A Few Things To Know About Bankruptcy Services Norman OK

Customers who seek bankruptcy services Norman, OK have genuine reasons of doing so. These reasons vary from one person to another. The most common reason among customers is the need to keep a home, automobile, business or any other thing of value while they figure out how to pay off the debts. Creditors have a tendency to swerve in the customer’s way full throat. Here are the common bankruptcy services.

Debunking Myths

There are many myths surrounding bankruptcy services Norman, OK. The fear that a customer might lose everything stems from a myth. There is little truth in this claim. Another popular myth draws analogies between filing for bankruptcy and strangling your financial future. This is not true. Filing for bankruptcy is not an indication of personal failure.

Guiding You through Complex Court Process

Maneuvering through a bankruptcy court process is a complex process with many steps and considerations along the way. A customer will be asked to fill forms, answer questions and through the bankruptcy lawyer, file petitions. A simple mistake can turn the tide. Bankruptcy services Norman, OK should be viewed as a guide. Every step along the way is explained in the simplest way possible.

Chapter 7

Chapter7 guarantees protection of home or automobile. The key legal word here is ‘automatic stay’. Creditors are unable to repossess once a successful court petition has been made to the bankruptcy court by your attorney. Chapter 7 is particularly attractive because there are exemptions for items owned by average households. Most of the items in your home fall under this category.

Chapter 13

The court will examine the income figure and any other relevant information before passing its verdict. After the verdict is given, the customer will be safe and can now concentrate on paying debts without harassment. One other advantage is that the customer will pay for his or her mortgage and car at interest free rates.

There is more but this brief summary should be helpful in kick-starting your journey to getting result-oriented bankruptcy services Norman, OK.

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