Low-Cost Bankruptcy Oklahoma City, OK
There are many people who think they can’t afford to file for bankruptcy because they believe it’s too expensive but a low-cost bankruptcy Oklahoma City, OK residents have had to face in the past, was not as terrible to go through when they had a good attorney. Having a good attorney may be able to help give people an opportunity to file, even if they don’t have much money.
We also offer payment plans so that you can pay for your bankruptcy over time. This makes it easier for people who have little or no income after paying their bills each month. It also helps people who want to keep their assets or property but need help getting out of debt.
What Is a Low Cost Bankruptcy?
A low-cost bankruptcy in Oklahoma City, OK is a bankruptcy that is less expensive to file than other types of bankruptcy. The reason for the lower cost is because the attorney fees are less, and in many cases, you can file without an attorney at all.
For example, if you have no property or debts that are secured by property and you have no income, then you can file for Chapter 7 on your own without an attorney. If your situation meets those requirements, then filing for Chapter 7 will be much cheaper than filing for Chapter 13 or Chapter 11 because there is no need for an attorney to advise you on how to proceed with your case.
If you cannot afford the fees, you may request an installment payment plan. You must pay the entire amount of the filing fee at one time, but if you cannot afford it in one payment, then the court will allow you to pay over time. You can also ask for a payment plan if you want to pay off your debts in small increments over time.
The fees are set by Congress and they change every year based on inflation rates. The fees are based on how much money they make from filing fees and other costs associated with administering bankruptcy cases.
Low-Cost Bankruptcy Options in Oklahoma City OK
Bankruptcy is a legal process that allows individuals and businesses to settle debts. There are several types of low-cost bankruptcies in Oklahoma City, OK but the most common are Chapter 7 and Chapter 13.
Chapter 7 (liquidation) bankruptcy involves liquidating assets to pay off creditors. In some cases, it may be possible to discharge some or all of your debt with this type of bankruptcy.
Chapter 13 (reorganization) bankruptcy reorganizes your debts into a payment plan that enables you to pay off your creditors over time.
Research Your Options
There are many different types of lawyers out there who specialize in helping people through their financial problems by filing for bankruptcy protection. It is important that you do your research before making any decisions so that you can find one who specializes in working with those who are on a tight budget.
When you turn to bankruptcy, your assets will be sold off in order to settle your debts. If there are assets that could satisfy your debts, then you may not want to file for bankruptcy. Bankruptcy is only one of the legal solutions available for troubled debtors in Oklahoma City. Contact Marty Martin Bankruptcy Law today to schedule your consultation!