Debt is something many people have a difficult time overcoming. When you are getting constant threatening calls and letters, it can be stressful. If you are dealing with this degree of debt, it is important you do all you can to get out of the situation. Avoiding the phone calls and letters will not make the problems go away. It is important you contact your creditors and do all you can to make arrangements for handling your debt. If you are unsuccessful, you can get help from the Bankruptcy Attorney in Oklahoma City. Through the help of an attorney, you can learn more about your rights for filing bankruptcy and overcoming your debt.
There are two main options you have when filing for bankruptcy. The first option is chapter 7, and requires all of your assets to be sold. You are allowed to keep your home, furniture, clothing and your car. Your assets are sold through a trustee that is put in charge of your case. This liquidation of your property allows your debts to be reduced as much as possible. Your bankruptcy trustee will work with your creditors and will absolve some of your debts for you. This entire process is finished within six months, depending on the debts you owe.
You also have the option of filing for chapter 13. Through this type of bankruptcy, you will not be required to give up any assets you own. Your Bankruptcy Attorney in Oklahoma City will file your bankruptcy, listing all of the debts you owe. It is imperative each debt is listed, or you will be held responsible for the debt and can be taken to court or have your wages garnished. Based on your monthly income, a payment amount will be ordered. You will make this payment each month to the court and it will be paid out to each of the creditors you owe. This takes two to five years to be finished.
No matter which bankruptcy option you choose, your attorney will help you. They can assist you through the entire process, so you can finally be rid of your debt. Contact the Cain Law Office in Oklahoma City and schedule a consultation appointment so you can learn how they can help you.