The bankruptcy process is a complex one that you need to decide before you file straight through carefully. An experienced lawyer in OKC will give you a hand from the time your debts will be discharged to the conclusion of the entire procedure. They will help you decide among the mazes of dizzying paperwork and choices, and they will be there at your side every step of the way.
At the start, the lawyer will be there to counsel you with the process and whether this will be the right move. They will look at your assets, debts, and liabilities, and they’ll help you decide whether the answer to all of your problems is bankruptcy.
This is a wiser approach, especially when trying to improve your current circumstances by taking a different way. For instance, some of your debts may not be eligible for protection when it comes to bankruptcy, and this may include student loans. A bankruptcy attorney OKC law firm Chris Mudd will help you see whether you will truly benefit from this move. If this appears to be the right step for you, they can compare chapter 13 or chapter 7 options.
Attorneys Examine your Overall Financial Situation
It would be best if you had someone who can guide you through a critical decision that you have to make. They will examine everything, including the assets that you may be risking, the total amount of debt you’ll be able to repay, and any other considerations.
Once you have a specific plan in mind, your lawyer will help you sort things out and prepare you for making critical decisions. For example, if you choose chapter 7, the lawyer will provide you with the best options that will help keep the assets that you don’t want to lose to your creditors.
If you decide to file on chapter 13, the lawyer can figure out the payment plan that you can afford for the long run. They can consider other aspects like how this will impact the loan co-signers and if you have filed one jointly with your spouse. These people understand the bankruptcy laws at a federal level, and they will have a thorough understanding of the situation you’re in.
Chapter 13 bankruptcy allows you to consolidate payments and reorganize all of your assets so you can avoid fines and late payment penalties. This can be done in a three or five-year plan to make things more affordable. If this is successfully done and you complied with the repayment plan approved by the court, every loan is discharged, and you’ll be able to keep what’s left of your assets, including your car and home. This can also allow you to pay a portion of the lawyers’ fees.
Chapter 7 allows the elimination of much-unsecured debt like credit cards and medical bills. You’ll be required to liquidate your assets aside from those covered by Oklahoma exemptions like work-related tools, home, car, and household furniture. Read more about Chapter 7 when you click here.
You should comply with the requirements so that they won’t be dismissed. These requirements may include but not limited to the following:
- Obey all others set by the court
- Make payments on time, especially if you filed for Chapter 13
- Appear in meetings for creditors and front of the trustee of the bankruptcy
- File the required forms and pay the fees
- You should be able to enroll within 180 days in a credit counseling class before you decide to file.
Why Should You Hire a Lawyer in the First Place?
Filing your bankruptcy may cost you some bundles or save you a few bucks. Here’s why
Many individuals have filed for bankruptcy without needing an attorney. In straightforward cases, you can represent yourself and save some fees. However, this may not be a good idea, especially if there are several valuable assets involved. Getting things done without a lawyer can cost you more.
Why is an Experts’ Help Worth it?
One of the biggest benefits you can gain from contacting an attorney in OKC is finding the roadblocks and hiccups that you may experience down the road, and they can make plans accordingly. Some of the samples that show that they provide value to a qualified client includes the following:
Planning the Things to Do
Consider Other Alternatives than Bankruptcy. You may not consider and exhaust all the other options to achieve the financial situation that you desire. Bankruptcy is not the only way for you to achieve peace. The qualified lawyers in OKC can suggest an alternative to your case to help you more in the long run.
Decide the Kind of Bankruptcy to File. Chapter 13 and Chapter 7 may achieve the same purpose, but they are done differently. As an example, Chapter 7 may wipe out many debts you have for a shorter time. However, it won’t help save your home if your assets are not enough and you are behind in paying your loans. A competent attorney will carefully assess these needs and wants, and they can help you achieve these goals on time. Read more about choosing the right attorney for your case in this link: https://www.thebalance.com/how-to-choose-a-bankruptcy-lawyer-4144666.
During the initial process and the proceedings, the attorneys will prepare the needed paperwork, and these may consist of documents that focus on your current loans, assets, revenues, and liabilities. Once the filing is done and everything is in motion, the lawyer can act as an essential guide that ensures that the necessary documents are filed. You should respond to the deadlines according to the stipulated time.
You may need to meet with your creditors, attend court hearings without excuses, and the lawyers will represent you to ensure your best interests. These experts will have better knowledge of procedures in court, and they know the trustees in OKC. The approach may be different from one region to another, but you should be able to get a successful outcome in general.
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