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Bankruptcy May Be Your Option

Personal Bankruptcy Archives

Chapter 7 versus Chapter 13 bankruptcy

It is easy to become overwhelmed with debt. If a person loses a job, he or she may be forced to live on credit cards while searching for another position. Even when those who have a job may be so far behind on card payment that they will never be able to catch up. In some cases, a person in Oklahoma may experience a serious illness or injury, and between lost wages and medical expenses, may be swimming in debt. Many in similar circumstances often wonder whether Chapter 7 or Chapter 13 bankruptcy might be the best option for them.

Medical expenses can cause financial difficulties in Oklahoma

A significant number of people in Oklahoma and across the country have a financial plan that will guide them throughout their lives. For many, this includes saving for retirement and owning their own home. Unfortunately, unexpected setbacks can force many people to seek an alternative path, often in attempt to manage their unmanageable debt. For example, some people struggle as a result of medical expenses.

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.

Increases in student loan discharges through personal bankruptcy

People in the United States often see a college education as a fail-proof tool to financial security and professional success. With hope for their future, many people in Oklahoma and across the country make an investment by taking out student loans to finance their dreams. Unfortunately, quite a few students are struggling to pay back the loans. While in the past there were few options for release from the debts through personal bankruptcy, more people have been able to see some relief through this path over the course of the last year.

Politician seeks Chapter 13 bankruptcy protection

People in Oklahoma often live under the impression that most politicians have few financial worries. However, any person -- regardless of their desired occupation -- can struggle with overwhelming debt. In fact, one man in another state who recently lost a congressional election has filed another request seeking Chapter 13 bankruptcy protection after his first case was dismissed.

Credit counseling part of personal bankruptcy

Many people in Oklahoma find themselves struggling with debt. Because of the unexpected loss of a job or medical bills, they often have trouble keeping their heads above water, financially speaking. While they are willing to work hard to meet their financial obligations, many are left unable to pay their bills and the basic necessities of life. As a result, they spend a great deal of time examining their options and often come to the conclusion that the best course of action for their circumstances is to file for personal bankruptcy.

Dispelling personal bankruptcy myths in Oklahoma

Many in Oklahoma carefully plan for the future. They work hard to bring home a paycheck every week and save for retirement. Unfortunately, despite their efforts, they may find themselves without a job or requiring extensive medical treatment. Both scenarios can put a serious strain on a person's finances, a strain that is sometime difficult from which to recover. The Colpitts Law Firm can help those facing such struggles understand their options, including personal bankruptcy, helping them learn the truth about certain myths associated with such legal action.

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.

Cancer patients in Oklahoma struggle with medical expenses

Many people in Oklahoma likely feel that they are financially stable. Unfortunately, even those who live frugally and save money every month can hit unexpected bumps in the road, such as a cancer diagnosis. Those requiring cancer treatment often find themselves struggling as a result of medical expenses and looking for options for debt relief.

Passing the means test to file for Chapter 7 bankruptcy

Most people in Oklahoma have plans with certain goals for their lives. Many goals revolve around how they will manage their finances. Despite their plans, some find themselves struggling due to unexpected events, such as job losses or medical conditions. Because these events can have significant financial impacts, some people begin looking at their options in regards to filing for bankruptcy. There are two options that may be the answer to a person's financial woes -- Chapter 13 or Chapter 7 bankruptcy.

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