Bankruptcy Lawyer Norman, OK
You may be familiar with bankruptcy already, or this might be your first time considering taking action to get out from under your debt – but whatever your situation, you can count on a bankruptcy lawyer in Norman, Oklahoma.
Bankruptcy is an overwhelming process, and there’s a social stigma surrounding it. However, you should never feel too intimidated or ashamed to consider bankruptcy, and you should learn all you can about the process beforehand. When you declare bankruptcy, you’re taking an important step to getting your finances – and your life – back in order. But you should always be aware of the risks.
The Risks of Bankruptcy
It’s true that declaring bankruptcy is a way to escape your debts. You can get relief from all those crushing financial obligations that might be weighing you down, and you can finally breathe easy knowing that your creditors are satisfied. This new freedom alone is enough to make many people consider declaring bankruptcy when their debts start stacking up, and bankruptcy lawyers in Norman, OK, make the process easy. However, there’s always a catch.
When you declare bankruptcy and liquidate your assets, you’re also taking a major hit to your credit score. Good credit is necessary for anything from taking out a loan to getting a new home – and it can even affect your employment prospects. Many employers perform background checks when considering new job applicants, and these background checks usually include a credit check as well.
Aside from setting yourself up for additional challenges in the future, the immediate impact of your bankruptcy might sting even more. You’ll need to understand the different types of bankruptcy and what they can entail for your near future, as well as how they’ll affect your financial situation several years from now.
The Two Main Type of Bankruptcy
There are many different chapters of bankruptcy. You might have heard of chapter 11, for example, which applies to corporate restructuring. When you read about individual bankruptcy, however, you’ll really mainly be dealing with two different chapters: Chapter 7 and chapter 13 bankruptcy.
Chapter 7 bankruptcy is the more drastic option. It’s also known as liquidation bankruptcy for a reason: It entails you selling off your assets (this includes second homes, cars over a certain value, collections, and even family heirlooms) to pay off your debt. It’s a major decision, and liquidating everything you own can be incredibly painful. Fortunately, there’s another option.
Chapter 13 bankruptcy provides you with a little more time to get your financial situation in order, and usually doesn’t involve selling off all of your prized possessions. Instead, you’ll have to satisfy the requirements of a court-mandated payment plan, which means developing a strong financial plan for the next few years while also making regular payments to your creditors.
Contact a Bankruptcy Lawyer Today
Nobody likes the idea of bankruptcy. Unfortunately, financial difficulties can happen to anyone. Whatever your current financial situation, you should know that there’s always a way to get out from under your debt, and getting legal input before you declare bankruptcy is absolutely essential.
The right lawyer can help you fully understand your bankruptcy options, and can walk you through your next steps so you’re never alone in your bankruptcy battle. Contact Marty Martin Bankruptcy Law today, and see how a bankruptcy lawyer in Norman, OK, can help you save your future.