Oklahoma Bankruptcy Myths

If you’re considering filing bankruptcy in Tulsa, Oklahoma be careful of bankruptcy myths.bankruptcy myths  If you’re unsure of whats true or what are bankruptcy myths we can help. Take the time to sit down and think about it. Make a list of the reasons why you think you shouldn’t file for bankruptcy. Once you have your list, its time to examine those reasons and determine whether they are valid concerns. Sometimes it takes the help of a lawyer to sort out whats true from myth.

Understanding Oklahoma Bankruptcy Myths:

Bankruptcy is an often misunderstood topic. The public perception of bankruptcy is largely negative, and it is something that people are often afraid to discuss. Interestingly enough, people who have actually been through a bankruptcy usually feel positive about their experience. This reflects their feeling of accomplishing a goal towards financial freedom. Since there is such a big difference in how filers feel after filing you may want to find out the truth. You can sort bankruptcy myths from fact by doing some research. Also talking with a bankruptcy lawyer in your city is helpful.

Bankruptcy Myths or Truths:

Separating myth from fact is an important part of learning about bankruptcy. There are a few common misconceptions about bankruptcy which deter many people from even giving the idea serious thought. One of these bankruptcy myths is that only people who are irresponsible file bankruptcy. Moreover, a common myth is that filers are simply cheaters. The thinking goes on to paint them as escaping what they rightfully owe. This is simply not true.  Many bankruptcies result from financial fallout caused by an unexpected event. (i.e. a major illness, job loss, divorce, or natural disaster). Another truth is that all kinds of people file for bankruptcy. This, includes people who had money set aside to deal with financial emergencies.

Another thing which holds people back from filing is the mistaken belief that bankruptcy permanently destroys your credit. The truth of the matter is that many people who go through bankruptcy are able to rebuild their credit. People end up with better credit than they had during the period of financial difficulty prior to their bankruptcy. Your financial behavior is a bigger determining factor for your credit score than whether or not you have filed for bankruptcy. In other words, if you go through bankruptcy and then develop good financial habits, your credit will bounce back. On the other hand, if you go through a bankruptcy and then make poor financial decisions, your credit will suffer.

A third misconception about bankruptcy is that it is a “free pass” which will make all of your debts and financial troubles disappear. While many debts may be discharged during your bankruptcy, there are some debts that you cannot get rid of. Also, you may not file for bankruptcy again for a specific period of time after your bankruptcy is completed. Financial troubles can reappear quickly after a bankruptcy if you do not take care to manage your money carefully.

Call Tulsa Bankruptcy Lawyers.

Talking to an experienced Oklahoma Bankruptcy Attorney is a great way to learn more about whether filing for bankruptcy is right for you. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options. We invite you to contact us at Tulsa Bankruptcy Lawyers (918)739-8984 or fill out our online form today!

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