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Bankruptcy May Be Your Option

December 2015 Archives

Business hopes to bounce back after Chapter 11 filing

The issues with the housing market in 2008 had widespread ramifications for a variety of different businesses in Oklahoma and across the country. Now, years later, several businesses are still working to overcome those complications. One out-of-state furniture outlet, The RoomStore, hopes that its recent Chapter 11 bankruptcy filing is the step it needs to set the company on the right path to economic recovery.

Americans are carrying more credit card debt than in the past

There are people in Oklahoma who are struggling financially -- often through no fault of their own. They find themselves unexpectedly unemployed or facing a necessary medical treatment for which they do not have the funds, leaving them wondering how they will even pay their day-to-day expenses. As a result, many people turn to credit cards to help make ends meet. While using a credit card for necessary expenses may be a necessary evil, it can also lead to a cloud of credit card debt that may be difficult to dispel.

Credit card interest changes may cause delinquent payments

A hike in the interest rate the Federal Reserve charges banks could have dire consequences for consumers with credit card debt who might already be dealing with financial challenges. The announcement signaled the start of what is projected to be an increase in the interest rate Oklahoma residents pay on consumer debt, including credit cards.

Be aware of holiday spending including the interest that follows

With the holidays upon us, American traditions encourage spending: gifts for holidays, travel to see loved ones, and even celebrations like New Year’s Eve. The spending now traditionally starts with Black Friday, the day after Thanksgiving (or actually even Thanksgiving Day. ShopperTrak estimates that Americans spent over $12 billion just on Thanksgiving Day and the day after.

How do the Oklahoma bankruptcy exemptions work?

Not all property of a bankruptcy estate is subject to disposition by a trustee sale or otherwise during a bankruptcy. The U.S. Bankruptcy Code contains express exclusions from bankruptcy of certain property and assets, and it also makes allowances for states to come up with their own sets of bankruptcy exemptions, which many of not all states have.

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