Are you burdened with debt to the point where financial stability feels like a dream that will never come true? Do you find yourself avoiding creditors and stressing over how to pay for groceries or gas? Maybe you’ve tried debt consolidation loans or balance transfer credit cards, only to find yourself further, and further in debt. The solutions you thought would set you on the right track, only set you back. Marty Martin Bankruptcy Law, a bankruptcy law firm in Ponca City, OK, can guide you through the process of filing for bankruptcy and getting your financial goals back on track.
What is Bankruptcy?
Bankruptcy is a legal process where individuals or businesses can obtain debt relief or get assistance in creating a plan to repay debts. Proceedings are handled in the federal court and can offer debt relief for many types of debt such as medical bills, credit card debt, and personal loans, it may not cover everything. There are certain types of debt that cannot be forgiven through filing:
- Child support and/or alimony
- Student loan debt
- Some unpaid taxes
- Debts from unlawful activities
Hiring a qualified lawyer to walk you through the legal maze of paperwork and requirements can help alleviate some of the stress, allowing you to feel prepared and ready to move forward while clarifying which of your debts may qualify for bankruptcy.
Is Bankruptcy Right for Me?
Deciding to file for bankruptcy is not an easy decision to make. Many people feel shame or embarrassment for their financial troubles and are concerned that they will lose everything they’ve worked for. These questions and more can be answered by your local bankruptcy law firm in Ponca City, OK. They understand the intricacies of bankruptcy law and will not only guide you through the process but explain the impacts bankruptcy can have on your credit and long-term financial goals.
Types of Bankruptcy
There are several types of bankruptcy that range from farmers and fishermen to school districts or towns, but here we are going to focus on two types that many individuals or spouses may qualify for.
- Chapter 7 Bankruptcy, also the most widely known form of bankruptcy is for individuals and may involve liquidating assets to pay off creditors. However, many people who do not have high-value assets to liquidate may not have to repay their creditors or sell any of their property. That is why having an experienced bankruptcy lawyer on your side will help you better understand your options.
- Chapter 13 Bankruptcy, helps relieve financial burdens by establishing a reasonable pay-back plan with your creditors. This option typically offers interest-free and more manageable payments to give you more room to breathe.
If you are considering bankruptcy but feel overwhelmed by the process, or are concerned that you do not qualify, then you need Marty Martin Bankruptcy Law, a bankruptcy law firm in Ponca City, OK. They are trusted professionals who help people through complicated litigation and provide guidance and direction based on each individual’s unique circumstances. You deserve the peace of mind being debt-free can provide.