Bankruptcy Lawyer Shawnee, OK
If you’re facing extreme financial difficulties, the right bankruptcy lawyer in Shawnee, Oklahoma can help.
Money troubles eventually affect everyone. Whether it’s through bad investments, a rough patch for the economy, or divorces or lawsuits, you may find yourself in danger of losing everything you’ve worked so hard to build for yourself. It’s painful and stressful to consider that what is yours may not stay yours for long, but while it might seem unfair, sometimes declaring bankruptcy is the only way out from under your debt.
When you accumulate assets – second properties, cars, even collections and money in your bank – it’s a testament to how hard you’ve worked and the sacrifices you’ve made to reach a certain level of financial security. In the event of bankruptcy, that can all disappear in a blink of an eye – unless you have a qualified bankruptcy lawyer in Shawnee, OK to help you protect your assets.
Why Are My Belongings in Danger?
Unfortunately, due to the nature of bankruptcy, you’ll oftentimes find yourself selling off your assets to pay off your creditors. Although chapter 13 bankruptcy allows for a bit of leeway and involves drafting up a workable financial plan so you can pay off your creditors over time, chapter 7 bankruptcy is much more immediate: Chapter 7 bankruptcy will oftentimes involve you selling off your possessions. In your current stressful situation, chapter 7 may seem like a more appealing option, but it pays to understand its full impact.
In the event of chapter 7 bankruptcy, you’re meant to sell off non-exempt property. Fortunately, there are exceptions to the list of assets that are at risk during bankruptcy, and your bankruptcy lawyer can help you protect those precious items you couldn’t live without. Exempt property can include major appliances, cars under a certain value, and primary residences, so it’s important to understand what is protected and what is not when you file for bankruptcy.
Reach Out to a Bankruptcy Lawyer Today
When you file for chapter 7 bankruptcy, you’re giving yourself a fast way out from under suffocating debt. It may not be an ideal situation, but it’s a way forward, and it’s a way to get your finances (and your life) back under control. However, it comes with a major tradeoff, and that means potentially losing everything. And unfortunately, it also means a major challenge later on down the line: Your credit will take a major hit, and it will be difficult for you to secure loans, apply for housing, or even get employment for years after your bankruptcy.
Financial difficulties can happen to anyone, and without the right bankruptcy lawyer at your side, you may end up selling assets that were never on the table to begin with, and you may end up sabotaging your future. It’s important to know the full extent of your chapter 7 bankruptcy, and how it can affect the rest of your life. Reach out to a qualified bankruptcy lawyer in Shawnee, OK today, and see how Marty Martin Bankruptcy Law can help you protect your wealth.
2 Important signs You Should File for Bankruptcy
Money matters are difficult when you have no choice but to go into debt just to live. Even though there is such a concept as good debt, such as the kind you take out to build your credit, if you’re in over your head financially, you might need help from a bankruptcy lawyer in Shawnee, OK.
Bankruptcy is never an easy decision. It’s never a money move you should make on your own without representatives like those from Marty Martin Bankruptcy Law. However, if any of the following is taking place in your life, perhaps it’s time to consult an attorney about filing for bankruptcy.
Your Debts Outweigh Your Savings
Of course, a good and healthy debt such as a mortgage is likely to outweigh your savings. If you had enough savings to cover your entire mortgage loan, you might have paid for your house with cash up front.
However, if your smaller debts are piling up while your savings are dwindling, it’s time to talk to a bankruptcy lawyer in Shawnee, OK. Whittling your savings down to nothing is a dangerous idea, especially if you don’t even have any money left over for an emergency fund. A lawyer like Marty Martin Bankruptcy Law can help you protect your assets even if you have to sell your belongings off in order to cover your debts. Sometimes, bankruptcy is the wisest choice if you want to start over with a clean slate and a little bit of savings on hand.
You Pay Bills With New Loans
In general, the fewer loans you have to pay back, the better. However, if you are being pursued by creditors day in and day out, you might be tempted to take out loans just to pay back old debts. You might even want to take out loans to cover your current monthly bills.
No bankruptcy lawyer in Shawnee, OK or anywhere else would advise you to get into more debt in order to get your bills paid on time.
Furthermore, if your credit is tanked, you have very few options for new loans. In fact, any lenders that offer bad credit loans are bound to send you into further financial turmoil. Payday loans are high interest loans that are especially problematic. Instead of taking on even one such loan, a wiser financial decision might be to contact Marty Martin Bankruptcy Law to see what your next steps should be.