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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Filing for bankruptcy has several benefits

There are many hardworking people in Oklahoma. Despite their efforts, however, they find themselves struggling with debt. This debt can occur for a variety of reasons but often accumulates as a result of circumstances beyond the person's control, such as an unexpected medical emergency or the loss of employment. For people who are suffering from overwhelming debt, filing for bankruptcy may be their best option for getting back their financial footing.

Many people delay making the decision to file for bankruptcy over concerns that such action will have a severely negative impact on their credit score. However, one professor of economics claims that this is not the case. In fact, most people who seek bankruptcy protection have already experienced a decrease in their credit score due to their financial struggles. Researchers claim that the credit scores of many people saw a steady increase in the year and a half following their filing.

Beyond concerns about credit scores, bankruptcy has several benefits. For example, those who are being harassed by debt collectors can stop the calls and other attempts to collect debt. For those who have debt totaling half of their yearly income or debt that cannot be paid off in five years even if the debtor lives in austerity, bankruptcy may be the best option.

While filing for bankruptcy without the assistance of an attorney is possible in Oklahoma, it is often better to have an experienced professional to help guide a person through the process. A simple mistake could result in a dismissal of the petition. Additionally, some recommend that those with overwhelming debt examine their bankruptcy-related options before exhausting other assets, such as retirement accounts.

Source: nerdwallet.com, "When Bankruptcy Is the Best Option", Liz Weston, May 23, 2016

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