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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Stay initiated by personal bankruptcy filing can relieve stress

There are people in Oklahoma who are struggling financially. Many of these are hardworking people who live within their means but experienced unexpected financial crises that disrupt their lives in a variety of ways. For example, a person who is faces a serious medical diagnosis may be unable to work. Because of the loss of wages, he or she may have no way to cover their medical bills and everyday living expenses. For such an individual, filing for personal bankruptcy may be their best option to a less stressful future.

In addition to the stress that such a situation can create, creditors can often create even more complications. Often, debt collection agencies harass people for payment. These people may even face losing their home due to a foreclosure or eviction proceedings. Additionally, those who are working may face significant wage garnishments because of their debt.

One of the benefits of filing for bankruptcy is that an automatic stay is initiated. This stay can stop harassing phone class, eviction and foreclosure proceedings and wage garnishments so that a person receives his or her entire paycheck. A stay could also prevent companies from cutting off a person's utilities.

For many people struggling with debt in Oklahoma, a personal bankruptcy filing may be the best option to deal with unmanageable debt. The automatic stay that such a filing generates can help immediately alleviate some of the harassment that comes with unpaid bills. A conversation with an experienced personal injury attorney can help those with debt understand their options and choose the most appropriate option for each individual situation.

Source: FindLaw, "The Automatic Stay: Stopping Creditors with Bankruptcy", Accessed on Sept. 8, 2016

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