People filing for bankruptcy tend to hold as much money as possible, which is understandable. If you’re one of the people who is thinking about filing bankruptcy, you may face so many problems that the last thing you want is to cut some fees for legal representation.

However, know that there are many benefits when you hire a competent and experienced bankruptcy attorney in Oklahoma. Another thing is that despite what many thinks, the right firm will not charge you extravagant fees. The Oklahoma City bankruptcy lawyer Chriss Mudd is aware of your current financial constraints and that they know that they may have to wait for years until you settle all your debts. Most will want to see you in excellent financial standing and genuinely help you achieve these goals.

Benefits to Know About

It’s possible to file bankruptcy alone. However, hiring a competent lawyer can outweigh all the disadvantages that you may be thinking of. If this is not enough to convince you, here are some of the benefits that you need to know when you have a trustworthy lawyer in your corner.

1. Enough Planning is Done

You should never rush and jump into bankruptcy when things are looking bleak. Instead, you may consider our options and the implications of this move in the future. An expert lawyer in Oklahoma can assist you in planning your actions with the following:

Determine Other Options for your Specific Situation: You must explore the other alternatives available to you at the moment. Other things can provide you the relief from debts that you want. The attorneys’ job is to advise you whether you can negotiate offers, payment plans, and settlement with your creditors so you can resolve most of your problems without resorting to something that can leave a mark on your name.

The decision for the Right Chapter. There are two main types when it comes to consumer bankruptcies. The first one is Chapter 13, and it’s longer than Chapter 7. The first one also does not require a necessity for a repayment plant. You can read more about Chapter 13 in this link here.

However, not all consumers may qualify for the Chapter 7 bankruptcy. This step may pay all of your debts quickly, but you may be left with nothing, and you won’t accomplish the necessary goals you need financially. You may also risk losing your house and other properties in this process. Your attorney can objectively identify the obstacles you may encounter down the road, and they will weigh several factors for a wiser decision.

2. Helps you Prepare

jump into bankruptcy

Once you know that you don’t have any other choice but to file for bankruptcy, a qualified lawyer will help you start the process. First, they will present you with the necessary paperwork to declare all your assets, liabilities, income, and total debts. Even a tiny mistake in the documents can become big, and they may result in delays on the case and even dismissal.

If you provide false information or withheld essential details, you may face a new headache which is a fraud case. The lawyer will complete the supporting documentation, ensure that everything in the paperwork is correct, and they will do the legwork for you.

In addition to these, they will advise you in completing a means test where you may be qualified for a Chapter 7 case that will turn out favorable for you. They understand how to value your assets and properties as well as apply for exemptions whenever necessary.

3. Legal Representation During Trial

The entire process of bankruptcy involves federal laws, and the high courts will oversee this. It’s this reason why you should comply and know all the court procedures and relevant laws about your case. You need to be engaged all the time and communicate more effectively with the trustees that are present in the case. There’s also a need to talk clearly with the judge, and any information you share should be carefully handled to prevent trouble.

Read More: How to avoid closing my business due to bankruptcy

With the attorneys, you’ll have someone who can represent you, and they know how to talk to the creditors. They will attend court hearings with you, understand the requirements that you’ll have to submit, and will protect your interests. If there are issues that will arise, they can mitigate the overall impact on your case.

In the Chapter 13 option, you must talk to a lawyer about the repayment plan negotiations. They will see if this is fair, which you can afford in the long run. If your financial circumstances begin to improve or change during the case, you can modify them into a more suitable plan that will clear all your debts. Without guidance, something might go wrong, and the whole process can become more stressful to you.

4. Addressing the Legal and Residual Financial Issues

In many cases, the creditors don’t acknowledge a debt discharge, and they may continue the collections and report the late fees that can affect your credit standing. The right attorneys in OKC know how to petition this so that the courts can provide injunctive relief for your situation. These activities can also be stopped right then and there. Learn more about injunctive relief on this page: https://legal-dictionary.thefreedictionary.com/injunctive+relief.

Another thing is that you can’t rely on bankruptcy alone to clear up all the other issues that you have. For example, you won’t be able to discharge the balance on your property mortgage just because you declared bankruptcy. Many people are facing the possibility of foreclosure because the creditors are going to seize their remaining assets.

Some lawyers may also decide to handle and negotiate a possible modification for the payment plans to ensure that the house is safe. They will look for other options and solutions that can allow you to keep your home and furniture. They will be the post-bankruptcy, and they will see if the process was an overall success for you. Their goal is to set you up for financial success.

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