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Bankruptcy May Be Your Option

Bankruptcy in Oklahoma: Impact on credit rating

Adults in Oklahoma, as business owners and managers of their personal finances, often face difficult decisions. Some of these decisions often involve how to respond to overwhelming debt -- debt that can accumulate due to circumstances beyond a person's control. Often, debt is so great that the best option may be to seek bankruptcy protection.

Unfortunately, there are many misconceptions involving the decision to file for bankruptcy. For example, some people or businesses may be hesitant to seek such relief because of their concerns about their credit score. While it is true that seeking such protection will likely have an impact on a credit score, it may not be as devastating as some people think.

A bankruptcy filing will remain on a credit report for up to 10 years. However, the petitioner will likely still be able to obtain credit. In some cases, a business may be even more attractive to credit card companies, banks, finance companies and other institutes, because it will be prohibited from filing again for a set period of time.

People and businesses who are struggling with debt may be unsure of the best path. Fortunately, the attorney at The Colpitts Law Firm is Board Certified in Consumer Bankruptcy in addition to having over two decades of experience with such proceedings; he can help those struggling with debt in Oklahoma fully understand their options and take appropriate actions. The firm can help preserve future financial security. An initial consultation could be the first step toward a less stressful life with a clean financial slate.

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