Benefits of Bankruptcy in Oklahoma
Ready to file? Call on our Oklahoma City bankruptcy lawyer!
When most people think of bankruptcy, they envision damaged credit scores, empty pockets, and a boot to the street. However, bankruptcy is actually a very effective option that has proven successful for countless consumers throughout Oklahoma and the United States. This financial strategy is meant to help consumers, not financially cripple them even further.
Yes, certain debts cannot be discharged, such as child support or some secured loans, but that does not mean that you will be left with almost all your debt, a damaged credit score, and nowhere to go. Bankruptcy allows you to eliminate all unsecured debt, while still keeping a majority of your property through exemptions. The key is to find an Oklahoma bankruptcy attorney who understands your financial situation and can work with you to make sure your filing is as successful as possible.
Without a trusted legal advocate by your side, you may miss some of the many benefits that bankruptcy can provide. Alexander Hilton & Associates has been representing consumers for more than 20 years and would be honored to extend our service to your case today. Get more insight by calling on our OKC bankruptcy firm for a free consultation!
Why Bankruptcy Is Beneficial to Consumers
Though bankruptcy is often shrouded in negative myths and misunderstandings, there are many positive things about this financial tool. It was designed by the government to give consumers just like you a second chance with their finances and freedom from their overwhelming debts. While it won’t wipe out all debt, it can truly help a person get their life back on track.
Bankruptcy provides numerous benefits to consumers, including:
- Creates a fresh financial start
- Discharges a majority of debts
- Can halt foreclosure
- Puts a stop to creditor action
- Offers exemptions for most property
An automatic stay can work to protect you from any further creditor action, such as lawsuits, collections, or even letters. This injunction is put into place immediately following your petition for bankruptcy.
What about the potential disadvantages?
On the flipside, you should keep in mind some of the effects filing for bankruptcy will have on your life. If you choose to file for Chapter 7, it will remain on your credit report for up to 10 years. This means you will likely have to put in significant work to rebuild your credit and may have to wait some time to get another credit card. While you may face challenges when trying to secure financing to obtain a home or car, it is simply like starting over with your credit.
Bankruptcy truly wipes your main debt clean and restarts your credit score at the bottom, allowing you to start fresh and begin building positive spending habits. Filing will be the most beneficial when you are prepared for how to handle some of the repercussions of bankruptcy, using them to improve your financial discipline for the long run.
Ready to find out more about the benefits of bankruptcy? Call our Oklahoma City bankruptcy lawyer to discuss your case and learn how this debt-relief option can benefit your financial situation.
