Bankruptcy Protection Attorney Oklahoma City, OK
Bankruptcy protection refers to the Automatic Stay that kicks in the second that you file bankruptcy. Think of this as an injunction that bars your creditors from taking any collection actions against you. Your creditors will be barred from harassing you through phone calls, threatening letters, or voice mails. This protection also keeps your creditors from filing any lawsuits or from garnishing your wages or bank account. The protection is automatic in all Ch. 7 cases and most Ch. 13 cases. The protection may not be automatically available if you have recently filed a previous Ch. 13. If this is the case, be sure to mention this at your first consultation.
The bankruptcy process can take anywhere from around 100 days in a Ch. 7 to 63 months in a Ch. 13 from when you file the bankruptcy until you get the discharge. The automatic stay is there to give you bankruptcy protection immediately and remains in effect until you receive your discharge.
Bankruptcy protection is also critical in that it can protect the property that you have from being taken by creditors. At Marty Martin Law, we have helped many Oklahoma residents save their house when it is on the brink of being foreclosed upon. We can also help you keep and get back your vehicle due to repossession in some cases. We can also help you to avoid losing any pledged property as part of a personal loan.
Bankruptcy protection can also help you avoid wage and bank garnishments. Garnishments usually occur after a creditor has successfully sued you in court and won a judgment. However, they can come without warning. While a creditor does have to sue you first, there are ways that you can be sued without you having direct knowledge of the lawsuit. If a creditor can convince a court that it has tried to locate you in good faith and can’t find you to serve you, the court could allow the creditor to serve you in an obscure newspaper. Then, once they have gotten a judgment, they are not under any duty to notify you before your wages are garnished.
If you face these or similar circumstances and would like to see your options for bankruptcy protection, give Marty Martin law a call at (405) 255-2380 or email us at firstname.lastname@example.org to consult with a bankruptcy protection attorney Oklahoma City, OK residents recommend.
Your Bankruptcy Questions Answered
Our bankruptcy protection attorney Oklahoma City, OK residents turn to for help, knows that it can be incredibly challenging to decide to file for bankruptcy; however, it may be the only option. One of your top priorities will be to get out from under the crushing debt that you and your family are consumed by. At Mary Martin Law, we know bankruptcy and want to help you take control of the situation. You likely have many questions, which is why contacting our team to schedule a consultation should be a top priority.
What are signs that filing for bankruptcy is in my best interest?
When struggling financially, it may be incredibly challenging to face the challenges you may be experiencing. However, the time to act is now. Typically, once someone decides to file for bankruptcy, they often experience tremendous relief. Here are some signs that it may be time to file for bankruptcy:
- You can’t afford the minimum payments
- You are skipping payments
- You do not qualify for debt consolidation
- Debt collectors are incessantly calling
- You are using credit to pay for everyday expenses
What types of bankruptcy are available?
There are two types of bankruptcy available for individuals, Chapter 7 and Chapter 13. Determining the most appropriate chapter to file for will take the assistance of a bankruptcy protection attorney in Oklahoma City, Oklahoma. Here are some key things to know about each type:
- Chapter 7: This form of bankruptcy is also known as liquidation bankruptcy and is a way of starting with a fresh slate. When pursuing this form of bankruptcy, a bankruptcy trustee is appointed to liquidate all non-exempt assets. Once liquidated, these funds are used to pay off creditors. However, to file Chapter 7, you must qualify by passing a means test and attending debt counseling.
- Chapter 13: Chapter 13 is a wage earners plan and allows the debtor to put together a repayment plan to pay off much of their debts over a 3-5 year timespan. To qualify for this form of bankruptcy, you must have the means to pay down your debts. Chapter 13 may be the appropriate option for retaining some of your assets.
What is credit counseling, and is it required to file for bankruptcy?
Yes- when filing for bankruptcy, credit counseling is required. Credit or debt counseling provides debtors with advice and counsel regarding their debts. Through this assessment, you can determine whether you can manage your debts or if bankruptcy is in your best interest.
How long does it take my credit score to recover after a bankruptcy filing?
One of the biggest concerns when filing for bankruptcy is the impact on your credit score. While bankruptcy can undoubtedly impact your ability to obtain credit, you will be able to bounce back if you make smart financial decisions towards rebuilding your credit. Typically, rebuilding your credit will begin immediately after your bankruptcy discharge, and after a few years, you will notice a significant difference.
When searching for an attorney, you will want someone not only with experience but also the dedication needed to help you resolve your case in a way that keeps your best interests at the forefront. Marty Martin Law can support you as you make critical bankruptcy decisions while also representing you during the process. Don’t continue to struggle with debts and incessant calls by creditors, contact our Oklahoma City, Oklahoma bankruptcy protection attorney to get started.
“Mr Martin is amazing. He was and is still very helpful. Always willing to answer questions. I would definitely recommend his services.”