Weighing Your Options

We can all agree that paying rent, feeding your family and keeping the lights on is more important than reducing your debt. If you can’t afford your basic living expenses or have fallen behind and have no way to get back on track, Chapter 7 bankruptcy might be the best option. On the other hand, if you can afford to pay back some or all of your debt over time, you have choices. The following options are worth considering.

  • Debt consolidation loans can lower your interest rate.
  • Credit counseling can help you to create a plan and to establish financial goals.
  • Debt settlement reduces your balances, but you must pay off the remaining amount.
  • Chapter 13 bankruptcy requires partial repayment over three to five years.
  • Debt management plans can lower your interest rates, but you must repay your creditors.

If you recently lost your job or have suffered a disability and know that you can’t pay your bills, it pays to be proactive. Waiting will only create bigger problems. In addition to collection calls, you may face penalty fees and compounding interest rates as well as lawsuits and wage garnishment. Bankruptcy can stop these proceedings. If you don’t wait too long, you may have an opportunity to negotiate with your creditors.

Free Bankruptcy Consultations

If you’re considering bankruptcy or have questions about what to do next, contact me online or by calling 405-216-0007. I am an experienced attorney and former Chapter 7 trustee. I have focused on bankruptcy and debt settlement for the past 25 years, and I have helped thousands of clients in Oklahoma overcome debt. I will review your finances, discuss your goals and explain your options during the free initial consultation.

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