Facing Bankruptcy? You Need to Know Your Options

August, 2017 by

Facing Bankruptcy? You Need to Know Your Options

For most people, the thought of filing for bankruptcy sounds intimidating and embarrassing. Nobody wants to file for bankruptcy, but poor decisions or unexpected events can make it necessary. A given person should attempt to avoid bankruptcy proceedings. However, they shouldn’t hesitate to find professional assistance once the process begins. Far too many people misunderstand bankruptcy, how it works, and how the process will affect themselves upon completion. A bankruptcy lawyer in Norman, OK can do wonders to save you money and headache.

Wiping Out (Some) Debts or Making Debt More Manageable

In layman’s terms, a bankruptcy will either wipe out an individual’s debts, or it will help them negotiate these debts. A Chapter 7 bankruptcy essentially wipes out certain debts from a person’s name. Chapter 13 bankruptcies work more like debt consolidation, resulting in a monthly payment for filers to pay. Unfortunately, bankruptcy doesn’t impact all types of debt, so filers won’t end up with a fresh slate, and they’re guaranteed to face certain penalties like loss of certain assets or a damaged credit report.

Is It Best to Avoid Bankruptcy Whenever Possible? Yes!

A successful bankruptcy is never guaranteed, as filers must meet certain requirements. Without a doubt, the best option for consumers is to avoid filing in the first place. It’s always better to negotiate with debtors before bankruptcy proceedings. An individual should do everything in their power to take care of their financial situation without a bankruptcy hearing. For some individuals, bankruptcy will become the sole option left, and then this option should be pursued.

A Norman, OK Bankruptcy Lawyer Can Help

Nobody should proceed through the bankruptcy process without assistance. Those in need can hire a bankruptcy lawyer in Norman, OK for assistance. Luckily, an attorney can help an individual avoid declaring for bankruptcy with the right steps. If that option is unavoidable, then that same Norman, OK bankruptcy lawyer will guide their client through the process. Bankruptcies are always challenging, but the right legal guidance makes this process a little less intimidating and difficult.

Lawter Law Firm is a legal practice located in Norman, Oklahoma. The firm provides assistance related to bankruptcy law, either helping clients avoid bankruptcy or guiding them through the process.

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