Are you struggling under the weight of overwhelming debt? Feeling trapped, stressed, and unsure where to turn? You’re not alone. Every year, countless Edmond residents face financial hardship due to job loss, medical bills, divorce, or other unexpected challenges. But there’s hope on the horizon. Filing for bankruptcy may be the lifeline you need to break free from the burden of debt and start fresh.

At Convenient Bankruptcy, our Edmond, OK bankruptcy attorneys realize how scary bankruptcy can be. However, there is a lot of misinformation out there. You won’t necessarily lose your car or your home, and it won’t tank your credit for years. In fact, filing for bankruptcy might actually help you improve your financial future because it gives you a way out of crushing debt.

You deserve to be free from the constant stress of collection calls, overdue notices, and mounting bills. Filing for bankruptcy is not an ending but a beginning – the start of a new chapter in your financial story. With the right support and legal guidance, you can rebuild your credit, establish healthy financial habits, and create a brighter future for you and your family.

Types of Bankruptcy: Understanding Your Options

The decision to file for bankruptcy is not one to be made lightly. It’s a significant step that requires careful consideration and guidance from a knowledgeable Edmond bankruptcy attorney. However, it can be the best decision for those who feel trapped and suffocated by their financial situation.

One of the first steps in the bankruptcy process is determining which type of bankruptcy is right for your unique situation. For most individuals and families, there are two primary options:

Chapter 7 Bankruptcy: A Fresh Start

Chapter 7 bankruptcy, or “liquidation” bankruptcy, is designed to wipe out most of your unsecured debts, such as credit card balances, medical bills, and personal loans. In exchange, you may have to sell some of your assets to repay creditors. However, many of your most important assets, like your home, car, and retirement accounts, may be protected under Oklahoma’s exemption laws.

Chapter 7 bankruptcy works well for individuals with limited income and few assets. If you qualify, you could see your eligible debts discharged within months, giving you a true financial fresh start.

Chapter 13 Bankruptcy: Breathing Room

If you want to protect your assets but find a way to get out of debt, Chapter 13 bankruptcy may be a better fit. Under this type of bankruptcy, you can restructure your debts and pick a plan to repay a portion of your debts over a three-to-five-year period. You’ll make a fixed monthly payment and get back on track.

Chapter 13 offers several key benefits. Filing for Chapter 13 bankruptcy triggers an automatic stay, which halts all collection actions, including foreclosure proceedings. This stay gives you time to create a repayment plan and negotiate with your mortgage lender. Under certain circumstances, Chapter 13 bankruptcy may also enable you to strip off or “cram down” junior liens, such as second mortgages or home equity lines of credit. This can reduce the total amount you owe on your home and make it more affordable to keep.

Rebuilding Your Credit After Bankruptcy

One of the most common concerns we hear from clients is the fear that bankruptcy will devastate their credit forever. While it’s true that a bankruptcy filing stays on your credit report for up to ten years, the impact is not as dire as you might think. In fact, many people see their credit scores improve in the months and years after bankruptcy, as the slate is wiped clean of delinquent accounts and collection actions.

With time, patience, and a commitment to financial health, you can overcome the temporary setback of bankruptcy and pave the way to a brighter credit future.

Guidance & Support Through Bankruptcy in Edmond, OK

Determining the right type of bankruptcy for your unique situation is a critical decision that requires careful consideration and guidance from a knowledgeable bankruptcy law firm in Edmond. While Chapter 7 and Chapter 13 are the most common options for individuals, each has its own benefits, drawbacks, and eligibility requirements.

When you meet with the lawyers at the Edmond bankruptcy law firm, we will take the time to assess your financial circumstances, listen to your goals and concerns, and help you weigh your options. We’ll examine your income, assets and debts, and overall financial goals.

Ultimately, the decision between Chapter 7 and Chapter 13 bankruptcy is a personal one. What works for one person may not be the best solution for another. That’s why you must work closely with an experienced bankruptcy lawyer in Edmond who can provide personalized guidance tailored to your unique needs.

Contact Our Bankruptcy Lawyers

Filing for bankruptcy is a major decision, but you don’t have to make it alone. As your bankruptcy lawyers, we can help you get through this difficult time while protecting what you value most.

Our law firm is dedicated to helping individuals and families throughout Edmond and Oklahoma County achieve financial freedom. Remember, financial struggles are nothing to be ashamed of. Life’s curveballs can knock even the most responsible person off course. By considering bankruptcy, you’re taking a brave step toward a better tomorrow.

If you’re ready to break free from the burden of debt and reclaim your financial future, call us at 405-296-0059 or schedule a consultation with Convenient Bankruptcy today. Your path to a fresh start begins now.