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Bankruptcy is an opportunity, not a punishment

| Jun 26, 2020 | Chapter 7 Bankruptcy

Money problems are one of the biggest stressors in life. When Oklahoma residents, and almost everyone else, are financially stable, they may feel better able to handle the difficulties life may throw at them. Of course, financial troubles can start suddenly, and many people wonder what to do after accruing a considerable amount of debt.

You may have recently found yourself in a situation that led to money issues. You may have gotten a divorce, lost your job, had a medical emergency or experienced another ordeal that left you with income issues or substantial bills. At first, you may have thought you could get the matter under control, but as time goes on, your debt problems only seem to get worse.

Should you consider bankruptcy?

Bankruptcy is a debt-relief option backed by federal law, which makes it one of the most reliable relief options available. Though individuals must meet certain qualifications in order to utilize this method, it can be immensely helpful to struggling parties. Of course, bankruptcy has a negative reputation because many individuals mistakenly think that it will ruin their credit forever or that only irresponsible people reach the point of needing bankruptcy.

On the contrary, nearly anyone could end up in a position where financial troubles leave them facing significant hardships. Still, because bankruptcy is such a major step, it is important to thoroughly review your circumstances to determine whether it is the right option for you. Some details to consider include the following:

  • Is your home at risk of foreclosure?
  • Could you realistically pay off your outstanding debt in two years or less?
  • Have creditors started garnishing your wages?
  • Are the costs associated with bankruptcy worth it for the end results?
  • Has a creditor filed a lawsuit against you in attempt to collect on an outstanding balance?

If you could pay off your debt in a fairly reasonable amount of time or if the costs of bankruptcy would exceed the amount of debt you are trying to discharge, the process may not be right for you. However, if you need to stop foreclosure, have substantial outstanding balances, face wage garnishment or other similar issues, looking more closely at bankruptcy as a feasible option may be worthwhile.

Gaining reliable information

You may be like many others who think that the effects of bankruptcy are a punishment for ending up in a difficult financial spot, but really, this option is an opportunity to get your financial affairs in order and start fresh. In order to gain information specific to your case, you may want to contact an experienced bankruptcy attorney. This legal professional could go over the details of your situation and help you determine whether this debt relief method could work in your best interests.