A Discharging Debt attorney Oklahoma City, OK community members depend on has helped people just like you who are struggling with debt. You may be seriously considering your options and wondering if filing for bankruptcy is in your best interest. After speaking with an attorney from our law office, we can offer suggestions for the best ways to go about handling your outstanding debts.
Dischargeable debts are the main reason why most people file for bankruptcy. Chapter 13 and Chapter 7 bankruptcy can enable you to discharge most of them. However, each person’s case is different, and we strongly encourage getting an official consultation before committing to any debt payment plans or filing for bankruptcy.
Seeking Financial Debt Relief
If you are stressed out about your financial situation, it may be in your best interest to file for bankruptcy. Specifically, Chapter 7 allows you to pursue debt discharge, which means they are essentially forgiven. Through this chapter, debts are liquidated and you are no longer responsible for repayment. Or, you could file for Chapter 13 bankruptcy, which also provides a path for getting debts eradicated.
The difference between these chapters is that under Chapter 13 your property is not sold to amend your debts, and instead you follow an affordable repayment plan over 3-5 years and any remaining debts at the end of that time period may be eliminated. Signs that it may be time to consult with an Oklahoma Discharging Debt attorney in Oklahoma City from Marty Martin Law and file for bankruptcy include:
- Your monthly minimum payments are too much and you can’t afford to keep paying them
- You spend more than your earnings on a consistent basis
- You are forced to skip some bills each month
- You don’t make enough money
- You get relentless phone calls from collection agencies and creditors
What It Means to Discharge Debt
To discharge debts means to completely eliminate it so that you no longer owe money to the original creditor or third parties. After filing for bankruptcy, these entities are also not permitted to contact you, as you are protected under the automatic stay. Examples of unsecured debts that are dischargeable include credit card amounts and medical bills.
However, when it comes to secured debts things can be more complicated. If you get a secured debt discharged, the creditor may still have a lien for the property. For instance, if you own a vehicle and the loan has been discharged, the lender may still repossess the car. An attorney from our law firm can go into further detail about your unsecured and secured debts based on your individual circumstances.
Contact Marty Martin Law Today
Having debts weighing over your head can be immensely stressful. To get help now, don’t hesitate to call an OK Discharging Debt attorney Oklahoma City from Marty Martin Law today to get started towards financial freedom and debt relief.