Most people view filing for bankruptcy as a tragic financial aftermath. However, according to National Funding, a bankruptcy declaration can help [restructure your business and run on better credit terms.] If you are unfamiliar with the various advantages linked to the declaration of bankruptcy, we recommend you conduct some research on the process before dismissing it right away. An experienced and well-versed bankruptcy attorney in Oklahoma can educate you on the upsides of declaring bankruptcy, what chapter of bankruptcy you should file, and how to initiate the process.
According to UpSolve, “Chapter 7 and Chapter 13 bankruptcy are both powerful debt relief options for folks in need of a fresh start.” “The moment your case is filed with the bankruptcy court, you’re protected from creditors as [filing bankruptcy triggers an automatic stay – or stop – on all collections actions.”
Permanent Debt Relief
The article goes on to say that “filing Chapter 7 bankruptcy eradicates most types of debt, including credit card, medical bills, and personal loans.” Any pressure to cover these kinds of debt is extinguished when the bankruptcy court decides to discharge your debts.
Bankruptcy Discharge Guaranteed
If you’re unsure about whether or not the bank will grant you bankruptcy discharge, rest assured that the court will almost certainly dismiss your debts. As long as you prove to be an honest candidate who has never filed for bankruptcy before, you should be viable applicant.
Keeping Your Belongings
Most bankruptcy Chapter 7 filers get to keep all of their belongings, as the law protects exempt property from creditors. Regardless of the item itself, if the law describes it as an exempt item, there’s no need to concern yourself about whether you’ll have to hand it over to creditors.
These are just some of the advantages to consider if you’re thinking about filing for bankruptcy. An experienced and knowledgeable bankruptcy attorney can enlighten you about the other ways in which bankruptcy filing can benefit you and improve your financial situation.
We understand the seriousness of the matter and that even with these details, you may have a series of lingering questions but please know there are grounded answers to your questions.
While deciding to file for bankruptcy Chapter 7 or Chapter 13 is not something to take lightly, especially if it must be consulted with a spouse or a business partner, in the event that you’re filing as a company, a bankruptcy attorney can always point you in the right direction and help guide your decision-making process. If you’re wondering whether bankruptcy filing is right for you or what initial steps you must take to file, contact the Henson Law Firm, PLLC 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.