Oklahoma Bankruptcy Lawyers - Life After Bankruptcy

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The Effects of Oklahoma Bankruptcy

When people deal with the enormous burden of financial problems on a daily basis, the stress can become overwhelming. Despite that reality, many people still hesitate to seek the protection they may very well need from the United States Bankruptcy Court. The reasons for this avoidance are generally grounded in myths, including the supposed stigma that is attached to bankruptcy and the faulty notion that filing for this protection will ruin anyone’s financial future.

Below is an overview of the effects of bankruptcy on those who file for this protection. You’ll find information regarding the relief it provides, the effects on a debtor’s credit rating when the filing and case are complete, the financial realities that often result from taking this course and ultimately how you should proceed if you’re ready to put an end to the fear, anxiety and stress that accompany financial difficulties.

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The initial effect on the debtor after filing for bankruptcy protection can also prove for many to be the most profound and beneficial. Most who have experienced financial difficulties will explain that the most difficult aspects of their daily lives included that long walk to the mail box and that racing pulse that accompanied the ringing of their phones.

When creditors begin to step up their efforts to collect their debts, it can dominate anyone’s life. Phone calls are numerous and occur repeatedly on a daily basis, letters from original creditors and collection agencies begin to pile up and every bill that arrives becomes a stressful even in regards to how it will be paid.

When someone takes the step of properly filing for bankruptcy protection, one of the first steps taken by the court is to issue an Automatic Stay. This is basically a court order sent to all the creditors named on the bankruptcy petition that requires them to immediately cease and desist with their ongoing collection efforts. As a result, the phone calls stop and the letters no longer arrive. Simply achieving this peace of mind can allow a debtor to think more clearly in regards to his or her situation and lift the tremendous burden of the pressure being applied by the creditors off of his or her back.

Oklahoma Bankruptcy

Our attorneys will evaluate your situation for FREE with no obligation. Pick up the phone and call us at (877) 491-8818 today.

Life After Bankruptcy

Bankruptcy Isn't the End of Your Credit Life. Many Oklahoma Residents Effectively Manage Their Debts and Finances Shortly After Bankruptcy by Implementing Practices Such AS:

Live a Relatively Debt-Free Life
Rebuild your Credit Score
Build a Budget for a Reasonable Lifestyle
Pay Your Bills on Time
Apply for a Credit Card
Pay off your Credit Card Every Month
Open and Build up Your Savings Account
Pay Your Mortgage on Time

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How Can I Start to Rebuild Credit After Bankruptcy?

Once the Bankruptcy Process is Complete, Consumers are Usually Eager to Start Rebuilding Their Credit. Taking These Steps Can Help You Get on The Road to Good Credit:

Apply for a Secured Credit Card
Use and Manage a Small Amount of Debt
Clean Up Your Credit Report
Get an Installment Loan
Make Sure You Can Afford Purchases
Convert to An Unsecured Credit Card

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Financial Benefits of Bankruptcy
Credit Rating Benefits

Hiring an Oklahoma City Bankruptcy Lawyer

As can be seen, those who find themselves in seemingly untenable financial situations could actually enjoy several benefits by filing for bankruptcy protection. If you are struggling with your bills and don’t see a way out, contact the Oklahoma City bankruptcy lawyers at the law firm of Atkins & Markoff today to schedule an initial consultation.

Potential Financial Benefits of Filing Bankruptcy

Finally, another potential effect or result of filing for bankruptcy protection can be looked at from a purely numerical standpoint. If someone is seriously behind on bills, it’s generally because he or she lacks the funds to make the necessary payments. Therefore, barring an unforeseen change in financial circumstances, he or she will likely be unable to pay those debts off anytime in the near future.

However, whether someone proceeds through a Chapter 13 filing that includes a payment plan or a Chapter 7 filing that includes liquidation and one-time payments to creditors on the petition, it generally works out that the existing debts are wiped out once and for all without having to come up with all or even a large portion of the amounts owed. This will allow a debtor an opportunity to save more of the money he or she is able to generate and provide for better prospects for the future.

The Potential Credit Rating Benefit of Bankruptcy

As stated above, one of the most common reasons that people will look to avoid filing for bankruptcy protection is because they fear that their credit rating will be ruined forever. This is a myth that needs to be corrected, as filing for bankruptcy will generally do no more harm to a credit rating than that which already exists and can actually start the process of rebuilding that all-important score.

If someone is in a position where bankruptcy is a viable option for relief, it’s also likely that his or her credit rating is already in a state of serious disrepair. If someone has several delinquent accounts, defaults and ongoing collection efforts on his or her credit rating, those negative entries will remain on the report for seven years, and that seven-year period only starts to run after an account has either been paid or settled. The result is that if someone continues to run from creditors, those negative entries could remain on the report for longer than seven years.

However, when someone files for bankruptcy and the debts are ultimately discharged, that period of time that negative entries remains on the credit report begins to run. As long as no additional problems are encountered by the debtor after the case, he or she can look forward to a definitive date that these negative entries will no longer appear. In the meantime, some creditors will also provide opportunities for debtors to begin to rebuild their credit after a case is complete.

Oklahoma City Bankruptcy Lawyers

Bankruptcy filings do have an effect on those who need the protection, but there are many myths in existence that cause people to hesitate before getting into this process. The benefits of filing can include immediate emotional relief, the chance to fix the credit rating involved, the potential for basic cost savings and the opportunity to start with a clean slate, so contact the Oklahoma bankruptcy attorneys at Atkins & Markoff today to schedule an initial consultation.