Personal Bankruptcy Options

Debt is a part of life for millions of Americans. We take out loans to buy our homes and vehicles or to pay college tuition. Many of us rely on credit cards to pay medical bills or purchase necessities.

Even in good times, this debt can be a great burden, but when your income fails to keep up with your debt, any financial setback can make the problem much worse. An illness or injury, or the loss of a job can leave you wondering how you will ever get out of debt.

At my law office, Margaret Travis Attorney at Law, in Oklahoma City, Oklahoma, I help individuals and businesses get out of debt and return to financial health. When you come to me for help, I learn about you and your circumstances and then help you understand your legal options for debt relief.

The U.S. Bankruptcy Code provides some of the most powerful and effective tools to get out of debt. For individuals, the main forms of bankruptcy are known as Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

If you are eligible, you can use Chapter 7 to eliminate credit card debt, medical bills and other forms of debt. Chapter 7 is a complete discharge of your eligible debts. Generally, your most important possessions are exempt; for instance household goods and furnishings, wedding rings, your car, your home and retirement accounts are typically exempt.

Chapter 13 Bankruptcy

In a Chapter 13 Bankruptcy, you and I will formulate a plan where you will repay some, or all, of your debts over 3-5 years. You can use a Chapter 13 to bring a car or mortgage current, and deal with some taxes, At the end of the term of the Chapter 13 plan, any unpaid debt is discharged.

Learn More

To learn more about your bankruptcy options, speak to a lawyer with experience in debt relief. Get started by calling Margaret Travis Attorney at Law at 405-551-8852 to schedule a free initial consultation. You can also reach my office online.

Margaret Travis Attorney at Law is a debt relief agent, helping clients file for bankruptcy protection under the U.S. Bankruptcy Code.