Norman Chapter 7 Bankruptcy Lawyer
If you have too much debt and are feeling serious pressure and fear about your financial situation, you are far from alone. Adverse economic conditions have put people across many occupations and personal situations in the same boat. Further, literally anyone can suffer setbacks — job loss, a medical crisis, or divorce, for example — that make considering personal bankruptcy the best possible move.
I am Todd Nalagan, a deeply experienced Norman Chapter 7 bankruptcy attorney who has helped many people throughout Oklahoma get the debt relief they needed. I have represented college students, licensed professionals, business executives and others across the spectrum of life in our state. I judge no one and will help you make the best possible decision about bankruptcy, beginning with a free, no-pressure consultation.
You May Have A Legal Right To Substantial, Reliable Debt Relief
Longstanding federal laws put a debt-free fresh start within reach for most people. Far from being a source of shame, bankruptcy is essential to the U.S. economy because it allows people laboring under debt burdens to become productive again. For those who qualify, Chapter 7 bankruptcy provides benefits, including:
- Discharge (complete elimination) of all or most unsecured debts such as credit card balances, medical bills and signature loans
- Near-immediate relief from creditor calls and harassment by collectors, through a powerful legal order called an automatic stay
- Reliable protection against potentially crippling actions such as collection lawsuits, wage garnishments and placement of liens on bank accounts
Act Now To Talk Through Your Options And Receive Clear Guidance
Unfortunately, many people wait too long to learn about Chapter 7 bankruptcy and other debt relief options — instead draining retirement accounts that could have been protected, borrowing from relatives and taking other actions they later regret.
Whether your concerns involve overwhelming credit card debt, foreclosure on your home or other severe financial pressures, I am a lawyer determined to help you turn things around. If Chapter 7 is not the answer, Chapter 13 bankruptcy may be.
Frequently Asked Questions About Chapter 7 Bankruptcy
Learning more about what bankruptcy involves can help dispel many fears about the process.
How does Chapter 7 bankruptcy affect my credit score?
The impact bankruptcy can have on a credit score will depend on whether a filer has missed payments or experienced repossession or foreclosure. If a filer’s credit score is already low, bankruptcy may have minimal impact change the score minimally. In comparison, a filer with a high credit score and minimal credit profile issues may see a greater impact on their score. A credit score may drop by up to 200 points once the filer declares bankruptcy.
Furthermore, a Chapter 7 bankruptcy filing will stay on a filer’s credit report for up to 10 years, and that can affect someone’s ability to obtain loans and other credit. However, there is an entire industry dedicated to providing consumers with post-bankruptcy credit opportunities. With the right financial moves, such as applying for credit-builder loans, creating a budget and making regular debt payments, individuals who have declared bankruptcy can build their credit score up again within a very short time.
Will I have to go to court if I file Chapter 7 bankruptcy?
Typically, individuals who have filed for Chapter 7 bankruptcy will have to attend a 341 hearing, which is a meeting of creditors. A meeting of creditors is often short and only focuses on why an individual is filing for bankruptcy. However, these meetings are often held virtually or somewhere other than an actual court. These hearings are generally very quick, often lasting only minutes.
How long does the Chapter 7 bankruptcy process take in Oklahoma?
Gathering documentation for Chapter 7 bankruptcy is typically the longest part of the process. Filers are expected to gather any relevant information that could be crucial for their bankruptcy petition, including two years of tax returns, bank statements, titles to vehicles and pay stubs. These documents are used to determine what an individual owns, earns and owes.
Once these documents are collected and filed with bankruptcy paperwork, an automatic stay is triggered. An automatic stay halts all collection efforts. It can take up to 60 days after a bankruptcy filing to review documents, speak to creditors and discharge any debts.
Contact A Seasoned Oklahoma City Area Consumer Bankruptcy Attorney
I have handled bankruptcy filings in the Western, Eastern and Northern Districts of Oklahoma. Please call 405-253-4904 or send me an email today to talk through your specific needs, goals and options.
I am a debt relief agent. I help people file for bankruptcy relief under the Bankruptcy Code.