Filing Bankruptcy On a Budget

There’s nothing more unpleasant than getting hit with a barrage of angry letters or non-stop calls from collection agencies and credit card companies. If you’ve lost your job or other circumstances have created mounting bills you can’t hope to pay, filing bankruptcy may be a necessary step on the road to financial recovery. At the Oklahoma City law office of Christopher A. Wood, we’ll assess your financial situation and identify the legal options available to you – and put an end to harassing calls with quality service that fits your budget.

Get the information you need to protect your future and start over again – contact Oklahoma City Bankruptcy lawyer Christopher A. Wood today. Whether you live in Moore, Edmond, Warr Acres, Yukon, or Woodlawn Park and other OKC surrounding areas, we can help you get the debt relief you need to take control again. Discreet and confidential, we provide free consultations to answer any questions you might have regarding Chapter 7 or Chapter 13 Bankruptcy.

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What is Chapter 7 Bankruptcy?

In essence, Chapter 7 Bankruptcy allows individuals to erase their debt and get a “fresh start.” Debt related to credit cards, certain kinds of loans, as well as unsecured bills, will be eliminated. However, debts related to taxes, child support or alimony, as well as student loans, cannot be wiped out by filing for Chapter 7 bankruptcy. And, while it is possible to keep your home and car after filing for Chapter 7, should you choose to do so you will be required to continue making payments on them. Click here to learn more about Chapter 7 Bankruptcy.

Understanding What Declaring Bankruptcy Means

Since bankruptcy laws have changed, it is now more important than ever that those filing for bankruptcy fully understand the expectations and legal obligations placed on them. Not only must you meet a certain income requirement but how your debt is restructured and relieved has changed as well. As your lawyer, Chris makes sure you understand what you face financially and what you can expect as a result of declaring bankruptcy.

Put an End to the Worry and Harassment Today

Once you hire Christopher A. Wood as your lawyer, our office immediately contacts your creditors and informs them that any communication between them and you must come through our office. Not only will we put an end to harassing phone calls and stern letters but protect your rights as well. Christopher A. Wood & Associates charges a flat fee of $1,500 for a Chapter 7 bankruptcy, which includes court costs and required class fees. 

Our law office is one of the only offices in OKC to offer payment plans. We strive to make the Bankruptcy process as simple and straight-forward as possible. 

Whether you live in Oklahoma County, Logan County, Cleveland County, Grady County, or El Reno County, we can help you take control again.

Contact us now to get your questions answered.

Call us today at 405-525-5005

Want to save your house, car or other asset? Learn more about Chapter 13 Bankruptcy below.

Chapter 13 Bankruptcy

Taking control of spiralling debt may require a reorganization of your loans and financial commitments. At the Oklahoma City law office of Christopher A. Wood, we’ve helped hundreds of people avoid foreclosure on their home by filing for Chapter 13 bankruptcy. With over 20 years of legal experience, Christopher A. Wood works closely with clients to restructure debt, stop harassment from creditors and bill collectors, and ensure client compliance with the terms of their debt relief. Click here to learn more about a Chapter 13 bankruptcy.

For more information regarding the options available to you, contact Oklahoma City Bankruptcy lawyer Christopher A. Wood today. We can help you file in Oklahoma County, Logan County, Cleveland County, Grady County, or El Reno County and more. To learn more about what we can do for you, schedule a free consultation with our office today – we’ll get you started back on the road to financial recovery.

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Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a restructuring of a person’s debt instead of an elimination of it (as in Chapter 7). In order to be eligible you must have a steady income from work, as well as additional disposable income. Chapter 13 allows a person to keep their home, car, or other kinds of property by reorganizing the debt owed on them according to a payment plan scheduled over a 3 to 5 year period. Chapter 13 can be used to not only avoid foreclosure on a home but to pay back taxes and any missed payments on a car or home loan.

Answers to Common Bankruptcy Questions

Debt and Bankruptcy

What type of bankruptcy eliminates all debt?

Both a Chapter 7 and Chapter 13 eliminate all debt that can be discharged in a bankruptcy. 

Debt that will not go away with any type of bankruptcy is student loan debt, criminal fines and penalties, and tax debt less than 3 years old.

Are medical bills discharged in a Chapter 7 bankruptcy?

Yes, medical bills are a frequent cause of bankruptcy and can be discharged when you file.

