Bankruptcy Protection Attorney Oklahoma City, OK
Bankruptcy is something that people should take very seriously. This is defined, as one lacking the necessary finances, to pay off a debt. This mainly relates to businesses, in which due to bankruptcy, in relation to failing to be able to pay off a debt, one has to close their business. One of the ways that the severity of bankruptcy is assessed, is when one has to file for bankruptcy, within a business or company. What happens during the process, is that the debt that needs to be paid is given to a debtor, and time is given for the debt to be paid off. In the meantime though, one’s credit may be heavily affected. Now; while all of this is a major issue, it can be averted, through bankruptcy protection.
Bankruptcy Protection
What this kind of protection aids in doing, is ensuring that if one is having difficulty paying off a debt, any financial consequences that would usually come with bankruptcy aspects. Moreover, to ensure that the process which comes about, is carried out in a strong manner, it is important to contact a law firm, to ensure accuracy of the situation at hand. Bankruptcy protection also refers to the Automatic Stay that kicks in the second that you file bankruptcy. Think of this as an injunction that bars your creditors from taking any collection actions against you. Your creditors will be barred from harassing you through phone calls, threatening letters, or voice mails. This protection also keeps your creditors from filing any lawsuits or from garnishing your wages or bank account. The protection is automatic in all Ch. 7 cases and most Ch. 13 cases. The protection may not be automatically available if you have recently filed a previous Ch. 13. If this is the case, be sure to mention this at your first consultation.
If you are looking for a way to ensure that bankruptcy protection can assist with your current financial difficulties, please contact Marty Martin Bankruptcy Law to assist you with your bankruptcy matter.
What types of bankruptcy are available?
There are two types of bankruptcy available for individuals, Chapter 7 and Chapter 13. Determining the most appropriate chapter to file for will take the assistance of a bankruptcy protection attorney in Oklahoma City, Oklahoma. Here are some key things to know about each type:
- Chapter 7: This form of bankruptcy is also known as liquidation bankruptcy and is a way of starting with a fresh slate. When pursuing this form of bankruptcy, a bankruptcy trustee is appointed to liquidate all non-exempt assets. Once liquidated, these funds are used to pay off creditors. However, to file Chapter 7, you must qualify by passing a means test and attending debt counseling.
- Chapter 13: Chapter 13 is a wage earners plan and allows the debtor to put together a repayment plan to pay off much of their debts over a 3-5 year timespan. To qualify for this form of bankruptcy, you must have the means to pay down your debts. Chapter 13 may be the appropriate option for retaining some of your assets.
If you face these or similar circumstances and would like to see your options for bankruptcy protection, give Marty Martin Bankruptcy Law a call at (405) 255-2380 or email us at marty@attorneyok.com to consult with a bankruptcy protection attorney Oklahoma City, OK residents recommend.
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