Bankruptcy Protection Lawyer in Ponca City, OK
Debt is something that many people live with, and deciding what to do about it can be very tricky. If your debts are large enough, you may want to consider filing for bankruptcy so that you can get a fresh start. There are downsides to filing for bankruptcy, so it isn’t a decision that should be made lightly. Talking with a bankruptcy protection lawyer in Ponca City, OK can help you determine whether bankruptcy is a good fit for you. Law Offices of Marty D. Martin has the experience to help you understand your options. Call us today for a free consultation to see if filing for bankruptcy is the right choice for you.
Thing to Consider When Considering Filing for Bankruptcy
Filing for bankruptcy can have effects that last for years. To understand if it is the best option for you, you will want to consider questions like:
- How large is my debt? If your debts are relatively small, filing for bankruptcy likely isn’t a good option for you. Debt collectors can be menacing and you may feel intimidated by their demands for payment. However, often there are other options for dealing with small debts. However, if your debts are large, filing for bankruptcy might be the best way to discharge your debts. A lawyer can advise you on the courses of action you can take.
- What kind of debt do you have? Bankruptcy doesn’t cover all forms of debt. Debt from child support, alimony, student loans and income taxes may not be discharged by filing for bankruptcy. A skilled bankruptcy protection lawyer in Ponca City, OK with a firm like Law Offices of Marty D. Martin will understand whether your debts qualify for bankruptcy.
- How long do you anticipate being in debt? It can be scary if your financial situation suddenly changes and you find yourself unable to pay your bills. You may feel inclined to file for bankruptcy to stop debt collectors from harassing you. However, if your change is recent, and you have a history of paying your bills on time, you may want to consider waiting to see if your situation improves. However, if you have been in debt for quite some time, filing for bankruptcy might allow you to get a fresh start.
- Where does your income come from? If your only source of income comes from social security, welfare or unemployment, debt collectors cannot successfully sue you. However, if you own assets like a car or house, collectors may be able to claim those. Talking with a lawyer will help you understand whether you have assets that can be seized.
- Have You Tried Speaking With Your Lenders? In general, lenders want to receive payment for your debt. Sometimes they are willing to adjust how payments are made or will temporarily lower your interest rate so you don’t default on your debt. If you have tried negotiating with lenders and they aren’t willing to make concessions, talking with a lawyer can clarify whether bankruptcy is a better alternative for you.
Everyone’s debt situation is unique and often the answers to the questions above are nuanced. To best understand if filing for bankruptcy is in your best interest, you should contact a bankruptcy protection lawyer in Ponca City, OK. At Law Offices of Marty D. Martin, we will counsel you on whether you should file for bankruptcy, and if so, advise you on what form of bankruptcy will benefit you most. Call our office today to schedule your free consultation.