The process of filing for bankruptcy is often depicted as daunting and impenetrable. However, when those involved in the undertaking consult an experienced and knowledgeable attorney who can listen attentively, examine your finances and evaluate present circumstances, it is much easier to determine whether bankruptcy is the right approach for you and if so how should you proceed. While you are allowed to initiate the bankruptcy declaration process on your own, it’s highly advisable that you seek financial advice and take advantage of the expertise of seasoned bankruptcy attorneys instead of going at it alone.
The Upsides of Filing for Bankruptcy:
Oftentimes, discussions surrounding bankruptcy are filled with negative connotations but the truth is that while no one wants to be in such a position, sometimes simply having the choice can be life saving for those in dire need. In fact, for people who can barely subsist, much less repay their creditors, bankruptcy declaration can be the float with which they are able to come up for air when suffocated by seemingly insurmountable debt.
Per a Consumer Affairs article, “[a]lthough it is often thought of as a sign of failure or an admittance of defeat, the truth is that bankruptcy gives many people fresh starts for new financial futures. It is commonly thought that people who file for bankruptcy are reckless spenders and poor budgeters, but recent data shows this is not necessarily the case. According to Dan Mangan at CNBC, the leading cause of bankruptcy in 2013 was unexpected medical expenses for people with low income.”
Some of the ways bankruptcy declaration can bring relief to those who file, according to this piece, are with the wiping away of debt, stoppage of calls from bill collectors, the initiation of credit rebuilding, credit card riddance, and the prevention of prolonged filing. The first two benefits can be some of the most transformative of the bankruptcy declaration process. Given that many of the people in debt report feeling of distress and mounting pressure, knowing that their debt can be wiped and that they will no longer be tortured by calls from creditors can be metamorphic.
How Exactly Can a Bankruptcy Attorney Facilitate the Filing Process?
According to Debt, a bankruptcy attorney is there to “protect your assets from debt collectors and find a way to free you from financial responsibilities. “[Per] Ed Flynn of the American Bankruptcy Institute, lawyers represented consumers in 91.5% of the 486,347 Chapter 7 cases filed in 2017. Lawyers had their clients’ debt discharged – meaning eliminated – in 96.2% of the cases. Put another way: 428,097 people walked out of court debt free.” A bankruptcy attorney can provide you with “an overview of your case, advice on options available including what type of bankruptcy to file, completed paperwork necessary for filing bankruptcy, [and] representation when the case goes to court.” If you or someone you know is thinking about filing for bankruptcy in Tulsa, Oklahoma, we believe consulting with an attorney is the way to go.
The Henson Law Firm, PLLC is located at:
601 S. Boulder, Suite 600
Tulsa, OK 74119
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.