Bankruptcy Protection Lawyer Edmond, OK
Our Edmond, OK bankruptcy protection lawyer will tell you, bankruptcy is a serious matter that people should not take lightly. It is 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.
Avoid Financial Consequences
A bankruptcy protection lawyer can help mitigate the financial consequences that typically accompany bankruptcy. To ensure a favorable outcome, it’s crucial to work with a reputable law firm. One such firm in Edmond, OK, is Marty Martin Bankruptcy Law. They specialize in helping clients fight for their financial protection by providing experienced attorneys. In addition to bankruptcy cases, the firm also handles issues that may contribute to financial difficulties, including:
Filing for Divorce
Understanding Bankruptcy Options
Bankruptcy can be a daunting and overwhelming experience. It is essential to have the right guidance and support throughout the process. A lawyer can help you navigate the complex legal landscape and ensure that your rights are protected. They will explain the different types of bankruptcy, such as Chapter 7, Chapter 11, and Chapter 13, and help you decide which option is best suited for your unique financial situation. Each type of bankruptcy has its own set of rules, eligibility criteria, and potential benefits, making it crucial to have expert advice before making a decision.
Debt Relief and Financial Recovery
An attorney will also 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.
Credit Repair and Rebuilding
Once the bankruptcy process is complete, it’s important to focus on repairing and rebuilding your credit. A 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.
Don’t Face Bankruptcy Alone
Facing bankruptcy can be an incredibly stressful and emotional experience. By enlisting the help of a skilled Edmond bankruptcy protection lawyer, you can alleviate some of the pressure and uncertainty that comes with this challenging process. From understanding your options to rebuilding your credit, they will be by your side every step of the way, providing the guidance and support you need to overcome your financial difficulties and move forward with confidence.
If you need a bankruptcy protection lawyer in Edmond, OK, to assist with your financial challenges, consider reaching out to Marty Martin Bankruptcy Law. They will help you find the right attorney for your situation.
Choosing the Right Type of Bankruptcy
When you speak with an experienced Edmond, OK bankruptcy protection lawyer at Marty Martin Bankruptcy Law, they will 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.
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.
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.