Consumer Bankruptcy Lawyers in Lawton, Oklahoma

Find the right Consumer Bankruptcy attorney in Lawton, OK

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt absolved. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you eventually decide that they are outweighed by the benefits. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Oklahoma are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Lawton, Oklahoma bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Lawton, Oklahoma

There are 2 main types of consumer bankruptcy in Lawton, Oklahoma: Chapter 7 and 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Lawton, Oklahoma is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Lawton, Oklahoma

Chapter 13 bankruptcy in Lawton, Oklahoma is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Lawton, Oklahoma

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your particular situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Whatever your situation, you should speak with a local Lawton, Oklahoma bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Lawton

Lawton is located in Comanche County, Oklahoma. It has a population of 96,867 per the 2010 census. It was built on land that belong to the Kiowa Comanche and Apache Native Americans.

Popular sites include Lake Lawtonka, Lake Ellsworth, Elmer Thomas Lake, the Witchita Mountains Wildlife Refuge, The Museume of the Great Plains, and the Fort Sill Museum. As you can tell, Lawton is a great place for nature-lovers to visit.

Top employers include Goodyear Tire and Rubber Company, Cameron University, Assurant Solutions, Lawton-Fort Sill Regional Airport, and the school district. The legal force also has a presence via many firms and law offices that train excellent attorneys to handle any and every legal matter.

Famous residents include Bryan White, Kelly Willis, Leon Russell, Conrad Herwig, Charles Chibitty, Joan Crawford, Robert S. Johnson, and Will Shields.

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