Norman Law Blog

When struggling financially, many Oklahoma residents may feel as if they will be trapped forever. Even though assistance options, like bankruptcy, are available, many people choose to forgo such help because they believe only more negative repercussions will occur. However, Chapter 7 bankruptcy can assist many qualifying individuals get back on track.

Though Chapter 7 bankruptcy does involve liquidating assets, it does not mean that the process will result in an applicant losing all of his or her assets in order to pay off debts. In fact, there are stipulations for exempt property that help prevent that exact scenario. For instance, a person may be able to keep a vehicle, clothing, furniture, some home equity, unspent Social Security payments, tools for a trade and assets in retirement accounts.

Facing financial issues is often a worry of most people. Unfortunately, even individuals who seem financially secure or believe that their debt is not out of control could suddenly face substantial money issues if medical problems arise. In fact, medical debt remains the number one cause of bankruptcy filings in the United States.

Recent reports indicate that despite the passage of the Affordable Care Act, medical expenses continue to plague individuals in Oklahoma and across the country. The ACA provides resources for more people to obtain insurance coverage and access to care, but a study reviewing bankruptcy filings found that the proportions of bankruptcies resulting from medical-related expenses did not improve. The Consumer Bankruptcy Project had previously found that 65.5 percent of personal bankruptcies from 2001 to 2007 stemmed from medical expenses, and their more recent study, which looked at the years from 2013 to 2016, showed that the percentage was 67.5 percent.

In a perfect world, no one would have to stress over the state of their finances. Unfortunately, the world is far from perfect, and many people in Oklahoma and around the world struggle with money problems daily. Some may live paycheck to paycheck and hope to get by, and others may rely on credit cards to help bridge their financial gaps. Whatever the case may be, serious financial issues could present a need for bankruptcy.

There are many cases in which people cannot help their financial situations because of emergencies or unexpected events that have occurred. Still, when it comes to credit card use, it pays to be wise regarding how often the cards are used and how much balance remains. Carrying balances can often result in interest and other fees that can make difficult situations worse.

Ending a marriage means far more than simply deciding not to be in a relationship any longer. Many people may be involved in the situation beyond just the soon-to-be former couple, especially if that couple has children. Plus, divorce can be trying even under the best of circumstances, and finding the best way to navigate one's own feelings and the feelings of others can be difficult.

Oklahoma residents who are considering divorce or who are starting the legal process have a long road ahead of them. They may want to start with telling their loved ones about the marriage coming to an end, if they feel this step is needed. Typically, a short-and-sweet approach to this news is best. Being upfront and honest may prevent any confusion about the situation.