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Bankruptcy May Be Your Option

June 2016 Archives

Options for debt relief in Oklahoma include filing for bankruptcy

Many people in Oklahoma carefully plan for their future. They save for their retirement and ensure that all their bills are paid. Unfortunately, unexpected life events occur that leave some wondering how they will manage their debt. For example, an accident or illness can leave people in Oklahoma overwhelmed with medical bills or an unexpected job loss can result in a loss of wages. For those people and others struggling with debt, filing for bankruptcy may be the best option.

Student loan debt relief options

For many people in Oklahoma, part of the American dream is to pursue a college education. In order to achieve this dream, student loans are often a necessary evil. In some cases, however, these people ultimately end up with more debt that they can manage if they cannot find a job in the field of their education, for example. As a result, they may begin to explore their options for debt relief. While some may be discouraged to know that student loans are not automatically dischargeable in bankruptcy, many loans that a student may utilize to pay for college are not actually considered student loans under federal Bankruptcy Code.

Dispelling bankruptcy myths

There are many people in Oklahoma and across the country who are currently struggling with overwhelming debt. No matter how much they budget and scrimp, they are simply unable to make a dent in the bills that they owe. In addition to this stress, many experience the added burden of being harassed by creditors. While certain myths surrounding bankruptcy may make some people leery of pursuing it, it is often the best path to getting control of their financial situation.

Industry professionals predict bankruptcy in Gap's future

The past several years have proved troublesome for a variety of different businesses in Oklahoma and across the country. Many are unable to generate the necessary sales needed to keep investors happy, while fulfilling their various financial obligations. While several retailers have filed for bankruptcy recently, representatives for Gap, Inc., speak positively of the company's financial situation. However, some industry professionals predict that the company cannot continue to survive without seeking restructuring through bankruptcy.

Great Pacific Seafoods seeks Chapter 7 bankruptcy

There are many issues that factor into the success or failure of a business in Oklahoma. Often, these factors are beyond the control of the business but can have a major impact. One out-of-state company, Great Pacific Seafoods, has recently announced that it will seek Chapter 7 bankruptcy protection, largely due to financial struggles caused by forces that the company cannot control.

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