Oftentimes, the bankruptcy process is depicted as the formidable and crippling result of poor financial choices, but painting the individuals who file with such a broad brush could be an error of judgment. The truth is that many of those who appeal to this resource are dealing with a divorce, a reduction or complete loss of regular income, unexpected emergencies, costly medical bills caused by a personal injury, disability or illness, student loans or other vital investments and/or urgent personal matters. Thankfully, bankruptcy lawyers in Tulsa, Oklahoma know this and they know how to navigate the process so that their client can obtain some of the financial relief they desperately need.
What it Takes: Beginning the Filing Process
According to Debt, “there were 544,463 bankruptcy filings in 2020. Chapter 7 was the most popular form with 381,217 filings (70%). Chapter 13 had 154,341 cases (28.3%) and Chapter 11 just 8,113 (1%).” With thousands of people losing their livelihoods and small businesses and even corporations losing their ability to cover business related expenses, many have been put in a position where filing for bankruptcy is the most sensible option. Those interested in filing must follow four basic steps: “compile financial records: list your debts, assets, income and expenses. Get credit counseling within 180 days of filing: you can’t file for bankruptcy until you’ve gone through a required bankruptcy counseling. File the petition: if you haven’t hired a bankruptcy lawyer yet, this might be the time to do it. Meet with creditors: when your petition is accepted your case is assigned to a bankruptcy trustee, who will set up a meeting with your creditors.”
Advantages Associated to Bankruptcy Filing
Before you move forward with the bankruptcy filing process your attorney and the officials at the bankruptcy counseling program will explain to you both the negative and positive side effects associated with bankruptcy. Filing will likely impact your credit score, but chances are that if you are considering bankruptcy your credit is already taking a hit. However, filing can give you the opportunity to start anew. Per the American Bar Association, “Consumers who are eligible for Chapter 7 may be forgiven (discharged from) most unsecured debts. Collection efforts must stop as soon as you file for bankruptcy under Chapter 7 or Chapter 13.” If you work out a plan with your attorney to ensure that you can catch up and stabilize your finances, you will experience a financial freedom you never had before. Whether you or someone you know is interested in filing for bankruptcy in Tulsa, Oklahoma, we recommend you contact the Henson Law Firm today.
The Henson Law Firm, PLLC is located at:
601 S. Boulder, Suite 600
Tulsa, OK 74119
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.