Bankruptcy Lawyer Stillwater, OK

Bankruptcy Lawyer Stillwater, OK

bankruptcy lawyer Stillwater, OKDeciding whether to file for bankruptcy can be very difficult. There are a number of reasons that a person may be forced to file for bankruptcy. You will need to weigh a lot of financial and personal considerations as you process what to do, which can be very stressful. While it may not seem the best solution to relieve your debt it may be the only path forward. Finding an experienced bankruptcy lawyer in Stillwater, OK can help you understand your options. Law Offices of Marty D. Martin is here to help you. Call us today for a free consultation to see whether you should pursue bankruptcy.

Considerations Before Filing for Bankruptcy 

Filing for bankruptcy is a major decision. Before you file, you should understand the two different types of bankruptcy, and which one would be most beneficial to you. The two types of bankruptcy are: 

Chapter 7 | Chapter 7 is the most common form of bankruptcy that people file. It eliminates many kinds of debt from costly bills, loss of income, and medical expenses by liquidating your assets to pay off your debts. Assets like your house, car, and furniture may be sold to pay your debts, which can be a downside for some people. Chapter 7 bankruptcy has the added benefit of stopping debt collectors from issuing collections notices, which can add pressure to an already stressful situation. It should be noted that some of the debt categories can not be satisfied by Chapter 7 bankruptcy including child support, student loans, homeowners association fees, and some forms of tax debt. 

Chapter 13 | This type of bankruptcy allows you to keep your property while making a plan to pay off your debt over a certain amount of time. Chapter 13 is a good option for people who have a stable form of income. It will allow you to pay off a portion of your debts over an agreed upon time period and then have the rest discharged if you successfully complete the plan. Another advantage of Chapter 13 bankruptcy is that it will pause foreclosures, evictions,  and repossessions. Under Chapter 13 bankruptcy, you may be able to discharge different debts like property damage you caused, homeowner’s association dues, and government fines or penalties. 

How a Bankruptcy Lawyer Can Help You

Finding a reputable bankruptcy lawyer in Stillwater, OK like Law Offices of Marty D. Martin will be critical to the success of your case. An experienced bankruptcy lawyer will understand if you need to file for bankruptcy, and, if so, what form of bankruptcy is the best fit for you based on your unique financial situation. They will be able to provide you with counsel on difficult questions like whether you should file with your spouse and how filing will affect any affiliated business partners. Hiring a lawyer will allow you to avoid costly mistakes when completing paperwork and they will be able to help you navigate a complicated court process. Even after you have successfully filed for bankruptcy, a lawyer can help you if other issues arise like creditors persisting in trying to collect from you. 

Don’t wait any longer. Find a well respected bankruptcy lawyer in Stillwater, OK to help get your life back on track. Call us at Law Offices of Marty D. Martin today to schedule your free consultation.