If you’re living paycheck to paycheck, it can be hard to imagine not having enough money to cover your debts if something bad happens, like you lose your job or suffer an unexpected medical emergency. However, the reality is that many people find themselves in this situation and don’t know what they should do next. Do you need to file bankruptcy in Oklahoma? Does your income make you ineligible? What if you can’t find a new job right away? If you are asking these questions, contact a lawyer at Marty Martin Bankruptcy Law today.
3 Reasons Why You Might Want To Consider Filing For Bankruptcy
- You can’t keep up with your debts.
- Your creditors are constantly calling or sending you letters.
- You’re using most or all of your income just to pay debts.
Filing for bankruptcy may be the only option for those who find themselves in a difficult financial situation and have tried everything else. Bankruptcy is a legal process that stops creditors from collecting on any debt that has not been paid, in some cases it can wipe out existing debt entirely. It also provides relief by giving the debtor an opportunity to be relieved from paying their bills for an extended period of time, while they get back on their feet financially and make plans for repayment. It’s a complicated process so it’s important to talk with a qualified attorney before taking any steps towards filing bankruptcy in Oklahoma.
The Process Of Filing For Chapter 7 Or 13 Bankruptcy
The first step is to take a credit counseling course. This must be done within six months of filing for bankruptcy. The second step is to gather all of your financial documents, including tax returns, pay stubs, and bank statements. The third step is to fill out the bankruptcy petition and schedules. The fourth step is to attend the meeting of creditors, where you will meet with your trustee and creditors to discuss your case. The fifth step is to complete your bankruptcy plan and make all required payments.
Is There An Option Other Than Bankruptcy?
If you’re considering bankruptcy, it’s important to know that there are other options available that may be a better fit for your situation. Sometimes, all you need is a little help getting back on your feet. There are a number of nonprofit organizations that offer free or low-cost credit counseling and debt management programs. These programs can help you develop a budget, set up a payment plan with your creditors, and get out of debt in three to five years.
Other Types of Bankruptcies
If you have ever wondered about other types of bankruptcies, like for businesses or even municipalities, then filing for bankruptcy for those types can also be done. Chapter 9 bankruptcy is what municipalities and school districts use to file for bankruptcy. They can remain operating their municipality or school district while repaying their debts to creditors. Another bankruptcy type is chapter 12. Chapter 12 is used by businesses like a family-owned fishing company, or a family-owned farm to pay back their debts while remaining in operation. They are not required to liquidate assets in most cases. Filing for bankruptcy does not have to be difficult when you have Marty Martin Bankruptcy Law on your side. We will help you with the entire process of filing for bankruptcy and help you to get more favorable terms.
Bankruptcy in Oklahoma
Many people may ask themselves the question, Do I need to file for bankruptcy in Oklahoma. The answer to that question will vary depending on someone’s financial circumstances. If they are struggling with debt and see no way of getting out of that debt on their own then filing for bankruptcy may be a good choice to make. Filing for bankruptcy can be made easy when Marty Martin Bankruptcy Law is courted for our services. We have years of experience in helping clients file for bankruptcy and get back on favorable financial terms. Being in a tough place financially can put a strain on a person, their family, or their business. That’s why it is important to consider the options to take when debts seem to be out of control. Contact us today to get much-needed help with your finances and to file for bankruptcy.
How a Bankruptcy Firm can Help
A bankruptcy firm with years of experience can use all of its resources and knowledge to assist clients. Clients will be coming to the firm for help with their financial issues and expect the firm to be able to answer their questions and assist properly. Marty Martin Bankruptcy Law can do just those things. Our firm has spent years of our existence helping clients come up with ways of solving their financial woes. By filing for bankruptcy and having our firm on your side you can rest assured that each detail and item will be taken seriously and done properly on your behalf. If you have wondered to yourself, Do I need to file for bankruptcy in Oklahoma, then we can assist you with fully understanding bankruptcy and what to expect when it has been filed and entered. We will explain the different types of bankruptcy to you in detail to determine which one is right. Individuals generally file for either chapter 7 or chapter 13 bankruptcy. Chapter 7 sees assets liquidated while chapter 13 puts someone on a repayment plan that will depend on things like income. Feel free to direct any bankruptcy-related questions to our firm and we will be more than happy to assist you and get you on the right track financially.
What Are Some Helpful Tips On Avoiding Future Debt Problems?
- Live within your means. Make sure your spending doesn’t exceed your income.
- Use credit wisely. Don’t max out your credit cards or take on more debt than you can handle.
- Have an emergency fund. This will help you avoid using credit to cover unexpected expenses.
- Make a budget and stick to it. This will help you keep track of your spending and make sure you’re not overspending.
- Seek help if you’re struggling with debt. Debt counseling is available for free from the United States government. There are also options for hiring a professional counselor, such as bankruptcy attorneys who specialize in this area.
- Keep in mind that just because you have student loans, that does not mean you should go into massive amounts of debt to get a degree in order to boost your earnings potential.
If you are asking yourself: Do I need to file bankruptcy in Oklahoma? Contact a lawyer today at Marty Martin Bankruptcy Law for help.