Chapter 13 Bankruptcy Lawyer Ponca City, OK
Deciding to file for bankruptcy is challenging. On the one hand, it will allow you to start over again, but on the other, it will be on your record for a number of years and could have other repercussions. Speaking with a lawyer can help you understand all of the pros and cons of bankruptcy. If you decide to file, choosing what chapter of bankruptcy to file is just as important. A knowledgeable bankruptcy lawyer will be able to explain the differences between Chapter 13 and Chapter 7 bankruptcy and advice on which is best for your unique situation.
If you are interested in filing for Chapter 13 bankruptcy, you will want to hire a reputable Chapter 13 Bankruptcy Lawyer in Ponca City, OK to represent you. At Marty Martin Bankruptcy Law, we have over a decade of experience in Oklahoma bankruptcy law, and we are ready to represent you. Call us today to set up a free consultation.
How Chapter 13 Bankruptcy Work
Chapter 13 bankruptcy allows you to prevent foreclosure on your house, halt further accumulation of debt on taxes, catch up on missed car payments, and more. You will agree to a payment plan over 3 to 5 years and if you successfully execute the plan your remaining debt will be extinguished when completed. In order to qualify for this form of bankruptcy, you must have a consistent form of income that comes in regularly. The amount that you must repay is determined by the amount of income you earn in addition to other factors. Often, the Oklahoma Means Test is used to determine your payments. People chose Chapter 13 bankruptcy over Chapter 7 when they want to protect assets such as a house or car from liquidation. Chapter 13 allows you to reorganize your debts whereas under Chapter 7 you must sell off your assets in order to pay your debts.
Debts Covered Under Chapter 13
Chapter 13 bankruptcy generally can be used to cover credit card debt, utility bills, medical bills, some forms of personal loans, some lawsuit judgements, and sometimes tax obligations of a certain time period. Chapter 13 doesn’t cover debts like student loans, child support, alimony or recent income taxes.
Reasons You Should Hire A Bankruptcy Lawyer
Hiring a lawyer that specializes in Chapter 13 Bankruptcy law will greatly benefit your case. A Chapter 13 Bankruptcy lawyer will sit down with you to learn the unique details of your case. They will advise you on whether it makes sense to file for bankruptcy with your spouse or separately. A skilled lawyer will fill out your paperwork so that you avoid making costly mistakes and they will file it in accordance with the courts. A good bankruptcy attorney will be able to answer your questions throughout the process and anticipate and address issues that may arise.
Don’t settle for a Chapter 13 Bankruptcy Lawyer in Ponca City, OK that isn’t going to represent your best interests in court. With over a decade of experience, Law Offices of Marty D. Martin will work with you to reach an outcome that puts your life back on track. Call today to set up a free consultation to learn what we can do for you.