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Bankruptcy May Be Your Option

The many different factors that lead to personal bankruptcy

Many Americans are hard workers, dedicated to meeting their financial obligations. Unfortunately, certain unanticipated financial hardships can often become insurmountable for many in Oklahoma and other areas of the company. Because a large number of people live paycheck-to-paycheck, they may have little left over at the end of the month to help them manage unexpected expenses, prompting them to seek personal bankruptcy protection.

While some people many assume that people who file for such protection are victims of their own financial mismanagement, professionals with experience with such filings claim that is typically not the case. Often, a person struggles due to circumstances beyond their control. For example, many areas see an uptick in filings following the closure of a major employer. Some laid-off employees struggle to find employment at the same pay and may already be significantly behind on mortgage or car payments if they are able to find another job.

Medical expenses can also play a significant role in a person's overall financial stability. Even people with medical insurance can be left with large bills after a major illness or injury. Additionally, many people are negatively impacted by fires or natural disasters.

While some professionals claim that the personal bankruptcy process is relatively uncomplicated, having an experienced attorney can help those in Oklahoma contemplating such a filing to fully understand the decisions they must make. In addition to deciding whether filing is the best option for their situation, they must decide which type of filing is most appropriate for their individual circumstances. Often, seeking such protection is the only option to realize financial stability.

Source: thenewsstar.com, "Who files for bankruptcy? The answer will surprise you", Bonnie Bolden, April 21, 2017

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