Elton Jenkins Law, P.L.L.C.

chapter 7 bankruptcy Archives

Bankruptcy trustees handle many aspects of Chapter 7

When working toward debt relief, Oklahoma residents will have a number of people involved in their cases. Filing for Chapter 7 bankruptcy is a significant step, and in order to complete the process successfully, individuals taking this route will need to work with bankruptcy trustees. These parties have a vital role in handling aspects of these cases.

Getting started with Chapter 7 bankruptcy

Struggling with financial problems can cause a myriad of emotions. Some people may feel embarrassed by their money issues, and others may feel as if they have failed due to ending up in this difficult position. However, overwhelming debt can affect anyone, and rather than being embarrassed, Oklahoma residents may instead want to find their best options for getting back on track. For some, that may include filing for Chapter 7 bankruptcy.

Chapter 7 bankruptcy accounts for exempt property

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.

Despite ACA, bankruptcy due to medical bills still prevalent

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.

Bankruptcy may help those who spent more than they have

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.

Rebuilding credit is possible after bankruptcy

Credit is a part of financial life that most Oklahoma residents know they need to maintain. However, many people have a difficult time maintaining good credit, and when their finances fall into disarray, they may worry that taking certain steps will only make their credit scores worse. While debt relief methods like bankruptcy may cause a credit score to decline, individuals can work to increase their scores later.

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