When you are sinking under insurmountable debt, you might feel as if there is no way out. A Tulsa bankruptcy attorney knows better. We have helped many of your Oklahoma neighbors regain their financial footing. When a Tulsa bankruptcy lawyer steps in, we put an end to the harassing phone calls from creditors. We work to protect your most valuable assets. We guard your home against foreclosure. We help you regain peace of mind as you rebuild your financial foundations.
Contrary to what a few have said, filing for bankruptcy is not an act of desperation, nor is it dishonorable – it is a fair, honest, and time-honored way to reorganize your debt and get a fresh start. Chapter 7 or Chapter 13 of the United States Bankruptcy Code provides ways to avoid desperate measures like selling off vital assets or liquidating a hard-earned retirement fund. Our mission at Financial Freedom of Tulsa is to provide you the information and legal representation you need to climb out of debt and get back onto solid financial ground.
Making an informed decision is important, but waiting years to file for bankruptcy can be a mistake. Trying to keep up with debt, you can lose assets that could be saved in an earlier filing. Some people pay tax penalties to dip into their 401K retirement funds after debts pile up, only to go bankrupt later. By then, their savings are gone. People who avoid going legally bankrupt for emotional reasons could waste years of income paying interest on high-cost debt when their income otherwise could be invested in interest-bearing college funds or retirement accounts.
What About Your Credit?
Bankruptcy is not always the option of first resort to escape withering debt, but neither should it be the last resort. Some people are skeptical of bankruptcy because they have heard it stays on a credit report for 7 to 10 years. Yet with a solid financial footing, after you discharge debts you can often rebuild your credit rating much more quickly. When your debt exceeds your earnings and the value of disposable assets, it is time to consider how you could benefit from bankruptcy.
Alternatives to bankruptcy can prolong the risk to your credit status. Credit repair firms try to structure your debt so that it can be paid down over a period of several years. If you miss payments many years into a debt management plan, you could be targeted with a civil judgment or a tax lien that can remain on a credit report for another 7 to 10 years – starting from the time a credit repair plan fell apart.
While bankruptcy is a powerful tool for getting debts under control so that you can move forward, not every bankruptcy filing is the same. It is important to approach a bankruptcy filing with the utmost caution, knowledgeably reviewing all of your financial assets and obligations to assure you keep what is most important. Each situation is unique. As you begin to consider a debt discharge proceeding, you need an informed Oklahoma bankruptcy lawyer to discuss with you frankly the benefits each approach for your financial situation.
Trustees
As the legal proceeding moves forward, you will be assigned a trustee who will require detailed information about your finances. An Oklahoma bankruptcy attorney can represent your interests to the trustee. Before you meet with the trustee and perhaps representatives of your creditors, your bankruptcy attorney will prepare dozens of pages of documents. These forms spell out what property you own, your debts, your income, and your expenses. To prepare these documents, it is important that you have an honest, open dialogue with your bankruptcy lawyer. Errors and omissions can derail the process.
You need to know before you begin the legal process what debts you will likely be required to pay, which debts are secured with collateral, and what property is exempt. This early stage requires mutual trust between you and your bankruptcy attorney. You want a debt management lawyer in whom you have confidence and who will not sugarcoat the hard realities of what can or cannot happen in a debt relief proceeding. Because we know what happens when a filing is faulty, incomplete, or incorrect, we are able to advise you with confidence and compassion so you will know what you need to know to get back on your feet financially.
Because we have worked with so many clients, we know how to do the filings right and how to make the process efficient. Our goal is to make affordable debt relief in Tulsa available to anyone who needs to get out from under debt and back on top of their financial life.
The eventual benefit of bankruptcy is renewed financial stability and the comfort you can enjoy from again having some financial breathing room. A more immediate benefit is tranquility when creditors and third-party collection companies stop calling. Financial Freedom’s debt relief lawyers in Tulsa know how to stop the calls. If collection agencies continue to call after you file, they may wind up owing you money for violating debt collection laws. We know how to find violators and hold them accountable.
Initial Debt Relief Evaluation: Tulsa Debt Management Attorney
Although filing for Chapter 7 is neither a first resort nor a last resort, neither is it always obvious if bankruptcy is the right choice. The decision can depend on your recent income, your financial status, and your financial goals. As Tulsa bankruptcy lawyers, we are available to discuss with you whether bankruptcy is the right option. We offer low-cost initial consultations in which we can evaluate your financial position, assess your eligibility, and advise you of the best way to move forward. To receive your low-cost initial consultation, call Financial Freedom Bankruptcy Lawyers of Tulsa today at (918) 786-9600.
