Are creditors hounding you day and night? Are you worried that you’ll lose your home through foreclosure or get your car repossessed? If so, you may want to consider filing for bankruptcy.

Many people in Lawton, Oklahoma, face similar challenges, and the thought of filing for bankruptcy can be scary. You might be worried about the impact on your credit, the possibility of losing your home or car, and the uncertainty of what lies ahead. However, with the right guidance and support from a skilled Lawton bankruptcy attorney, you can navigate this difficult time and emerge with a fresh start.

The Importance of Working with a Lawton, OK Bankruptcy Lawyer

Filing for bankruptcy is a complex process that involves numerous legal requirements and deadlines. Attempting to handle it on your own can be overwhelming and may even lead to costly mistakes. That’s where our Lawton bankruptcy law firm comes in.

An experienced lawyer at Convenient Bankruptcy can:

• Evaluate your financial situation and help you determine if bankruptcy is the right choice for you.
• Explain the differences between Chapter 7 and Chapter 13 bankruptcy and recommend the best option based on your unique circumstances.
• Guide you through the paperwork and ensure all necessary documents are filed correctly and on time.
• Represent you in court and communicate with creditors on your behalf.
• Provide advice on rebuilding your credit and creating a sustainable financial plan for the future.

Understanding Chapter 7 and Chapter 13 Bankruptcy

When considering bankruptcy, you’ll typically have two main options: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, often called “liquidation” bankruptcy, is a powerful tool for those seeking relief from overwhelming unsecured debts, such as credit card balances and medical bills. This type of bankruptcy allows you to discharge these debts completely in as little as 3-6 months.

To qualify for Chapter 7 bankruptcy, you must pass a means test. This test assesses your income and expenses to determine whether you have sufficient disposable income to repay a portion of your debts. If your income is below the state median or if you have limited disposable income, you may be eligible for Chapter 7.

One of the concerns many people have when considering Chapter 7 bankruptcy is the potential loss of assets. While it’s true that some assets may be sold to pay off creditors, many essential items are exempt under Oklahoma law. These exemptions are designed to protect your basic necessities, such as your primary residence, a vehicle, household goods, and personal items. Your bankruptcy attorney in Lawton will thoroughly review your assets and help you understand which items are protected and which may be subject to liquidation.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is different from Chapter 7 because it allows you to keep your assets. When you file for Chapter 13 bankruptcy, your bankruptcy lawyer in Lawton will restructure your debts and create a structured repayment plan through which you’ll pay off a portion of your debts for three to five years.

One of the primary advantages of Chapter 13 bankruptcy is that it enables you to keep your property, including your home and car, as long as you continue making payments according to the terms of your repayment plan. This can be especially beneficial if you’ve fallen behind on your mortgage or car payments and want to catch up without losing these essential assets.

To qualify for Chapter 13 bankruptcy, you must have a reliable source of income that allows you to make regular payments towards your debts. Your Lawton bankruptcy lawyer will work with you to create a feasible repayment plan considering your income, expenses, and outstanding debts.

Frequently Asked Questions About Bankruptcy in Lawton

Q: Will I lose my house or car if I file for bankruptcy?

A: In many cases, you can keep your home and car when filing for bankruptcy. Your bankruptcy attorney will help you understand the exemptions available in Oklahoma and work to protect your essential assets.

Q: How long does bankruptcy stay on my credit report?

A:  A Chapter 7 bankruptcy typically remains on your credit report for ten years, while a Chapter 13 bankruptcy stays on your report for seven years. However, the impact on your credit will lessen over time, and you can start rebuilding your credit immediately after filing.

Q: Can I get rid of all my debts through bankruptcy?

A: While bankruptcy can eliminate many types of unsecured debts, some debts, such as student loans, child support, and most tax debts, are generally not dischargeable.

Contact Our Lawton Bankruptcy Attorneys Today

At Convenient Bankruptcy, we understand the fear and uncertainty of considering bankruptcy. Our experienced and compassionate Lawton bankruptcy attorneys will guide you through the process, ensuring you understand your options and make informed decisions. We’ll work tirelessly to protect your rights and help you navigate the complex legal system.

Don’t let the fear of the unknown keep you trapped in a cycle of debt. Take the first step towards financial freedom by contacting our law firm today. Schedule a confidential consultation to discuss your unique situation and learn how we can help you get back on track. Remember, you don’t have to face this challenge alone.

If you’re one of the countless individuals in Lawton or elsewhere in Comanche County grappling with financial hardship, know that you’re not alone. Call us at 405-639-2099. Just like you, many others have faced seemingly hopeless situations, but with the proper guidance and support, they’ve managed to transform their lives and secure a brighter future.