For over 100 years, the Garrett family has been helping the people of Oklahoma find solutions to their legal issues as well as their financial problems. Especially in the current economy, hard-working individuals and families can find themselves under a mountain of debt or unpaid bills despite their best efforts to stay ahead. An unexpected illness or job loss or the death of a loved one is all it takes for years of careful planning to come crashing down. These problems rarely get better without some kind of plan to fix them, and they almost always get worse. There are steps you can take towards a brighter tomorrow. Our Tulsa bankruptcy attorneys have assisted countless citizens throughout Oklahoma find affordable debt relief through the bankruptcy process while providing effective financial planning to ensure a better future.
A Chapter 7 filing is often referred to as a “clean slate” bankruptcy and with good reason. If a consumer is eligible, our Tulsa Chapter 7 attorneys can help them to discharge previous debts and start again with virtually no debt and sometimes none at all.
Chapter 13 bankruptcy does not clear all consumer debt to the extent that Chapter 7 does, it is still an effective way of giving yourself breathing room and getting back on your feet. Our Tulsa Chapter 13 attorneys help people keep their houses and cars and discharge certain debts while reorganizing the rest under one payment plan.
If you are already carrying significant amounts of debts or are missing monthly bill payments, child support payments can be so onerous that they become a factor propelling you to file for either Chapter 7 or Chapter 13 bankruptcy. A Tulsa bankruptcy child support attorney at Garrett Law Center can help you find ways to free up income and settle debts in order for you to continue meeting child support payments and taking care of your children’s needs.
The idea of filing for bankruptcy can be scary for many people; it’s a misunderstood process with an unnecessary stigma. Our government created bankruptcy laws for the express purpose of helping its citizens who are in financial crisis. Walt Disney filed for bankruptcy. Donald Trump did as well. Bankruptcy helped them get out of temporary financial problems and create wildly successful futures from themselves. Perhaps filing for bankruptcy can work for you too.
In short, bankruptcy is a legal proceeding that gives an individual who simply cannot pay their debts an opportunity to begin anew. Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you may be able to eliminate or discharge most of your unsecured debts, such as credit card or medical bills. You may also be able to stop foreclosure on your home and repossession of your car and property by granting yourself time to catch up with back payments. Bankruptcy can also stop wage garnishment and stops creditor harassment immediately after you file.
Bankruptcy is a powerful tool, but it is not a cure-all, nor is it the right move for everyone. Car loans and home mortgages often cannot be discharged, although you can create a plan to pay over time. Consulting with an experienced bankruptcy attorney is the first step anyone considering filing for bankruptcy should take.
Most people file for either Chapter 7 or Chapter 13 bankruptcy. You can file for either type as an individual or jointly as a married couple, and it is wise to meet with an experienced bankruptcy attorney before deciding which option will be best for you and your family.
Chapter 7 bankruptcy is often referred to as “clean slate bankruptcy” or “straight bankruptcy.” In Chapter 7 bankruptcy, your debts are discharged in exchange for giving up “non-exempt” property, which often does not include your car, your house or most of your possessions. If there is a property determined to be non-exempt, it is sold and the proceeds are distributed to creditors. The rest of your dischargeable debts are simply wiped away. While Chapter 7 is generally the most forgiving of all bankruptcy filings, it is also the most difficult to qualify for. If your monthly disposable income is above a certain amount, you may be deemed ineligible.
Chapter 13 bankruptcy is a reorganization of debts and can be just as beneficial to an individual as a Chapter 7 filing. A skilled bankruptcy attorney can help you develop a plan to pay off your past due and current debts over a three-to-five year span. All of your debts are organized under one plan so that you do not have to deal with each creditor’s individual harassment and terms. Some creditors will be paid in full, but often, credit card and medical bills can be discharged completely. If you own your home and are in danger of foreclosure, are behind on debt payments but are capable of becoming current with financial planning and have too much income to be eligible for a Chapter 7 filing, a Chapter 13 bankruptcy filing can be a powerful tool to restore you to financial health.
Many people file for bankruptcy because it gives them the ability to keep their home or car even if they have fallen behind on their payments. A Chapter 13 bankruptcy does not discharge all debts, but it does allow an individual to keep their car or home while developing a plan to pay the debts over three to five years. Even if you have given a creditor a mortgage or lien on your property, there are steps you can take. You can arrange a payment plan that satisfies the debt, or you can pay the amount your property is worth to the creditor.
If you are in a position where filing for bankruptcy is a good option, your credit may already be in poor shape. Filing for bankruptcy will probably not make things worse, and it may the first step in changing your credit score for the better in the future. Filing for bankruptcy does appear on your credit report for several years, but since you have discharged your debt, you can be in a better position to pay your bills and get new credit faster than you might think. Many people are able to buy cars and houses and secure loans after discharging old debts in bankruptcy.
We help & protect individuals in today’s dynamic world. Whether we protect their civil rights or seek the legal justice, we are people’s lawyer, not corporations.
Our advice & efforts cause a huge difference in our client’s lives. We take a very aggressive stance in even the most difficult cases to fight for your justice & honor.