Call Us: 918-236-8385 or Toll Free: 866-647-1770
Local 918-236-8385
Toll Free: 866-647-1770
When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Loss of income can force you into hard choices

For many Americans, financially speaking life is like a treadmill. They are managing to hold their own on a month-to-month basis, but the prospect of falling off, such as might happen if they lose their source of employment, is a frightening one. This is due in large measure to the lack of emergency savings, meaning that even a short period of no income can be disastrous.

For those who are employed, benefit programs like workers compensation, or unemployment, or Social Security may offer some relief, but the unpleasant fact is that even if they are eligible for one or more benefit programs the combined sum of benefits is purposefully designed to replace only part of what they used to make on the job.

Take, for example, Oklahoma workers' compensation benefits. These will only replace up to 70 percent of average weekly earnings from your employment. If your savings are inadequate, and you are unable to work for a prolonged stretch of time because of an injury or illness, you may find yourself wondering how, or even whether, you can make up that 30 percent gap. Do you rack up debt? What if you already have more debt than you are comfortable with, like large credit card balances or a big mortgage payment? Do you juggle bills? How long can you get away with that?

Personal bankruptcy may be one option to consider if you find yourself in the same situation as so many other Americans today, making just enough to make ends meet but unprepared for a major loss of income. To learn more about how a Chapter 7 or a Chapter 13 petition may help you to avoid being submerged in debts to the point where you cannot get back out from underneath them, a law firm that practices in areas of debt relief and bankruptcy would be a good place to begin learning more about your financial options.

No Comments

Leave a comment
Comment Information

Initial Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy