Affiliated Legal Services, Inc.
Stop Foreclosure, Lawsuits, Auto Repossessions And Harassing Creditors
At Affiliated Legal Services, Inc., we use extensive experience to help our clients put an end to worry, take control of their lives and get out of debt. To do so, we guide them through the bankruptcy process, helping them file for personal bankruptcy as quickly and cost-effectively as possible.
There are two common types of personal bankruptcy, which help individuals get relief from overwhelming credit card debt, taxes, medical debt and student loans:
Chapter 7 bankruptcy is often referred to as liquidation bankruptcy because its main purpose is to discharge most kinds of debts.
Chapter 13 bankruptcy is often referred to as debt reorganization because it reorganizes your debt into manageable payments, which are made over a series of months or years.
Additionally, there are aspects of bankruptcy that individuals might have questions about. We encourage you to visit the other pages of our site to learn more about the process, or schedule a free consultation with an attorney at our office.
Bankruptcy and divorce
Secured versus unsecured debt
Credit card debt
Differences between Chapter 7 and Chapter 13
Qualifying For Bankruptcy In Oklahoma City
Not every type of bankruptcy is right for everyone. In order to qualify for Chapter 7, you must pass a "means test" that weighs your income against the median income for a household of your size in Oklahoma. If your income is less than the median, you are eligible. If your income is more than the median, certain allowances can be made for your expenses to see if you still may qualify.
If you do not qualify for Chapter 7, you may still qualify for Chapter 13. Chapter 13 bankruptcy applies when your income exceeds your monthly personal overhead to the extent that you are able to repay some portion of the debt. In order to qualify for Chapter 13, you must prove that you have a regular source of income, which can be a job, Social Security payments or even regular payments from a trust or pension.
What To Expect After Bankruptcy
Bankruptcy puts an end to creditor harassment. Clients who have filed for bankruptcy can expect to receive fewer calls from creditors. In fact, when creditors know that you are represented by an attorney, the law prevents them from contacting you directly. Instead, they must contact your lawyer directly.
Bankruptcy also stops foreclosure, repossession of your vehicles and wage garnishment. Filing for bankruptcy creates what is called an "automatic stay," which immediately stops actions being taken against you. Instead of having to face these consequences alone, legal proceedings related to your mortgage, auto loan debt and other forms of debt are rolled into the bankruptcy proceeding. You and your attorney then tackle them together with the law on your side.
Bankruptcy affects your credit, but only for a limited time. Filing for bankruptcy affects your credit for about two years. Your credit report places more weight on things that have happened recently than things that have happened in the past, so credit is easily rebuilt if you are making car and house payments on time.
Contact An Oklahoma County Chapter 7 And Chapter 13 Bankruptcy Lawyer
Wipe out debt. Take control of your finances and move forward toward a fresh start. Call Affiliated Legal Services, Inc., at 405-605-3704 or contact us online for a free and confidential initial consultation with an Oklahoma City bankruptcy law lawyer. Evening and weekend hours are available by request.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.