This is a business, which ensures that people can fight for their financial protection, through getting a proper attorney. Moreover, the business is not just one to focus on bankruptcy issues, but also possible issues that may have led to such financial difficulties as well. Some, include the following: 

  • Filing for Divorce
  • Poor Credit   
  • Job Loss 
  • Medical Bills

Are You Being Threatened with Wage Garnishment?

Attorneys from an El Reno, OK bankruptcy law firm know that in the midst of financial difficulties, it can be hard enough just to meet your daily costs and expenses. Paying for your rent or mortgage, providing food for your family, and paying utility bills may take up the majority of your income, causing you to fall behind in your other debts.

Unfortunately, banks and credit card companies may resort to wage garnishment and liens on your accounts as a way of getting their money. Bankruptcy can offer protection from creditors in these situations, protecting your income while helping you get back on your feet.

When Wage Garnishment Is Used

When you owe outstanding amounts on a credit card, loan, or other debt, and the creditor has exhausted all other avenues for obtaining payment, that creditor has the option of taking you to court and suing you for the amount you owe them. If the court finds in the creditor’s favor, the creditor can request the judge order payments to be deducted from your paycheck until the past due amount is paid in full.

Under the law, this judgment may be issued to your employers if you have been in default of the debt for more than forty days. The judgment will list the total amount you owe, the amount that is requested to be withheld, and the length of time the wage assignment will be in place. Up to 15 percent of your wages may be deducted during each pay period.

If you are notified that a creditor is suing you, it is critical to contact an El Reno, OK bankruptcy law firm right away for legal help.

Can You Stop Wage Garnishment?

Generally, short of quitting your job there are only three ways to stop a wage assignment:

  • Pay the full amount of the debt
  • Offer a repayment plan
  • File for Chapter 7 or 13 bankruptcy

As wage assignments are generally issued in cases in which the person does not have the money to pay, the first two options are likely not feasible. Filing for bankruptcy can put an immediate stop to these and other collection actions while allowing you to either reorganize or eliminate the debt completely.

Levies and Liens Against Accounts and Property

A lawyer from an El Reno, OK bankruptcy law firm knows that other options for obtaining payments on past due amounts include obtaining a lien or levy against your property or accounts. These are often used in cases of outstanding taxes or hospital bills and also require a court order. Any amount owed will likely include court costs, interest, and penalties.

Court-ordered levies and liens to obtain money owed can result in the following:

  • A lien against your home or other property appears on your credit report and also means that you cannot sell the property until the debt is paid.
  • A levy against your financial accounts gives the debt collection agency the right to seize any available assets or funds you possess.

As with wage assignment, bankruptcy is often the only way to remove a lien or prevent a levy.


If you are looking for a way to ensure that a bankruptcy protection law firm, in El Reno, OK, can assist with your current financial difficulties, please visit the following hyperlink above. Marty Martin Bankruptcy Law will help assist you in finding the right attorney.   

What To Know Before Filing For Bankruptcy

If you’re drowning in debt, you may consider contacting an El Reno OK bankruptcy law firm. Declaring bankruptcy can eliminate most of your unsecured debts and give you a financial fresh start. However, before you decide to file for bankruptcy, the legal professionals at Marty Martin Bankruptcy Law want you to know the following information.


