Starting Over With a Clean Slate
Do debt and debt collectors cause you to stress? Do you feel like you can’t escape them? The good news is, you can. If you’re ready to start over with a clean slate with your finances, you can file for bankruptcy. You may be just considering it, or maybe you’re ready to move forward. Either way, an Oklahoma bankruptcy attorney at Wirth Law Office ⎼ Nowata can guide you through the process. Even if your debt overwhelms you, you can find freedom.
Reasons to File for Bankruptcy
People have a variety of reasons for filing for bankruptcy. There are many kinds of financial hardships that may lead someone to consider bankruptcy in Oklahoma. These include medical debts, job loss, foreclosure, and past-due loans. You will no longer receive harassing calls from aggressive debt collectors while you are filing for bankruptcy. You also won’t have to worry about foreclosures, pending lawsuits, and wage garnishments.
All of these things are halted until you have finished filing for bankruptcy. It’s easy to get trapped in a web of debt, but you don’t have to stay stuck there. Bankruptcy could be your way out. Consult with a bankruptcy attorney in Nowata at Wirth Law Office in order to understand your options.
The Benefits of Bankruptcy
The first thing that comes to mind when you think of bankruptcy probably isn’t freedom. However, it’s important to know that bankruptcy is not necessarily giving up. It doesn’t have to mean defeat. Instead, you could be like a phoenix rising from the ashes. You can get a fresh start.
There are two main types of bankruptcy in Oklahoma: Chapter 7 and Chapter 13. They each have different time frames and requirements. Chapter 7 is a primarily income-based form of bankruptcy. Chapter 13 has no prerequisites, but it takes longer and does not eliminate all of your debt. Either of these options can help you become more financially responsible.
Qualifying For Bankruptcy
Back in 2005, Congress passed the Bankruptcy Abuse Protection and Consumer Protection Act. Because of that, Oklahoma bankruptcy courts must take an in-depth look at your income and your ability to repay debts.
Unlike Chapter 13 bankruptcy, Chapter 7 bankruptcy has qualifications. To be eligible to file for Chapter 7 bankruptcy in Oklahoma, your income must be less than the state’s median per household size.
Even if you don’t qualify for Chapter 7 bankruptcy, you can still file for Chapter 13 bankruptcy. In Nowata, you might still qualify for Chapter 7 or Chapter 13 bankruptcy even if you have a misdemeanor or felony on your record.
Filing for Bankruptcy
Borrowing money seems like a good idea until you can’t pay it back on time. Then you face penalties, debt collectors, and the endless cycle of borrowing from one person to pay off another. If you’re ready to break the cycle, the Nowata bankruptcy attorneys at Wirth Law Office understand the inner workings of bankruptcy law. We can help you navigate what you consider unknown territory.
If you are familiar with bankruptcy because you have filed before, it’s important to know that there is a waiting period. If you filed for Chapter 7 bankruptcy, you must wait 8 years before you can file again, even if you meet the other qualifications. If you filed for Chapter 13 bankruptcy, you have to wait 6 years.
One requirement when filing for bankruptcy in Oklahoma is that you must take a course in credit counseling, along with debtor education sessions. Their purpose is to train you to handle your finances better in the future.
Chapter 7 and Chapter 13 bankruptcy have a vast difference in the time frame. Filing for Chapter 7 bankruptcy in Oklahoma takes an average of 3-4 months. However, filing for Chapter 13 may take as many as 3-5 years.
If you are unwilling or unable to take that time, there are alternatives to bankruptcy that could benefit you just as well. You can get credit counseling, combat illegal debt collection practices, negotiate agreements with creditors, and restructure your budget.
Free Consultation with a Nowata Bankruptcy Attorney
If you’re ready to say goodbye to your debt and hello to a better financial future, the skilled Nowata bankruptcy attorneys at Wirth Law Office can show you the way. If you’re ready to file for bankruptcy, still exploring your options, or dealing with other credit-related problems, let Wirth Law Office bankruptcy attorneys help ease your worries with their expert advice. For a free consultation, call (918) 932-2872 or fill out the form at the top of this page.