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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Chapter 7 is not something to be feared

The fear of filing for bankruptcy stems from the notion that in a short period of time and depending on a number of factors, the reality of having to make a decision concerning bankruptcy protection can become a possibility for any Oklahoma resident.

As much as a business or personal finances may seem strong and stable at any given time, the economic situation can quickly change and with it the ability to make regular payments on debt obligations.

Filing for Chapter 7 is not a white flag to society that you are giving up. It should not be looked upon as a shameful event but an opportunity to regroup and start anew. Under the Chapter 7 process the court appoints a trustee to oversee the liquidation of your assets. This is done to help free up the necessary funds so you can pay off as much of your outstanding debt as possible. The trustee is given oversight authority but he or she should not be viewed as an adversary.

In many Chapter 7 cases the option of signing a reaffirmation agreement is possible, giving you the chance to retain ownership of some of your property. This option is available if it is your intention to repay the debt owed on the property as well as demonstrate an ability to pay. This is an important aspect of the Chapter 7 process that many people may not be aware of.

Having an experienced bankruptcy attorney who is proficient with all the nuances in this area of the law can help you keep many of the belongings that are near and dear to you.

If you are struggling with debt and are curious about the Chapter 7 option and making a new financial start, please contact our office and speak with one of our knowledgeable and friendly attorneys.

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