Bankruptcy Attorneys in Moore
Living with crushing debt is overwhelming in more ways than one. Fortunately, the U.S. Bankruptcy Code may have a solution—and our job at Alexander Hilton & Associates is to help you take full advantage of those laws.
Bankruptcy is a court-administered form of debt relief. When you file your petition, you benefit from the automatic stay, a court order telling creditors and debt collectors to cease all collection activities. You are then free from calls, letters, lawsuits, foreclosure, repossession, wage garnishment, and more for the duration of your case. Depending on which type of bankruptcy you choose, you might receive a debt discharge after a liquidation process or after a 3-5-year repayment plan.
Whether you are unable to make ends meet or your debt is simply too high to ever repay in full, our Moore bankruptcy lawyers are here to help you understand your options and rights. With our team on your side, financial freedom could be just around the corner.
Chapter 7 Bankruptcy
Chapter 7, also called liquidation or straight bankruptcy, requires the bankruptcy trustee to seize your nonexempt assets, sell them, and give the funds to your creditors. While this process sounds intimidating, the truth is that most Chapter 7 filers can protect most or all their assets through state or federal exemption laws. A bankruptcy exemption is an asset or level of equity that you can legally shield from liquidation.
Once this process is complete, the court will discharge any remaining unsecured debt (e.g. credit card debt, utility bills, medical bills, payday loans, etc.). A debt discharge is the elimination of your liability for that debt, which means you are no longer legally obligated to pay it, and debt collectors can no longer contact you or take you to court.
To qualify for Chapter 7, you typically must make less than your state’s median income for a household of your size. However, you may still qualify if you make more than the median, but you will need to complete more complex calculations involving your assets and expenses. This is called the means test, and our attorneys can help you determine whether you are eligible and whether Chapter 7 is the right answer to your financial challenges.
Chapter 13 Bankruptcy
Chapter 13 does not liquidate your assets. Instead, you will make monthly payments to the bankruptcy trustee for 3-5 years. The trustee then redistributes these payments to your creditors.
Fortunately, your monthly payment is dictated by your income and expenses, rather than the amount of money you owe. If you have a steady income, therefore, Chapter 13 is likely a viable option. Like Chapter 7, Chapter 13 results in a debt discharge of remaining unsecured debt, but you must complete your 3-5-year plan before this discharge.
Chapter 13 is a solution for debtors who cannot qualify for Chapter 7 or would lose their assets through the Chapter 7 liquidation process. Many debtors use Chapter 13 to rescue their homes from foreclosure, as the automatic stay prevents or suspends the foreclosure process, and the debtor can use the 3-5 years to make regular payments and catch up on arrears. Some Chapter 13 filers even benefit from a mortgage cramdown, in which the court reduces what you owe to the property’s fair market value.
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.
Our Other Bankruptcy Services
At Alexander Hilton & Associates, our Moore bankruptcy attorneys provide more than just filing assistance.
We also help with:
- Life after bankruptcy
- Credit repair
- Creditor harassment
- Bankruptcy alternatives
- Foreclosure and repossession defense
- Wage garnishment defense
Essentially, our goal is to help you overcome your financial crisis by any means necessary. We can assure you that you have more options than you believe, and we can help you determine which option will most efficiently and effectively accomplish your goals.