Looking to Get Out of Debt?
Are you overwhelmed by debt and haunted by debt collectors? It doesn’t have to stay that way. You can get on the road to financial recovery by filing for bankruptcy. Whether you are just considering bankruptcy or ready to file, a Chickasha bankruptcy attorney at Wirth Law Office can give you guidance. Your debt may seem unmanageable or insurmountable, but you can find freedom with bankruptcy.
Why File For Bankruptcy?
There are many reasons for filing for bankruptcy. Any number of financial hardships can cause someone to turn to bankruptcy in Oklahoma. Some examples are job loss, foreclosure, medical debts, and past-due loans. Filing for bankruptcy halts collection attempts from aggressive debt collectors. It also halts foreclosures and wage garnishments. It can even freeze pending lawsuits. If you want to escape the debt trap, bankruptcy could be the answer. Consult with a bankruptcy attorney in Chickasha at Wirth Law Office for information about filing bankruptcy in Oklahoma.
How Can Bankruptcy Help Me?
There are two main types of bankruptcy in Oklahoma. The first is Chapter 7. It is the most common form. It is also the simplest and quickest form. Some advantages of Chapter 7 bankruptcy are:
- Eliminating your debts, including medical bills, credit cards, business debts, repossession deficiencies, and foreclosure deficiencies
- Keeping your home as long as you keep up with payments
- Keeping your vehicle as long as you keep up with payments
- Immediate protection against wage garnishment
- Restructuring your budget to pay debts not covered by Chapter 7 (student loans, back taxes, alimony, and child support)
The second main type of bankruptcy in Oklahoma is Chapter 13. It takes longer than Chapter 7, but there are no qualifications. Unlike Chapter 7, it restructures debt instead of eliminating it. Some advantages of Chapter 13 bankruptcy are:
- Reduction of debts
- Keeping your home, even if you have defaulted on mortgage payments
- Keeping your home, even if it is in foreclosure
- Immediate protection against wage garnishment
- Keeping your vehicle, even if you are behind on payments
- Discharging some of your unsecured debts, including medical bills, credit cards, business debts, repossession deficiencies, and foreclosure deficiencies through an affordable payment plan
Am I Eligible to File For Bankruptcy?
In 2005, Congress passed the Bankruptcy Abuse Protection and Consumer Protection Act. It requires Oklahoma bankruptcy courts to take a detailed look at your income levels and your ability to repay debts. In order to be eligible to file for Chapter 7 bankruptcy in Oklahoma, your income must be less than the state’s median, which is currently $48,528 for a single-person household. It is $63,012 for a two-person household, $67,362 for a three-person household, and $78,458 for a four-person household. If you do not qualify for Chapter 7 bankruptcy, you may still be eligible for Chapter 13. Even if you have a misdemeanor or felony on your record, you could still qualify for Chapter 7 or Chapter 13 bankruptcy in Chickasha.
How Do I File For Bankruptcy?
Do you want to escape the cycle of constant borrowing, late penalties, and pushy debt collectors? The Chickasha bankruptcy attorneys at Wirth Law Office know how to navigate the treacherous path of federal bankruptcy court. We have a detailed understanding of bankruptcy codes and processes. If you have filed for bankruptcy before, there is a waiting period before you can apply again. For Chapter 7, it is 8 years. For Chapter 13, it is 6 years.
Whether or not this is your first time applying, you must take a course in credit counseling and debtor education sessions. These are designed to prepare you for a better financial future. The process of filing for Chapter 7 bankruptcy takes about 3-4 months. Chapter 13, on the other hand, can take 3-5 years. If you aren’t quite ready to file for bankruptcy, there are alternatives that you may prefer. You could get credit counseling, negotiate agreements with creditors, combat illegal debt collection practices, and restructure your budget.
Low-cost Consultation with Chickasha Bankruptcy Attorney
Are you tired of being inundated with debt? Are you ready to have a clean slate? The knowledgeable and experienced Chickasha bankruptcy attorneys at Wirth Law Office are ready to answer your questions. Whether you are filing for bankruptcy, exploring bankruptcy alternatives, or working through credit-related issues, we can ease your worries and offer advice. For a free consultation, call us at (405) 272-4100 or fill out the form at the top of this page.