Oklahoma Bankruptcy Help9 Myths About Declaring Bankruptcy in Oklahoma
Many people who could find financial relief through the bankruptcy process fail to do so, because they believe some common myths about declaring bankruptcy in Oklahoma. Learn the real facts about filing a Tulsa, Oklahoma bankruptcy case.
No one else is going through this but me.
This is one of the most patently false myths about declaring bankruptcy in Oklahoma. Millions of people, from all economic backgrounds, file for bankruptcy each year.
In fact, the United States government has set up an entire court system designated especially for bankruptcy matters. Most states have several federal bankruptcy courts to handle the volume of these matters.
Everybody will know my bankrupt status.
Although bankruptcy can be found out, anyone who wants to know will have to go searching for that information and also know where to find it.
Essentially, the only people who will know about your bankruptcy are the people you share this information with.
I will lose everything by declaring bankruptcy in Oklahoma.
Again, this is another one of the most inaccurate myths about declaring bankruptcy in Oklahoma. In fact, the goal of bankruptcy for many people is to be able to keep their home, cars and other assets.
An experienced bankruptcy attorney can help ensure you keep the items you are entitled to keep through your bankruptcy.
Creditors will continue to harass me if I file.
This is absolutely false. Once you file for bankruptcy, the law prohibits creditors from reaching out to you.
However, if you fail to list a creditor as a part of your bankruptcy, they will not be covered by this law and can continue to contact you and pursue collection.
My spouse will have to file for bankruptcy if I do.
This depends. If the debts are owned only by one spouse (they are only in their name), they may want to file individually.
However, if the debts belong to both spouses (they are in both names), you will both likely want to file. This is because the creditors can just continue collection efforts against the other spouse if only one files.
All of my debts will be discharged if I file.
This is not necessarily true. Only your unsecured debts can be discharged and you can protect certain categories of debt if they are exempt.
However, secured debts and non-exempt debts will still be your responsibility. Or, you may be responsible for the debts, but will have to pay a lesser amount than you owe.
On the other hand, debts such as child support, alimony, and student loans are never dischargeable in a bankruptcy.
I am a deadbeat if I file for bankruptcy.
Not at all. Life happens and you may need to reorganize your debts in order to achieve financial independence down the road.
In fact, many people must file after a divorce, illness or other major life event.
I can never get credit again after filing for bankruptcy.
Not true. You can get credit after filing because your debt to income ratio will be significantly improved, which is a huge factor creditors consider.
However, you will have to be diligent about repaying any new cards you open in an effort to restore your credit.
My credit will be destroyed for the rest of my life.
Filing bankruptcy is an opportunity to regain control of your finances. Although a Chapter 7 and 13 bankruptcy will stay on your credit report for 10 and 7 years, respectively, your creditors will also know that you cannot file for bankruptcy again until 8 years has passed.
Because you will be offered credit again, you can slowly begin to rebuild your credit. This will be a huge plus to potential creditors in the future.
Initial Bankruptcy Overview: Tulsa Bankruptcy Lawyer
For complimentary information regarding myths about declaring bankruptcy in Oklahoma, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa. We will go over the mechanics of bankruptcy and tell you how to prepare for it.
To receive your no-obligation initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.
