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.