Bankruptcy Protection Lawyer Altus, OK

Bankruptcy Protection Lawyer 

Upset couple doing their finances

Bankruptcy is a scary thing for many people. It is typically best if you can find another route and avoid filing for bankruptcy altogether, but it can be a good option for some people. An experienced bankruptcy protection lawyer in Altus, OK, like one from Marty Martin Bankruptcy Law, will be able to speak with you about your individual circumstances to determine if this is the best option for you. 

What Is Bankruptcy Protection? 

When your lawyer refers to “bankruptcy protection,” he or she is speaking about the way that creditors will no longer be able to take collections actions against you once you have filed. The good thing about filing for bankruptcy is that you no longer need to feel anxious when a creditor contacts you. Depending on what chapter bankruptcy you file for, you may never have to pay back many of your debts. It is important to speak in detail about each of your debts with your bankruptcy protection lawyer in Altus, Oklahoma from Marty Martin Bankruptcy Law so that you do everything the right way. You need to make sure you do not make any mistakes, as this can make your financial situation more difficult, which is why it is worth the peace of mind to enlist the assistance of an experienced bankruptcy protection lawyer. 

What Causes People to File for Bankruptcy?

Life circumstances change on a regular basis, which can make finances change as well. If you or someone you care about is facing a big life change, you may want to reevaluate what you are spending your money on and how to best protect your assets. Some of the most common things that can push people to filing for bankruptcy include: 

  • The loss of a job
  • Divorce
  • Sudden and expensive bills
  • Medical problems
  • Poor credit

If you are facing any of these issues or another special circumstance that is making it difficult to stay on top of your bills and the payments, you need to contact a bankruptcy protection lawyer right away. The lawyers at Marty Martin Bankruptcy Law are experienced in this field and know what common positive outcomes there can be when you decide to file for bankruptcy. We also know how to help get you back on your feet again and avoid making the same mistakes over and over again.

Contact Us Today

Do not wait to reach out to our experienced lawyers. We will start working right away to protect your belongings and finances as much as possible. After all, we know that you and your family depend on these things for everyday life. Call our law firm today to set up a consultation with one of our knowledgeable bankruptcy protection lawyers.  

Common Bankruptcy Mistakes to Avoid

If you are deep in debt, filing for bankruptcy may give you the financial relief you need. However, it’s important to follow the proper steps and avoid making mistakes along the way. Here are the most common bankruptcy mistakes to avoid.

  • Waiting too long to file for bankruptcy. Although filing bankruptcy isn’t a decision you should take lightly, you also shouldn’t wait too long to file. If you are drowning in debt and have exhausted all of your other options, declaring bankruptcy may be the best choice for you. If you keep waiting to file, you may put yourself into further debt.
  • Creating more debt after declaring bankruptcy. A mistake a bankruptcy protection lawyer in Altus, OK sees some people make is incurring more debt after filing for bankruptcy. If you make credit card purchases right after declaring bankruptcy, these debts won’t be discharged. You may even get accused of fraud.
  • Paying back family members and friends. If you’ve borrowed money from family members and friends while you were facing tough financial times, you may feel obligated to pay them back as soon as possible. However, if you plan to file for bankruptcy, you shouldn’t repay your family and friends just yet. If you repay them before repaying your creditors, you are showing preferential treatment.
  • Transferring assets to family members. Some people who are having financial troubles try to transfer their home and other assets into a family member’s name. However, if you do this before filing for bankruptcy, it’s considered fraud and your case may get thrown out.
  • Choosing the wrong type of bankruptcy. There are two types of bankruptcy individuals can file: Chapter 7 and Chapter 13. Chapter 7 discharges most of your unsecured debts while Chapter 13 requires you to pay back your debt through a two to five year repayment plan. Filing under the wrong bankruptcy can hurt your case. An experienced bankruptcy lawyer can help you choose the right type of bankruptcy for your situation.
  • Trying to handle your bankruptcy yourself. When you’re drowning in debt, you might not think you have the funds to hire a lawyer and try to handle your bankruptcy yourself. However, this isn’t a good idea. Bankruptcy involves many complexities, so it’s important to have someone knowledgeable and experienced on your side. A bankruptcy lawyer can guide you through the process and take a lot of stress away.