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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Seeking debt relief through bankruptcy

There are many people in Oklahoma who are living a life they never thought they would. As result of unemployment or an unexpected illness, they are left swimming in debt, wondering how they will ever meet their financial obligations. For some, the best option for debt relief is filing for bankruptcy.

Many people with a great deal of debt budget and cut expenses until there is nothing left to budget. Unfortunately, they may still have little hope of paying all their bills. Quite a few who are unable to repay their unsecured debt (including medical bills and credit cards) in five years after slashing their spending decide that it is time to look at other options.

For many, this may mean a conversation with an experienced attorney who can provide them information regarding their eligibility for a successful bankruptcy petition. One of the most common forms of bankruptcy petition in Chapter 7. If approved, a petition can erase unsecured debt. For those who make above the median income in their state, for example, a Chapter 13 filing -- which results in the creation of a repayment plan -- may be more appropriate.

Unfortunately, there are certain actions -- such as following the recommendations of a harassing creditor -- that could ultimately worsen a person's financial situation. An experienced attorney can help those in Oklahoma struggling with debt make the decisions that are most appropriate for their unique situations. For some, the best option may be seeking bankruptcy protection. Many people have gained a clean financial slate by pursuing such an option.

Source: nerdwallet.com, "4 Ways to Find Debt Relief", Bev O'Shea, March 4, 2016

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