Can judgments be discharged? 

Yes, judgments can be discharged in a bankruptcy.

Filing Bankruptcy

Can I file for bankruptcy without an attorney?

You can file bankruptcy without an attorney, but there is a very important reason you’ll want one. Bankruptcy paperwork is extremely complicated. Lawyers often use high-cost computer programs to complete this paperwork. The cost of filing bankruptcy with an attorney is less than what these programs cost to do it yourself. The programs themselves are often highly complicated. This is why lawyers and judges discourage filing bankruptcy on your own.

Can you file bankruptcy online?

While it’s not possible to file online without an attorney because of the necessary credentials with the court system, we do offer a 100% virtual experience at this time. It is not currently required that you attend meetings in-person. We will update this if that changes.

What is an emergency filing?

Our goal as a firm is to get all the information and paperwork needed from you so we can file your bankruptcy as soon as possible. In the event that information is not available, we can file an emergency bankruptcy to stop garnishment or a sheriff’s sale in certain circumstances.

Assets and Bankruptcy

How long can I stay in my home after bankruptcy?

If you’re paying for it, you can stay there for good. If you’re in foreclosure and you file bankruptcy, the mortgage company will get a notice and we often see people have 30-45 days. Depending on where the foreclosure is, the whole process can take 3 months, so a bankruptcy often adds 30-45 days to that.

If you file a chapter 13 bankruptcy you can restructure any past due payments over a five year period to keep your house and stop the foreclosure.

How much cash is exempt in a bankruptcy? 

Cash itself is not exempt. The bankruptcy court is able to see what cash you take out from the bank and will ask for it back. Any cash withdrawals over $500 would have to be explained, for example, if they were to pay rent. 

Life After Bankruptcy

How do I know if my bankruptcy case is closed?

Bankruptcy cases are closed usually 30 days after the discharge date. You will not be notified of this, but your attorney will be. 

Once the case is formally closed, any additions, changes or amendments require reopening of the case. In instances of a judgment lien on real estate or failure to complete the second required bankruptcy class, a bankruptcy case can be reopened. 

Failure to finish the second bankruptcy class within 90 days of filing your case, means the bankruptcy case will be closed without a discharge. If a case is closed without a discharge, creditors can continue to come after you. To prevent this, your attorney will need to file a motion to reopen the case and proceed to get the certificate so you can get your discharge. 

How does filing bankruptcy affect you?

Generally speaking, a year after you file bankruptcy your credit score will be higher. Most people don’t realize that bankruptcy does increase your credit score. This is because your income to debt ratio is improved and your debts go to zero. 

After filing, you’re not going to be able to buy a house with conventional financing for around two years. You can buy a house with unconventional financing, but not with FHA or a regular bank loan.

You will likely pay a higher interest rate on a car loan if you go to a dealer to borrow money, but only for about 5 years until your credit is rebuilt. You also won’t get credit cards with a high spending limit for several years. As you continue to manage your finances wisely, these challenges will pass.

How do you rebuild credit after a bankruptcy?

Rebuilding your credit usually takes 6 months to 2 years. If you pay your bills on time, your credit will improve and you’ll get better interest rates. This includes utility bills which are now part of your credit score.

You may go from a prepaid card to a credit card with a low limit. Pay off your card regularly, and over time, your credit score will improve. 

How long does a bankruptcy stay on your credit file?

There is no law that tells us how long a bankruptcy will stay on your credit report. However, we usually see a bankruptcy stay for 7-8 years.

How long before I can file bankruptcy again?

8 years

You’re Not Alone – Our Commitment to our Clients

Once you’ve filed for Chapter 13, it’s essential that you meet your obligations in order to avoid certain kinds of penalties and difficulties. As your lawyer, Christopher A. Wood provides you with the kind of guidance and assistance you need to get back on your financial feet again – without losing your car or house as a result.

After we file for you, we’ll continue to provide guidance and advice should the need arise. Bankruptcy provides people with a second chance – it’s important to take advantage of it and avoid making the same mistakes twice.

Contact Christopher A. Wood Today

Put an end to the worries and sleepless nights – contact Oklahoma bankruptcy lawyer Christopher A. Wood today. We provide free consultations and flexible office hours and virtual appointments for our clients.

Click here to contact us now and begin your recovery.

Call Today 405-525-5005