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Bankruptcy May Be Your Option

Dispelling bankruptcy myths

There are many people in Oklahoma and across the country who are currently struggling with overwhelming debt. No matter how much they budget and scrimp, they are simply unable to make a dent in the bills that they owe. In addition to this stress, many experience the added burden of being harassed by creditors. While certain myths surrounding bankruptcy may make some people leery of pursuing it, it is often the best path to getting control of their financial situation.

Unfortunately, some people may delay filing for bankruptcy, potentially making their financial situation even more precarious as bills continue to pile up, because they perceive the pursuit of such protection as an admission of some sort of personal failing. However, often people undergo financial difficulties for issues completely beyond their control. For example, a majority of people seeking such protection in 2009 noted that their difficulties arose due to medical bills. Some statistics indicate that medical deductibles have climbed at an alarmingly fast pace in comparison to wages over the years, indicating that some people's financial problems result from wages that are stagnate.

Others may also be hesitant to pursue bankruptcy because they are concerned about losing their house, car and other assets. However, in most Chapter 7 filings, the is able to avoid giving up possessions because certain exemptions are allowed. In Chapter 13 filings, the filer keeps their assets, but their value could be a factor in a court-approved repayment plan.

Bankruptcy is an important tool that has been used by many people in Oklahoma and across the country. It was created so that people who are drowning in debt have options for a clean financial start. An attorney with experience concerning such filings can help those considering such an action better understand their options and their potential implications.

Source: nerdwallet.com, "5 Bankruptcy Myths Dispelled", Sean Pyles, June 7, 2016

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