Mortgage Payment Lawyer Oklahoma City, OK
A skilled mortgage payment lawyer that Oklahoma City, Oklahoma residents trust can explain how bankruptcy is a common solution for homeowners who need mortgage assistance. When a person files for bankruptcy, they have used all their existing options to effectively deal with their debt. Bankruptcy puts a person’s assets at risk, but it may be helpful for homeowners who want to keep their home and look into ways they can better pay their mortgage. Filing for bankruptcy may be recommended if you are struggling with mortgage payments and want to set up a modified repayment plan. Find out more about how bankruptcy can impact your mortgage payments by contacting a lawyer with years of specialized experience from the Law Offices of Marty D. Martin to discuss your unique situation.
Mortgage Payment Lawyer in Oklahoma City, OK
No one wants to have to resort to bankruptcy to solve their debt crisis, but in some cases it may be the best solution. With a top lawyer by your side during the bankruptcy process, you can expect to receive a variety of legal services to help you get through your situation. Though individuals who file for bankruptcy may experience initial disadvantages, in the long run it can be greatly beneficial. A lawyer from the Law Offices of Marty D. Martin is available to help you through your bankruptcy needs and assist you in determining your legal options. They are committed to being fully accessible to their clients so that they can get the results they need to achieve financial stability. They strive to be there for their clients and provide them the best possible legal assistance.
Should You File For Bankruptcy?
Filing for bankruptcy is a last resort solution for people struggling to pay off their debt, but it may be the most appropriate way to get on track for financial recovery. As an Oklahoma City, OK mortgage payment lawyer can tell you for example, if you file for a Chapter 13 bankruptcy you can have a few ways to modify your payment plan. Here are two common types of bankruptcy people file for:
- Chapter 7. This one of the most common types of personal bankruptcy, which doesn’t involve filing for a repayment plan.
- Chapter 13. This bankruptcy allows you to retain assets if you agree to following a debt repayment plan.
How Bankruptcy Affects Your Mortgage
For homeowners who are concerned about losing their home or property, filing for bankruptcy can trigger a temporary halt in the litigation process. A judge orders what is called an automatic stay, which prevents creditors from proceeding with collection efforts. This keeps foreclosures, repossessions, and evictions from occurring. There are limitations to automatic stays however, which a lawyer can explain.
Get Legal Assistance From a Top Lawyer
You can be rid of troublesome debt if you act quickly and seek help from a trusted bankruptcy lawyer. If you have questions and want to know if you should file for bankruptcy, schedule a free consultation with an experienced mortgage payment lawyer that Oklahoma City, OK relies on to discuss your next steps.