Bankruptcy Lawyer Ponca City, OK
We’ve all heard of bankruptcy at one point or another, but what does it mean for you, and how can a bankruptcy lawyer in Ponca City, Oklahoma help?
Bankruptcy. It’s a scary word, and up until now, you might have thought of it as a problem for major corporations, or wealthy businesspeople you see on the news. But the sad reality is that it happens to everyone, not just the mega-rich. Financial difficulties can strike without warning, and can put you and your family in danger. And while we might see how bankruptcy can affect major companies or rich personalities on TV, we don’t always think abut how it can affect us.
While bankruptcy has a bad reputation, it’s actually a way forward for many people. While financial hardship can mean potentially losing everything, declaring bankruptcy is a way to get out from under crushing debt, and a way to get your life back in order. There are many ways bankruptcy can help you, despite how intimidating it may seem.
How Can Declaring Bankruptcy Help Me?
Nobody chooses their financial burdens. And everyone’s case is different. That’s why a bankruptcy lawyer in Ponca City, OK is here to help.
Life can throw curveballs at anyone. For example, in the event of a natural disaster, a home may be ruined, leaving a family without a roof over their heads or an income to rely on. In extreme circumstances, their insurance may not be enough to pay for their needs, and their creditors (heartless as it may seem) will need their money one way or another. Declaring bankruptcy can help the family develop a long-term payment plan that will help them rebuild what they’ve lost, and it can mean a second chance at a future that might have been lost beneath debt.
In other cases, homes may be at risk of foreclosure. This happens when a homeowner is unable to pay off their mortgage, and it can result in an eviction. By declaring bankruptcy, a debtor might have to sell off his or her possessions, but it can mean keeping a roof over their heads, and a safe home for their family. Bankruptcy isn’t all bad – it just provides an extra leg up for those who have been recently burdened by overwhelming financial challenges.
The 6 Bankruptcy Chapters and What They Involve
Bankruptcy can be a helpful way to start over and accomplish a debt-free life. However, there are still many challenges to face and different ways to file as well. Hiring a bankruptcy lawyer in Ponca City, OK can help you learn about your options and file the right type of bankruptcy for your situation.
There are six different bankruptcy chapters to choose from; chapters 7, 9, 11, 12, 13, and 15. Most often, individuals file chapter 7 or chapter 13 bankruptcy. The well-versed lawyers at Marty Martin Bankruptcy Law can help you choose between the chapters so that you file the chapter that best fits your circumstances. Below is a brief overview of each of the six bankruptcy chapters.
Chapter 7 bankruptcy is a commonly filed bankruptcy. It is also referred to as liquidation bankruptcy because it involves selling off non-essential property and assets. The proceeds are then sent on to your creditors. You should contact a bankruptcy lawyer in Ponca City, OK to help you file this bankruptcy because they can help you decide what to liquidate and what to keep.
Only municipalities, like school districts, towns, and cities, may file this bankruptcy. This bankruptcy provides protection from creditors while the municipality works out a reasonable plan to handle their debts.
Chapter 11 bankruptcy involves negotiating and reconfiguring debt. By filing this bankruptcy, you try to legally encourage your creditors to change the terms on your loans or adjust your interest rates or payment amounts to make them better fit your budget. It is not as common, because many creditors are not as agreeable to it.
This chapter is designed for family farmers and fishermen who make a regular annual income. It allows them to develop a scheduled payment plan to pay off their debts over a finite period, usually within three years.
Chapter 13, called a wage earner’s plan, allows people with a consistent income to negotiate a reasonable repayment plan rather than having to pay off their debts lump sum. Usually, these repayment plans are restricted to three to five years. To develop these plans appropriately, you should contact an experienced bankruptcy lawyer in Ponca City, OK.
Chapter 15 is the most recently added type of bankruptcy. It is for situations involving assets in multiple countries. It is supposed to help facilitate international cooperation between banks and debtors.
Bankruptcy, when filed with the right legal assistance, can be a beginning rather than an end. If you feel at your end, contact the representatives at Marty Martin Bankruptcy Law today to discuss a possible new beginning by filing bankruptcy.
What Are My Options for Bankruptcy?
When you consider filing for bankruptcy, it’s important to understand the pros and cons. Getting a fresh start after a long period of fighting debt is certainly attractive, but it also means setting yourself up for additional challenges in the future. You’ll have to deal with a severely damaged credit score for years, which can affect your ability to get loans, housing, and even work. And of course, if you file chapter 7 bankruptcy, you’ll have to liquidate some – or most – of your assets.
When it comes to individual bankruptcy, your two main options are chapter 7 bankruptcy and chapter 13 bankruptcy. While both are effective in freeing you from overwhelming debt, they each have different requirements. As mentioned, chapter 7 bankruptcy involves liquidating (selling off) your assets to satisfy your creditors. Chapter 13 bankruptcy involves developing a court-approved financial restructuring plan, and making regular payments to your creditors instead.
Whatever your needs, and whatever your situation, you can count on Marty Martin Bankruptcy Law to provide all the information you need about your bankruptcy. Contact us today, and see how a bankruptcy lawyer in Ponca City, OK can help your future.