Is Filing Bankruptcy Right For Me?

If you re facing a financial crisis, its likely that you’re considering an Oklahoma bankruptcy. The question is filing bankruptcy right for me is a valid one. Filing for bankruptcy is sometimes viewed as complex process. You may be asking yourself, is filing bankruptcy right for me, and as such, hesitate to consider it as a way of improving your financial situation.  If you’re facing financial crisis and think a bankruptcy might help, see if you can answer the following:

• Are you receiving threatening phone calls or letters from creditors?

• Are you behind on your mortgage, auto loan, or credit card payments?

• Is your home at risk for foreclosure?

• Is your car in danger of repossession?

• Are your wages in danger of garnishment?

• Have you had a deficiency judgment entered against you?

• Have you lost your job and cannot afford to make settlement payments?

• Are you feeling simply overwhelmed by your debt?

If you responded yes to any of the above, then filing bankruptcy may be the right solution for you.  Bankruptcy can put an end to the harassing phone calls, halt the foreclosure process, and permanently erase some unsecured debts.  However, bankruptcy is also a major decision with significant consequences on your credit and financials.  Therefore, answering the question is filing bankruptcy right for me should be answered together with your lawyer.

Things To Consider About Bankruptcy

The following is a list of factors to consider when determining whether bankruptcy is the right decision for you and your family.

1. What are your bankruptcy options? Chapter 7 and Chapter 13 are the two most common types of bankruptcy used by U.S. filers.  A Chapter 7 bankruptcy can quickly wipe out many of your debts, but it can also result in the loss of some personal property.  A Chapter 13 bankruptcy is more complex, and will require repayment of debt based on your income, structured over time.  Both types of bankruptcy have very specific filing procedures and eligibility requirements, and complex laws concerning what types of debt are able to be discharged and what property can be saved.  An experienced bankruptcy attorney can fully explain all of your options and fight to ensure you obtain the best possible outcome.

2. Consider the alternatives to bankruptcy.  While bankruptcy is a powerful tool that may be the best option for you, it is important to examine the alternatives to bankruptcy.  For instance, you may be able to settle your debt and avoid the more involved bankruptcy process.  A knowledgeable bankruptcy attorney can advise you on all of your options.  Thus helping you to make the best decision for your individual situation.

3. Find out whether your debt is forgivable.  Unfortunately, there are certain types of debt that generally cannot discharge through bankruptcy.  Although there are a number of exceptions to this rule.  These debts include tax debt, child support, and student loan debt.

4. Determine what will happen to your property.  Your ability to keep your home, car, and other personal property will depend on your state’s laws, the type of bankruptcy you file, and numerous other financial and legal factors.  In an Oklahoma Bankruptcy your house and many of your personal assets are exempt.  So they remain yours after filing.

Bankruptcy Lawyers Helping You Do The Right Thing:

Doing the right thing begins with helping you answer the question is filing bankruptcy right for me. If you’ve been struggling to make ends meet it may very well be a perfect answer to your problems. Although bankruptcy law is complex filing bankruptcy doesn’t have to be so hard. By understanding some of the requirements that need to be met to file you will be better off. With the help of the right bankruptcy attorney you can solve your financial problems.

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