Bankruptcy Attorney Helping Clients in Oklahoma
Preparing to file bankruptcy is not as easy as filling out a form and mailing it in. There are different chapters of bankruptcy with the most common being a Chapter 7 or Chapter 13 bankruptcy. Which chapter would best meet your needs? Which Chapter, if any, do you qualify for? The Law Office of Drew Nichols are efficient and thorough. His office prides itself on being personally available to his clients. Attorney Drew Nichols will take care of your worries and attempt to alleviate the stress and tension that comes with the decision to seek and file a bankruptcy action.
The Benefits of Bankruptcy
The many benefits of bankruptcy can include:
- Stopping creditor harassment
- Stopping wage garnishments
- Stopping bank levies
- Discharging most unsecured debts
- Helping you save your home from foreclosure
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy or liquidation bankruptcy allows qualifying debtors to discharge the majority of their unsecured debt such as credit card balances, medical bills, personal loans and certain taxes. A Chapter 7 bankruptcy eliminates unsecured debts while allowing debtors to typically protect all of their property through state law exemptions.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy allows a debtor to discharge their debts after paying on a repayment plan over a certain time period. Debtors can typically protect all of their property through state law exemptions as in a Chapter 7. The payments are generally based on what the debtor can afford after considering all allowable monthly expenses and the creditors are required to accept that amount. A debtor is typically only required to pay back a portion of their total debt. After the repayment plan is concluded the remaining unsecured debt is discharged.
Saving Your Home
Clients worried about saving their home have several options in bankruptcy that The Law Offices of Drew Nichols will be glad to discuss. Upon filing for bankruptcy, an automatic stay goes into effect, which requires all foreclosure actions on a property to be temporarily stopped. In a Chapter 13 bankruptcy, debtors would be allowed to pay back arrearages on their home over a certain period of time. Should the debtor complete this repayment plan and stay current on their home throughout the repayment timeframe, the debtor will be able to keep their home regardless of the bank's intentions to foreclose.
Deciding to declare bankruptcy is one of the hardest decisions you will ever have to make. Call now to speak with a lawyer and find out if you qualify for a bankruptcy filing. For a confidential and free initial consultation, call The Law Offices of Drew Nichols at 866-636-2486 or send an e-mail. Attorney Nichols has two offices in Oklahoma, in Norman and Wewoka.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
