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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

You should not feel shame in filing for bankruptcy

Filing for bankruptcy can often feel like one of the most reprehensible things a person can do. Filers often think they should not be allowed to manage money anymore, or that they are unable to take care of themselves and their family. These feelings are normal, but they are not healthy. It is important to understand that millions of people declare bankruptcy every year. Whether you simply made a string of bad decisions or unforeseen circumstances threw you for a loop, financial challenges can be relieved.

If you have been struggling to pay bills for a long time but just can’t seem to get on top of your finances due to income limitations, you are not alone. More than 70 percent of all people who file for bankruptcy do so because they simply do not make enough to pay their bills. This is known as chapter 7 bankruptcy. It allows you to liquidate your property to pay off your debt, giving you a fresh start.

If you generally make enough to cover your bills, but unforeseen circumstances, like job loss or medical bills, have made that impossible, you can file for chapter 13. This allows you to essentially refinance your debt to make smaller payments over time. That way, you get a chance to breathe and get back on your feet.

The major difference between the two is income level. In Tulsa, if a family of four makes less than $65,000 a year, you qualify for chapter 7. It all depends on the state median income for your family size. If you make above that, you do not qualify for chapter 7.

No matter the type of bankruptcy you file for, it is imperative to remember that you did not fail as a person. You are getting a breath of fresh air, something everyone deserves. If you are ready to get back on your feet, a qualified attorney can walk you through the bankruptcy process.

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