Filing Bankruptcy In Tulsa Oklahoma

by Meagan Kania on October 17, 2013

 

Myths About Filing Bankruptcy In Tulsa Oklahoma

 

Filing Bankruptcy in Tulsa Oklahoma | EZ Oklahoma Bankruptcy

As Tulsa Oklahoma bankruptcy attorneys with numerous years of experience, we regularly meet with prospective clients considering bankruptcy but who are too afraid to start the process.  Specifically, many of these individuals tell us that they fear filing for bankruptcy given that their credit will never recover once their debt is discharged.  The good news is that for most people, this is absolutely not the case.  Overall, it is rather unfortunate that myths associated with bankruptcy actions in Oklahoma prevent people from taking proactive steps to address and resolve their financial situations.  Regrettably, bankruptcy myths often prevent individuals and businesses alike from filing for bankruptcy when they could truly benefit from doing so.   Accordingly, we have put together the following list of the most popular myths associated with filing a bankruptcy to help you determine whether it is right for you.

  • Once my bankruptcy action gets filed, I will lose everything I own.  This is definitely not true.  There are ways in which a person who files for bankruptcy can keep their property during and after their case.  Specifically, the bankruptcy code is replete with exemptions that allow most people to maintain most if not all of their belongings as exempt assets.

  • My credit will be permanently ruined if I file for bankruptcy.  This is also false.  Once your financial slate is wiped clean, all “delinquent” accounts are removed from your credit report.  This almost automatically makes you more attractive to creditors since it decreases your debt to income ratio – something that creditors consider when determining an individual’s creditworthiness.  Once you have a lower debt to income ratio, you will likely be able to obtain certain forms of credit.

  • Given the amendments to the bankruptcy code, I will not be eligible to file.   This is certainly not the case.  Bankruptcy in Oklahoma still remains a viable option for individuals facing serious financial hardships.  Despite the fact that it can be more challenging for some people to file for bankruptcy in light of the recent amendments, there are plenty who still qualify.  Moreover, there are different bankruptcy options available for those who may have too much income but still have significant debt, such as Chapter 13 Bankruptcy.

  • I will never be able to get a credit card or take out a loan.   Not true.  Credit card companies often solicit people once their bankruptcy actions are completed.  Specifically, they typically offer secured credit cards and other types of credit to help people rebuild their credit post-bankruptcy.

  • I can’t discharge the tax debt I owe to the IRS if I file for bankruptcy.    This is not always the case.  While it is more difficult to discharge tax debt, there are certain circumstances that allow you to do so under the bankruptcy code.

  • I will never be eligible for a home loan if I file for bankruptcy.  False.  People can usually obtain a mortgage after waiting a year after their bankruptcy action is finalized.

Contact Our Attorneys About Filing Bankruptcy in Tulsa Oklahoma

Don’t let the myths associated with filing bankruptcy in Tulsa Oklahoma prevent you from taking the actions necessary to attain financial freedom.  Call the Tulsa Ok Bankruptcy Attorneys at EZ Oklahoma Bankruptcy to schedule a free bankruptcy consultation with one of our experienced attorneys.  We will assess your individual situation and steer you towards the course of action that will best improve your financial situation.  We understand how hard it is to even consider the possibility of declaring bankruptcy, and will be sure to advise you of your alternatives should such an action not be right for you. We look forward to helping you attain the financial freedom that you and your family deserve!

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