Your Dedicated Bankruptcy Attorney
Our Edmond, OK bankruptcy protection lawyer has been practicing for over 20 years. Trust us when we will tell you that bankruptcy is a serious matter that people should not take lightly. Defined as the inability to pay off debts due to insufficient finances, bankruptcy primarily affects businesses, which may have to close down if they fail to settle their debts. One way to gauge the severity of bankruptcy is when someone must file for it, either as an individual or a business. During the process, the debt is assigned to a debtor who is given time to pay it off. Meanwhile, the debtor’s credit may be significantly impacted. To avoid the negative consequences of bankruptcy, consider seeking the help of a bankruptcy protection lawyer in Edmond, OK. Contact our team at Marty Martin Bankruptcy Law today.Table of Contents
- Avoid Financial Consequences While Filing for Bankruptcy
Understand Your Bankruptcy Options
Any person or business who’s filed for bankruptcy can speak to just how overwhelming the process can be. It’s especially stressful if you don’t have the right counsel throughout the process. A lawyer can help you find your best path forward and protect your rights along the way. Our firm will happily explain the different types of bankruptcy, such as Chapter 7, Chapter 11, and Chapter 13, and help you decide which option the right fit for your unique financial situation. Each type of bankruptcy has its own set of rules, eligibility criteria, and potential benefits, so it’s a smart move to seek reliable advice before making a decision. When you speak with our experienced Edmond, OK bankruptcy protection lawyer at Marty Martin Bankruptcy Law, we’ll help you to explore which form of bankruptcy protection may work best for your unique circumstances. There are several types of bankruptcy, but two of the most common ones are Chapter 7 and Chapter 13.How Our Bankruptcy Protection Lawyer Can Help You
Our attorney will assist you in developing a comprehensive plan for debt relief and financial recovery. This may include negotiating with creditors to reduce your debt, creating a manageable repayment plan, or even eliminating certain debts entirely. With their expertise, they can identify potential pitfalls and help you avoid costly mistakes. Ultimately, their goal is to help you regain control of your finances and work towards a brighter financial future. Once the bankruptcy process is complete, it’s important to focus on repairing and rebuilding your credit. An Edmond bankruptcy protection lawyer can guide you through this process by providing advice on improving your credit score, securing new lines of credit, and managing your finances responsibly. By implementing a strategic plan for credit repair and following their expert guidance, you can gradually improve your financial standing and gain access to better credit opportunities in the future.Chapter 7 vs. Chapter 13 Bankruptcy
One primary difference between Chapter 7 and Chapter 13 bankruptcy is the eligibility requirements for each process. To qualify for a Chapter 7 bankruptcy, individuals must pass the means test, which determines if their income is below the median income for their state. To qualify for a Chapter 13 bankruptcy, individuals must have a regular income and their secured debts must be below a certain amount. A major advantage of Chapter 13 bankruptcy is that it can help homeowners to avoid foreclosure. In a Chapter 7 bankruptcy, a discharge is ordered so quickly that the benefits of the automatic stay are relatively limited. However, a major advantage of Chapter 7 bankruptcy is that most of a filer’s unsecured debts are eliminated, providing a fresh start for the debtor. Both Chapter 7 and Chapter 13 bankruptcy offer a way for individuals and businesses to eliminate or restructure their debts. The choice between Chapter 7 and Chapter 13 bankruptcy will largely depend on your individual circumstances, including your income, assets, and debts. Working with an experienced Edmond bankruptcy protection lawyer at Marty Martin Bankruptcy Law can help you to determine which type of bankruptcy is best for you and guide you through the process. We understand the implications this decision has on your current situation and future financial health. You can trust us to assist you through every step of the decision-making process.Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also known as liquidation bankruptcy. It’s designed for individuals and businesses that can no longer pay their debts and need a fresh start. In a Chapter 7 bankruptcy, a trustee is appointed to oversee the case. In a very minor fraction of Chapter 7 cases, the trustee may opt to sell some of a filer’s non-exempt assets to benefit their creditors. Most of a filer’s unsecured debts, such as credit cards and medical bills, are eliminated in a Chapter 7 bankruptcy. However, some debts, such as taxes and student loans, cannot generally be discharged. To qualify for a Chapter 7 bankruptcy, individuals must pass a means test, which determines if their income is below the median income for their state. If their income is above the median income, they may still potentially qualify if they can show that their disposable income is not enough to pay their debts. Otherwise, filers will need to opt for the Chapter 13 process instead.Chapter 13 Bankruptcy
Chapter 13 bankruptcy is also known as reorganization bankruptcy. It’s designed for individuals who have a steady income who want to keep their assets and pay off a significant fraction of their debts over time. In a Chapter 13 bankruptcy, you would work with our Edmond bankruptcy protection lawyer to propose a repayment plan to the court, which will typically last for three to five years. You will make one manageable payment monthly for the life of the plan. To qualify for a Chapter 13 bankruptcy, individuals must have a regular income and their secured debts must be below a certain amount. The debtor must also show that they can afford to make the payments required by the repayment plan.Debunking Five Myths Surrounding Bankruptcy
Bankruptcy is often viewed as a financial catastrophe and carries a significant social stigma—as our Edmond, OK bankruptcy protection lawyer can attest. However, many of the assumptions surrounding bankruptcy are based on misconceptions and myths which are debunked below surrounding bankruptcy, shedding light on the reality of this legal process and its potential benefits. Learn more about these myths, and then contact Marty Martin Bankruptcy Law for help.- Myth 1: Bankruptcy Ruins Your Financial Future
- Myth 2: Bankruptcy Means Losing Everything
- Myth 3: Bankruptcy Is Only for the Financially Irresponsible
- Myth 4: Bankruptcy Will Ruin Credit Forever
- Myth 5: Bankruptcy Is an Easy Way Out
Edmond Bankruptcy Protection Infographic
Edmond Bankruptcy Protection Statistics
In the heartland of America, Oklahoma stands tall with its diverse culture, thriving industries, and bustling cities. Yet, like every state, its residents can face economic challenges that lead to the consideration of bankruptcy. While bankruptcy is largely governed by federal law, Oklahoma offers its residents certain unique protections and provisions that help strike a balance between creditor rights and debtor protections. When you need help with the bankruptcy process, give Marty Martin Bankruptcy Law a call. According to Oklahoma foreclosure data, 1 in every 766 households faced foreclosure in 2023, ranking the state 15th in the country for homes that could be impacted in the near future. Data also shows foreclosures in Oklahoma were up 7% in 2023 compared to 2022. If you are being threatened with foreclosure, it is important to speak with a bankruptcy attorney immediately to find out what legal options you may have.- Guarding The Essentials: One of the key areas where Oklahoma law plays a significant role in bankruptcy proceedings is in the realm of exemptions. Exemptions determine what property and assets an individual or business can retain despite going through bankruptcy. Your Edmond bankruptcy protection lawyer will tell you that Oklahoma law, generously, allows residents to retain their primary residence, irrespective of its value, under the homestead exemption. This means that, even in challenging times, Oklahomans can secure the roof over their heads.
- Protecting Personal Property: Beyond the homestead exemption, Oklahoma offers a range of provisions to safeguard personal property. These can include household items, clothing, and even certain livestock. By offering these exemptions, the state ensures that individuals undergoing bankruptcy do not lose everything, helping them rebuild after the process.
- A Fresh Start With Wages: Economic hardships can strain anyone’s finances. Recognizing this, Oklahoma law has provisions to protect a portion of the debtor’s wages, which helps ensure they have the means to cover basic living expenses and allows residents the chance to regain their financial footing post-bankruptcy.