Bankruptcy Protection Lawyer
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.
Sometimes in life, unexpected financial situations can arise. This ranges from medical expenses, to student loans, and more. Moreover, when such financial situations are not resolved, they can lead to debt. While these situations are difficult, they can be resolved, through filing bankruptcy. This is not an easy process, which is why it is necessary for protection. A strong example of this is getting assistance from a bankruptcy protection lawyer, in Altus,, Ok. What Marty Martin Bankruptcy Law does is ensure that those who are in financial debt, can get the relief that they need. This does not mean that the debt will not have to be paid off. Rather, Marty Martin, will ensure that debt will be adjusted, in a way that allows for finances to be paid off, over a given time period. Moreover, bankruptcy protection plays an important role as well, in multiple facets.
Bankruptcy protection lawyer Altus, Ok
When it comes to bankruptcy, assessing the legal needs of an individual, should be essential. This is why when one files bankruptcy (which would assist them in liquidating financial aspects or creating a payment plan), there should be a clear distinction, as to what financial situation has caused one to file for bankruptcy. This would help create a clearer picture, for a bankruptcy protection lawyer in Altus, OK. Now; some reasons for bankruptcy include the following.
- Poor credit
- Risk of foreclosure
- Vehicle
- Loans
- Divorce
Closing
Financial debt can be a major issue, in which such burdens escalate over time. As such, filing bankruptcy is important, but there also needs to be a layer of protection, when one does so. A bankruptcy protection lawyer in Altus, OK will ensure that financial difficulties can be adjusted, such as whether that is through liquidation, or setting up payment plans. For more information, visit Marty Martin Bankruptcy Law.
Get Out of Debt Now: How to Use Bankruptcy Protection to Your Advantage
If you’re struggling to make ends meet with your monthly budget, it may seem like filing for bankruptcy protection is the only way out of your money troubles. This can be an effective strategy, but there are other alternatives as well that you should carefully consider before taking such drastic measures. If you want to know how to use bankruptcy protection to your advantage so that your finances don’t slip into complete chaos, keep reading and we’ll cover everything you need to know.
What Happens During Liquidation?
When you file for bankruptcy, an automatic stay is put into place. This means that creditors are no longer allowed to contact you or try to collect money from you. The court will appoint a trustee who will oversee your case. The trustee will sell your nonexempt assets and use the money to pay off your creditors. You will also be required to attend a meeting of creditors, where they will have a chance to ask you questions about your finances. After this meeting, if the trustee decides it’s in your best interest to liquidate some property (which would likely include selling any items you can’t protect under exemptions), they will do so. However, if the value of these assets exceeds what you owe to creditors, then you won’t be required to liquidate anything.
The Best Types of Debts to Discharge
A bankruptcy lawyer can help you figure out which debts to discharge. In general, unsecured debts with high interest rates are the best candidates for discharge. This includes credit card debt, medical bills, and personal loans. Paying off these debts will free up your money so you can focus on more important things, like rebuilding your credit. However, you might ask: what if I don’t have any unsecured debts? There is still hope! Sometimes other types of debts can be discharged in a Chapter 7 bankruptcy petition. For example, student loans or tax debts that are owed because of an error in computation may be eligible for relief under certain circumstances. If you’re unsure about whether your debts qualify for bankruptcy protection, consult with a lawyer who specializes in this area. They’ll make sure all of your bases are covered and determine whether or not you should file a Chapter 7 bankruptcy petition.
Filing Insolvency Before or After Your Assets Are Taken
Filing insolvency is a process that allows you to declare yourself unable to pay your debts. This can be done before or after your assets are taken. Filing insolvency before your assets are taken will protect them from being seized by creditors, and filing after your assets are taken will allow you to negotiate a payment plan with creditors. Insolvency can be a difficult process, but it is important to understand your options and make the best decision for your financial future. Contact an experienced bankruptcy lawyer for help deciding whether to file insolvency before or after your assets are taken.
Set Up Payment Plans
If you’re struggling to make ends meet, you may be considering bankruptcy. But before you make such a drastic decision, consider using bankruptcy protection to set up a payment plan with your creditors. This way, you can keep your assets and repay your debts over time. Here’s how to do it:
- First, get some legal advice from an experienced bankruptcy lawyer in order to determine whether or not filing for bankruptcy is the best course of action for you.
- Next, take out an equity loan on your property if you have any equity in it.
- Third, contact each creditor individually and work out a repayment schedule based on what is realistic for your current financial situation.
Need help with bankruptcy protection? Contact Marty Martin Bankruptcy Law today!