Chapter 13 bankruptcy lawyer El Reno OK
An El Reno, OK Chapter 13 bankruptcy lawyer knows that the decision to file personal bankruptcy is not one easily made, nor should it be taken lightly. If, however, you have examined all of your options and determined that it is the only way out of your current financial situation, then there are some important things you should know – pitfalls you will need to avoid to reduce your risk of long-term poverty once the bankruptcy process is complete. The following is a brief overview. For more detailed information, contact Marty Martin Bankruptcy Law.
Chapter 13 vs. Chapter 7
Debt restructuring (Chapter 13 bankruptcy) and debt liquidation (Chapter 7 bankruptcy) each provide a certain amount of relief to debtors, but each also has its own set of disadvantages. Because those differences could significantly impact your life for years to come, it is critical that you understand the differences between the two and how they may apply to your particular situation.
For example, if you wish to avoid losing your home in foreclosure or your car through repossession, you might fare better with Chapter 13, which allows you to keep certain assets. But, if you do qualify for Chapter 7, restructuring of your debt may not provide sufficient relief.
You Do Not Get to Choose What Goes in Your Bankruptcy
When you file for bankruptcy — whether it is Chapter 13 or Chapter 7 — all assets and property are thrown into the mix. You cannot decide whether some of your debts will be included in the bankruptcy and other debt will be kept out. All debt is fair game. Depending on what type of assets and debts you have, an El Reno Chapter 13 bankruptcy lawyer can work with you to determine how best to protect your assets.
Some Debts Are Not Eligible
While bankruptcy can give you some breathing room and a chance to get out from underneath of your debt, it is important to understand that you cannot write off all forms of debt. Student loans, taxes, and child support are all examples of debts that cannot be eliminated. You can, however, restructure certain debts (mortgages, car loans, and other forms of secured credit) under Chapter 13 bankruptcy.
Doing It Alone Can Have Serious Consequences
While some debtors have filed for bankruptcy on their own, without the assistance of a Chapter 13 bankruptcy lawyer, it is highly discouraged. Improper handling of paperwork, failure to comply with any of the legal requirements, or numerous other mistakes could lead to having your bankruptcy dismissed, and then you are right back to where you started. Instead, debtors should turn to a skilled attorney who can help guide them through the complex process.
Contact Our Office for More Information
At Marty Martin Bankruptcy Law, we can provide a full explanation of the bankruptcy process and how it will impact your life. Each El Reno Chapter 13 bankruptcy lawyer from our firm is dedicated to helping you achieve satisfactory results and the chance at a new start you need and deserve, we will carefully examine your financial situation to help you determine the best approach for your unique situation. Call our office today for a free consultation.