Tuesday , 25 June 2024
Home » Bankurptcy » Bankruptcy Shouldn’t Always Be Considered a Last Resort

Bankruptcy Shouldn’t Always Be Considered a Last Resort

We’ve all heard the foreboding warning that bankruptcy should be considered a last resort, and many consumers believe this claim to be true, but it simply isn’t. Too often, debt relief companies and others push this myth on consumers struggling with debt in an effort to force their own agenda, and end up doing the debtor more harm than good. The truth is, in this day and age where students, working adults and even seniors are facing overwhelming debt, there are many instances in which bankruptcy should actually be considered a first resort, and it’s important that consumers eligible for bankruptcy be made aware of this fact. If you are considering filing for bankruptcy in Oklahoma, enlisting the help of a qualified bankruptcy attorney in Oklahoma should be your first course of action. At Oklahoma Legal Center, our bankruptcy lawyers are familiar with OK bankruptcy law, and have years of experience helping struggling consumers attain debt relief and get their lives back on track.

Bankruptcy May Be the Answer to Your Overwhelming Debt

The unfortunate truth is that many consumers, in a last-ditch effort to avoid bankruptcy, will sell all their assets, drain their retirement account, and limp along until they finally hit the wall, broke and without many options. These people are the ones who believe bankruptcy should only be a last resort, and end up losing everything in an attempt to live up to that unrealistic belief. In many cases, bankruptcy as a “last resort” is an inaccurate notion peddled to struggling consumers by debt relief companies and credit counselors as a scare tactic, persuading them to buy into their product as an alternative to bankruptcy. The reality, however, is that, in the face of no other reasonable or logical options, bankruptcy should, in many cases, be the first option debtors consider.

Is Bankruptcy Right for You?

Filing for bankruptcy is often the least expensive way to deal with overwhelming debt in the shortest amount of time. And for many people who file bankruptcy, their debt will be eliminated in a matter of months and their retirement account will be protected from creditors, saved for the time they need those funds the most. Plus, despite claims that bankruptcy will destroy your credit or prevent you from securing employment in the future, it’s actually relatively easy to rebuild your credit after filing for bankruptcy, and there is little evidence of widespread employment discrimination after a bankruptcy filing. However, there is no way to know if bankruptcy is the best financial option for you unless you consult a knowledgeable bankruptcy attorney in your area.

Contact an OK Bankruptcy Attorney Today

Consumers struggling with overwhelming debt should remember that bankruptcy is simply a tool, not a magic wand. It isn’t always the best option for all consumers, but it certainly shouldn’t be considered a last resort under most circumstances. Bankruptcy is simply one of the options consumers have to deal with their debt. If you have unpayable debt and you are considering filing for bankruptcy in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center to explore your legal options. You may be able to eliminate your debt by liquidation or develop a repayment plan to organize your debt and begin to repay your creditors on your own terms, which you can do by filing a Chapter 7 or Chapter 13 bankruptcy, respectively. With the help of our skilled bankruptcy lawyers at Oklahoma Legal Center, debtors can educate themselves about their bankruptcy options and determine which financial move is right for them.

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>