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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

September 2015 Archives

Credit card debt growing wildly

For many in Oklahoma, getting a credit card was a way to make emergency purchases or find a way out of a hole during a time of steep financial challenges. Soon, the debt on the card became massive and seemingly unpayable. This scenario has permeated throughout the United States, and a recent study shows that the American populace is reaching unsustainable levels in terms of credit card debt.

Possible defenses if you were sued for debt

If you fell behind on payments, you may be able to negotiate an agreement or payment plan with your creditor. Communicating with your creditor is key. Most creditors do not sue people who are making good faith efforts to repay the debt. Creditors are much more likely to file a lawsuit against a debtor who refuses to communicate and misses multiple payments. Getting sued for debt is a scary prospect, but if it does happen, you may be able to defend against the claim.

Will I lose my home during bankruptcy?

When Oklahoma residents find themselves surrounded by insurmountable unpaid bills, they may decide to file for bankruptcy. While doing so may be a fresh financial start, you may worry about what happens to your house during the process. A short answer to whether you will lose your home during bankruptcy: Maybe.

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