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Bankruptcy May Be Your Option

Filing for Chapter 7 bankruptcy in Oklahoma

There are many businesses and individuals who are struggling with overwhelming debt in Oklahoma and across the country. Often, debt accumulates as a result of unforeseen circumstances such as a serious medical issue that results in the loss of a job. Bills can pile up, leaving people wondering how they will fulfill their financial obligations. For many, the best option may be seeking Chapter 7 bankruptcy protection.

Unfortunately, some people may be hesitant to fully explore their bankruptcy options for a variety of different reasons. This hesitancy often arises due to fears regarding their credit scores and ability to qualify for a loan in the future. However, there may be important considerations that these people may be misjudging.

Those who could benefit from bankruptcy likely already earn less than they owe. Their credit rating may already be suffering. Instead of complicating their financial situation, a bankruptcy filing can prevent them from sinking further into the hole of unmanageable debt.

Chapter 7 bankruptcy helps a petitioner seek a new financial start by liquidating assets to pay creditors and wiping out certain unsecured debt such as medical bills. Fortunately, those who go through the process are able to immediately begin rebuilding their credit and are often able to successfully seek a loan in a relatively short period of time. While small lines of credit may be available soon after, mortgages could be approved in two to three years. Fully understanding the available options and their ramifications is the first step toward a clean financial slate in Oklahoma.

Source: ebony.com, "The Bright Sides to Filing for Chapter 7 Bankruptcy", Kara I. Stevens, Jan. 4, 2017

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