Most people struggle financially at some point in their lives. If you are unable to overcome your financial challenges, filing for bankruptcy might help you take control of your finances. Even though it is often viewed in a negative light, the truth is that many people benefit greatly from filing for bankruptcy.
There are three types of bankruptcies:
Filing for Chapter 7 Bankruptcy has its benefits, including:
Some of the benefits of filing for Chapter 11 Bankruptcy include:
Many people who do not qualify for Chapter 7 Bankruptcy choose to file for Chapter 13 Bankruptcy instead. There are a number of benefits to filing for Chapter 13 bankruptcy. Some of these benefits include:
There are many benefits to filing for bankruptcy, but there are also some negative consequences. For example, filing for bankruptcy can negatively impact your credit, so you must commit to rebuilding your credit after your case has been closed. It can also be difficult to secure new lines of credit with a Chapter 13 Bankruptcy on your record. Because of these consequences, many people are hesitant to file for bankruptcy even if they are in need of financial assistance.
Fortunately, bankruptcy is not the only way you can seek financial relief in Oklahoma City. There are other options available to people who are struggling to pay their bills. Some of the most popular bankruptcy alternatives include:
Learn more about the bankruptcy process-and whether or not it's right for you-by speaking to the bankruptcy attorneys at Hammond Law Firm. Tell us more about your situation so we can help you understand the many options that are available to you. To schedule a free consultation, call 405-216-0007 or submit your information via the form on this website.