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
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.