Bankruptcy Attorneys in Lawton
If I File Will I Lose My Property?
Most Chapter 7 filers keep all of their property. OKLAHOMA BANKRUPTCY EXEMPTIONS allow you to keep your home, your vehicle(s): [$7500 of equity in 1 vehicle, plus an additional $7500. on a second vehicle for couples]. Oklahoma property exemptions also include furniture, clothing, household goods, electronics, tools, retirement accounts, wages, child support, alimony, benefits, wedding rings, bank accounts and more.
At Alexander Hilton & Associates, our goal is to help struggling individuals and families receive a fresh start. Established in 1990, we are fully prepared to assess your situation, determine whether bankruptcy is right for you, and to move quickly if necessary to protect assets from creditors. Chapter 7 and Chapter 13 stop wage garnishment, repossession, foreclosure and lawsuits instantly.
Types of Bankruptcy
At Alexander Hilton & Associates, we primarily assist clients with the two most common types of consumer bankruptcy: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy generally takes 3-6 months, from filing your petition to receiving a court-ordered debt discharge. With our assistance, you can achieve this discharge without losing your cars, retirement savings, bank accounts, house, home equity, or any other personal property. To qualify for Chapter 7, you must pass the means test, which compares your income to the median income for a household of your size in Oklahoma.
Chapter 13 bankruptcy takes longer than Chapter 7 because it involves a 3-5-year repayment plan. Although it requires you to make monthly payments to pay off a portion of your debt, it results in a court-ordered discharge of whatever debt remains after you complete your plan. Chapter 13 can be an effective alternative for those who cannot qualify for relief under Chapter 7.
Whether you file Chapter 7 or Chapter 13, you will benefit greatly from a court order called the automatic stay. The automatic stay prohibits your creditors and debt collectors from pursuing your debt in any way. As such, you will be free from lawsuits, wage garnishment, foreclosure, collection calls, and more for the duration of your case.
What Debt Will Bankruptcy Discharge?
Our Lawton bankruptcy lawyers have helped clients wipe out thousands of dollars of debt within just a few months or years.
Generally, bankruptcy can discharge your unsecured debt, such as:
- Medical debt
- Credit card debt
- Tax debts (if 3 years old or more
- Signature loans
- Auto Loans
- Repo Debt
- Unpaid rents
- Unpaid utility bills
- Personal loans (e.g. “payday loans”)
Non-dischargeable debts include: alimony, child support, criminal fines, student loans, drunk driving reparations, certain tax debts.
Because secured debts like mortgages and car loans are secured by collateral (e.g. your house or vehicle). Although a Chapter 7 Discharge will cancel your legal obligation to repay these debts, it will not necessarily prevent your lender from seizing that collateral if you are still behind on payments after your bankruptcy ends. For this reason, many people use Chapter 13 if they are behind on their mortgage or car payments. Chapter 13 provides 3-5 years of protection against foreclosure and repossession while the filer makes regular payments and catches up on arrears.
For more personalized information about what bankruptcy can do for your financial situation, call (405) 725-1441 or contact us online. We look forward to helping you free yourself from the burden of debt and navigate life after bankruptcy.
Representation from a law firm with one of the highest client satisfaction ratings in the state.
Personalized attention from start to finish.
Affordable Chapter 7 bankruptcy payment options.
Evening and weekend appointment availability.