Do You Need Debt Relief?
Wirth Law Office – Wagoner is a law firm that helps people from Wagoner County, Oklahoma file for bankruptcy relief. Along with Wirth Law Office – Tulsa, we help people every day to erase their debts and get a debt-free start fresh.
Chapters for Bankruptcy (Gift and Savior)
The Gift – Chapter 7 Bankruptcy
The American legal system has a great gift for you. It’s called Chapter 7 of the bankruptcy act. It allows people to wipe out most, if not all, of their unsecured debts, while still keeping their most important property.
In fact, nearly every client whom Wirth Law Office has represented in a Chapter 7 bankruptcy has received a 100% discharge of their credit card debt, medical debt, repossession deficiencies, and more. This means that after the three to four month bankruptcy process they were virtually debt free. Moreover, they were able to keep their home, cars, retirement accounts, and household property, by simply reaffirming their mortgage or car loan.
Best of all, most people in need of debt relief qualify for Chapter 7 bankruptcy. Even those who don’t probably still qualify for Chapter 13 bankruptcy.
The Savior – Chapter 13 Bankruptcy
We call Chapter 13 bankruptcy the savior, for two reasons:
- Even if you don’t qualify for Chapter 7, you probably qualify for Chapter 13; and
- Chapter 13 can help you save your house and your car, even if you are severely delinquent on your mortgage and car payment.
Like a Chapter 7, when a Chapter 13 bankruptcy is filed, all collection activities (including calls, letters, garnishments, foreclosures, and lawsuits) must immediately stop. This freedom from collection activities, garnishments, and harassment continues throughout the Chapter 13 case, with limited exceptions.
Unlike a Chapter 7, a Chapter 13 bankruptcy lasts a period of three to five years, during which time payments are made to the bankruptcy trustee who distributes the funds to creditors based on a plan. The plan can incorporate the goal of getting caught up on your mortgage and car payment.
When the plan is completed, remaining unsecured debts can be discharged. Therefore, when a Chapter 13 is completed, you can be free of your credit card debt, medical bills and more, while still keeping your exempt property.
Many Reasons People Need to File
There are a multitude of reasons why people get into tough financial situations.
For some, it is due to unexpected health issues. Others have lost their jobs through layoffs or other circumstances.
Some people had credit card debt, but were in complete control of it until the credit card company tripled the interest rate or minimum payment.
Whatever the circumstances that have brought you here, bankruptcy may be the best answer to wipe away accumulated debt.
The Goal in Bankruptcy
Your goal in this process should be to wipe away all of your unsecured debts, such as your credit card debts, medical debts, and more, while retaining as much of your assets as possible.
In some instances, where you have more debt on an asset than it is worth, you may want to walk away from your car or house without any personal liability. This is possible through bankruptcy.
Want to Know your Options?
The bankruptcy lawyers at Wirth Law Office understand that bankruptcy is not the only option for those in financial distress. We are prepared to give you a free consultation that explains the various options and the likely results of each.
For instance, would you like to know what to expect and what your creditors might try if you do nothing? Would you like a comparison of the costs and benefits of bankruptcy versus credit counseling or debt settlement?
Wirth Law Office’s bankruptcy attorneys offer free consultations that can provide you with this information. Before you choose your course of action, talk to an experienced Oklahoma bankruptcy attorney.
Do I Qualify for Bankruptcy?
Most people do, and your answer to this question can be only moments away. A free 15- minute phone consultation with an Oklahoma bankruptcy attorney at the Wirth Law Office, can let you know what you qualify for, what the costs and procedures are, and much more.
Call 918-485-0335 now and ask for your free bankruptcy consultation.
For a free consultation with a Wagoner bankruptcy lawyer call 918-485-0335.
Or, as always, you may enter a legal question in the form at the top right of this page.