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Bankruptcy May Be Your Option

As spending begins, will consumer financial challenges rise?

Almost a third of Oklahoma residents who responded to a survey about consumer sentiment said they were without debt. Only 20 percent said they were planning to make a major purchase for their home, such as a refrigerator, furniture or television, within the next six months.

The survey revealed that those individuals who expected to take on some form of debt this year identified student loans. Other forms of credit that consumers expect to take out included car loans and credit card debt.

As optimistic as residents appear to be about their income and levels of debt, history has demonstrated that economic changes can quickly create financial challenges for consumers. Loss of a job and the loss of income that goes with it could make it difficult for a person to continue repayment of debt. A sudden illness or injury combined with high health insurance deductibles and co-pays may leave a person struggling with unexpected medical debt.

Regardless of survey results or economic indicators, people struggling to stay current with mortgage repayment plans they negotiated with their lenders need debt relief. Whether it is to eliminate debt, achieve a manageable repayment plan or prevent foreclosure, an individual seeking a fresh start might be advised to consult with an attorney who has experience representing individuals in consumer bankruptcy.

Reviewing financial challenges with an attorney may offer solutions for obtaining debt relief such as a repayment plan supervised by the court in a Chapter 13 bankruptcy. For individuals who do not have an income, a Chapter 7 might be an alternative.

 

Source: Norman Transcript, “More Oklahomans look to make major purchases this year,” June 28, 2015

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