Bill Collectors Calling Every Day? Hire a Bankruptcy Attorney in Edmond, OK
An illness or job loss can hit a person hard. Many people are living from one paycheck to another. It doesn’t take long before they aren’t able to pay their monthly bills. Daily calls from aggressive bill collectors just add to the stress. Most people hope they can recover from their illness or find another job. However, they soon find that there is no way for them to get caught up. They need to speak to a Bankruptcy Attorney Edmond OK as soon as possible.
The earlier that they make an appointment with an attorney from Cain Law Office, the more that can be done to protect their home and other assets. Many people are trembling with embarrassment when they call for help. They shouldn’t be. Lawyers are there to help them exercise their rights under bankruptcy law. Everything that is said is confidential. The debtor has to make a list of all of their income and debt obligations and bring it to the first meeting. This will help the lawyer determine which type of bankruptcy is the right one for them. Once the debtor files for bankruptcy, the bill collectors must stop calling.
If a debtor makes less than the median income in Oklahoma, they are entitled to file for bankruptcy under Chapter 7. This is sometimes called the Fresh Start bankruptcy process. The court appoints a bankruptcy trustee who is charged with selling the debtor’s assets. The money collected from selling the assets is then divided among the creditors. Any debt that remains is discharged and the debtor is free to start over. The process takes less than six months.
The Bankruptcy Attorney Edmond OK keeps a close eye on the process to ensure that the bankruptcy trustee does not sell protected assets. Federal and state law enumerates personal assets that can’t be sold. This often includes the debtor’s primary home, car or tools needed to make a living.
Debtors should be aware that not all debt is forgiven in a bankruptcy. This includes child support, back taxes and student loans. Once the other debt is forgiven, the debtor should be able to better handle these financial obligations.