Oklahoma Bankruptcy HelpYou May Need a Bankruptcy Consultation in Tulsa
You may need a bankruptcy consultation in Tulsa, Oklahoma if you are experiencing harassing phone calls and letters as well as sleepless nights worrying about bills. Financial troubles can lead to increased personal stress, wage garnishments, creditor lawsuits, and the loss of property and other assets if the right decisions are not made in the face of mounting debt. A bankruptcy consultation can answer your questions.
The issue of what to do in the face of mounting debt can be complex. Most of us try our best to deal with the debt and there may be things you can do: cut expenses, take on a second job to increase income, or forego the latte on your way to work. But what if you have done all these things and it still is not enough?
Before your house goes into foreclosure, before any judgments are filed against you by creditors, or before your wages are garnished, get the best information that you can about credit consolidation and bankruptcy.
Credit Consolidation Agencies Can Help or Hurt
Not all credit counseling and consolidation agencies are reputable, so be sure to seek out a firm that is non-profit and has a good reputation. These agencies can help you formulate a debt management plan as an alternative to bankruptcy.
These plans look something like a Chapter 13 reorganization of debt. The agency negotiates with your creditors to reduce the amount of the debt and make the debt more manageable. You then pay a monthly amount to the company and they pay all of your creditors. This type of plan normally takes three to five years to complete. However, like bankruptcy, it will have a negative impact on your credit report.
Debt management plans are not useful in every situation. There are some types of debt that do not qualify under these plans. Also, if you miss a payment, your debtors may resume collection efforts.
Such plans do not have the force of the law behind them. Bankruptcy does.
Is Bankruptcy for You?
Only a consultation with a qualified bankruptcy attorney can answer all of your bankruptcy questions. However, whether you file for Chapter 7 (liquidation) or Chapter 13 (reorganization), the relief is immediate. Creditors must stop all collection proceedings as soon as you file for bankruptcy protection, as a matter of law.
Not only that, but most filers are surprised that they are often able to keep assets such as a house, car, retirement accounts, and the like during a bankruptcy. Bankruptcy is a means to provide a fresh start to those who need it most. It does not mean that you must lose all your property.
But bankruptcies are complex and the decisions that you make today will have ramifications for years to come. It is always best to make sure that you have the advice and counsel of a qualified bankruptcy attorney when you are making these financial decisions. An attorney can help you understand the various kinds of bankruptcy protection available and which one is right for you. An attorney can also guide you every step of the way and help you through the complex forms as well as the meeting of the creditors at which your creditors may question you regarding your debts and assets.
Get the help you need.
Free Bankruptcy Consultation: Tulsa Bankruptcy Lawyer
We are here to help you every step of the way. If you’re ready, call Freedom Financial Bankruptcy Lawyers of Tulsa at 918-786-9600 for a free bankruptcy consultation as soon as possible.
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