Debt Attorney Elk City, OK

Debt Attorney Elk City, OK


Bankruptcy is not a decision to rush into, as a debt attorney Elk City, OK residents turn to knows. When people have debt that they can no longer control, they may have no choice but to file for bankruptcy. However, turning to a qualified bankruptcy lawyer like one at Marty Martin Bankruptcy law can help you sort out your options and figure out which path is the right one for you.

Debt Attorney in Elk City, OK

As seasoned financial management professionals, the team at Marty Martin Bankruptcy Law understands the unique needs of their clients. Having assisted numerous clients over the years, providing counsel on a variety of complex debt scenarios, they have extensive experience handling many bankruptcy cases. 

Types of Bankruptcy

There are many types of bankruptcy, and the one you file for depends on your unique financial situation. It can be challenging to find out exactly which type you are eligible to file for, so it is best to talk to a lawyer before you file. As a debt attorney in Elk City, Oklahoma, such as one from Marty Martin Bankruptcy Law can explain, some of the most common types of bankruptcy are described below:

  • Chapter 7: This is commonly known as liquidation. Chapter 7 bankruptcy is suitable for individuals who want to get rid of debt quickly, as it is the fastest form of bankruptcy. It can be completed in as little as four to six months. However, a major downside to this type of bankruptcy is that it involves selling off nonexempt assets to pay creditors. There is also a means test required, which means only debtors who make up to a certain income are eligible.
  • Chapter 11: Chapter 11 bankruptcy is known as debt reorganization. Both individuals and businesses can file for this form of bankruptcy. It allows debtors to retain some assets while they are paying back their debt. Compared to other forms of bankruptcy, Chapter 11 bankruptcy is often more complex and typically reserved for those who have a higher income.

  • Chapter 13: This type of bankruptcy is also called restructuring. It is suited for individuals who want to reorganize their debts so that it is more manageable. It also stops foreclosure, allowing homeowners to keep their house. Unlike Chapter 7 which eliminates eligible debt, debtors must commit to a repayment plan which can take several years to complete.  

Other Debt Relief Alternatives

Bankruptcy may be the most drastic option that you can take to get out of debt, but it is not the only one. Before you commit to bankruptcy, make sure to explore other alternatives that will have less of an impact on your long-term financial stability. Revising your budget, taking out loans, and taking credit counseling courses may be good options to consider if you want to retain more of your assets and avoid the burden that bankruptcy can put upon you. 

Schedule a Consultation 

You can receive financial help if you don’t wait to act. Set up a consultation with a trusted debt attorney in Elk City, OK now. 

Common Misconceptions About Bankruptcy

If you’re deep in debt, you may have thought about filing for bankruptcy. However, you may have heard various untruths about the process that are making you reluctant to file. Here are some common misconceptions about bankruptcy:

  • Bankruptcy ruins your credit. This is probably the biggest myth people have about bankruptcy. They’re afraid to file because they assume they will never qualify for credit again. While your credit will initially take a hit after declaring bankruptcy, you can start repairing it right away. If you can’t qualify for traditional credit cards at first, you can apply for secured credit cards, in which you must make a cash deposit. If you pay these credit cards on time every month, your credit will improve over time.
  • Only financially irresponsible people file for bankruptcy. It’s frequently assumed that people who file for bankruptcy are just irresponsible spenders. However, as a debt attorney in Elk City, OK knows, most people who declare bankruptcy aren’t financially irresponsible at all. They may have lost a job or suffered a serious illness that resulted in medical debt.
  • Everyone will find out that you filed for bankruptcy. One of the most common reasons why some people shy away from filing for bankruptcy is that they assume everyone will know about it. They’re embarrassed about filing and don’t want their family and friends to find out about it. However, unless you’re a prominent person, there’s a good chance that no one will know that you filed for bankruptcy.
  • Filing for bankruptcy will cause me to lose all my property. This is not true either. The majority of people who declare bankruptcy don’t lose their property. If you have nonexempt property, you may also keep your property if you agree to pay back some or all of your debt.
  • Declaring bankruptcy won’t stop creditor harassment. If you are behind on your bills, creditors may call you every day demanding their money. However, if you file for bankruptcy, the court will issue an automatic stay, which will prohibit creditors from contacting you again. If they still try to contact you, let the judge know immediately.
  • All debts are dischargeable in bankruptcy. Only unsecured debts, like medical bills and credit card debt, are dischargeable in bankruptcy. If you have debt from student loans, taxes or child support, you will likely still be responsible for paying it.