  • You might not get rid of all your debt. Some people file bankruptcy thinking that they can eliminate all of their debts. However, not all debts can be discharged in bankruptcy, such as student loans, child support, alimony and taxes. It’s important to understand this before you decide to file for bankruptcy.
  • You have to be truthful about your assets and debts. When you file for bankruptcy, you’re required to provide a list of all your assets and debts. You must be honest when providing this information. Otherwise, you may face severe penalties, like criminal prosecution. Your bankruptcy case may also get dismissed.
  • You can’t go on a spending spree before declaring bankruptcy. While it may be tempting to go on a shopping spree before declaring bankruptcy, you should avoid doing so. If you make purchases on your credit cards up to 90 days before declaring bankruptcy, these charges won’t get discharged. 
  • You shouldn’t drain your retirement savings. A common mistake people make is draining their retirement account before declaring bankruptcy. Retirement accounts are protected in bankruptcy, so an El Reno bankruptcy law firm would advise against spending your retirement money to pay your debts.
  • You have to choose between two types of bankruptcies. If you want to file for bankruptcy, you must choose between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy sells your nonexempt property to pay your debts while Chapter 13 bankruptcy allows you to pay your debts through a repayment plan. The type of bankruptcy you select will depend on your individual situation. For example, if you have a higher income and don’t qualify for Chapter 7 bankruptcy, you may have to file for Chapter 13 bankruptcy.
  • Bankruptcy can take a while. Although you might like to finalize your bankruptcy as quickly as possible, it’s not realistic. Chapter 7 bankruptcy may take between four and six months to finalize while Chapter 13 can take between three and four years to complete.
  • Bankruptcy will lower your credit score. Before you declare bankruptcy, understand that your credit score will take a hit initially. It may be more difficult to get approved for credit cards and loans in the beginning. However, it is possible to improve your credit rating over time. If you can’t get approved for a traditional credit card initially, you may get a secured credit card, which requires you to make cash deposits. If you make timely payments on this credit card, you may be able to increase your credit score in time.

If you want to file for bankruptcy, schedule a meeting with an El Reno bankruptcy law firm. The lawyers at Marty Martin Bankruptcy Law are happy to assist you.



El Reno Bankruptcy Law Firm FAQs

If you are struggling with debt but you are hesitant to file for bankruptcy because you have questions about the process that have not yet been answered, it may be time to speak with our El Reno, OK bankruptcy law firm about your circumstances. At Marty Martin Bankruptcy Law, we will never push you to make a particular decision. We will simply help to ensure that your decisions about bankruptcy are truly informed.

Personal bankruptcy is a legal process that allows individuals who are struggling with debt to discharge and/or reorganize their debts. These are a few basic answers to some of the questions that our office fields most frequently. Once you meet with a skilled lawyer at our El Reno bankruptcy law firm, we can provide you with more personalized guidance.

What is personal bankruptcy?

Personal bankruptcy is a legal process that allows individuals to discharge or reorganize their debts. In a Chapter 7 bankruptcy, most unsecured debts are discharged without any obligation to repay a filer’s creditors. Only low-income filers are eligible for this process. In a Chapter 13 bankruptcy, a debtor proposes a manageable repayment plan to pay down their debts over a period of three to five years.

What types of debts can be discharged in bankruptcy?

Most unsecured debts, such as credit card debt, medical bills, and personal loans, can be discharged in bankruptcy. Some types of debt, such as student loans, taxes, and child support payments, cannot generally be discharged.

Will bankruptcy affect my credit score?

Yes, filing for bankruptcy will likely have a negative impact on your credit score initially. However, if you are struggling with debt, your credit score may already be low. Bankruptcy can provide you with a fresh start and an opportunity to rebuild your credit over time.

Will I lose my assets if I file for bankruptcy?

In a Chapter 7 bankruptcy, a debtor’s non-exempt assets may be sold to pay off their creditors, although this risk is very low. More than 9 out of every 10 Chapter 7 filers don’t lose any exempt assets at all. Additionally, many assets are exempt from seizure, such as a certain amount of equity in a home and/or car, household goods, and retirement accounts. In a Chapter 13 bankruptcy, the debtor keeps their assets and proposes a repayment plan to pay down their debts over time.

Can I keep my house if I file for bankruptcy?

Whether or not you can keep your house in bankruptcy depends on several factors, such as the amount of equity you have in the home and whether you are able to continue making your mortgage payments. In a Chapter 13 bankruptcy, you can keep your home as long as you continue making your mortgage payments and propose a repayment plan that includes any arrears.

How long will bankruptcy stay on my credit report?

Bankruptcy stays on your credit report for up to ten years. However, the impact on your credit score lessens over time, and you can take steps to rebuild your credit starting immediately after you file for bankruptcy.

Moving Forward

If you are struggling with debt, working with Marty Martin Bankruptcy Law to file for personal bankruptcy can provide you with relief and a fresh start. It is important to consider all of your options and to speak with a skilled El Reno bankruptcy law firm before making a decision, though Bankruptcy can have long-lasting effects on your finances, and it is important to understand how it will impact your credit score, assets, and debts. By asking thoughtful questions and seeking professional advice, you can make an informed decision about whether bankruptcy is the right choice for you.