1. You can put your debt problem behind you.
Once you file bankruptcy, you begin to put the part of your life that led you to seek protection from the federal bankruptcy law behind you. All the debt that you have accumulated will be addressed in the bankruptcy proceeding. Notice will be given to your creditors and others to whom you owe money, such as your landlord. They will know that you have filed for bankruptcy protection and will have to stop immediately all collection procedures against you.
2. You will be required to gather and organize your financial documents.
When you file bankruptcy, you will have to go through a process that requires you to gather and organize all of your financial documents, such as your vehicle titles, deeds to property, mortgage documents, bank statements, copies of your credit report, and pay stubs for the last 6 months. In addition, you will be required to inventory everything you own as an individual or business; as well as any financial obligations, such as alimony, child support, and life insurance payments. All of these documents will have to be collected and given to your bankruptcy attorney so that the two of you can file your petition properly, with complete disclosure and in the best manner to protect you from your creditors.
3. You will learn your true net worth.
By filing bankruptcy, you will gain an understanding of your actual net worth. Any assets–stocks, bond, 401ks, and IRAs, for example–as well as any debts, such as medical bills, credit card debts, mortgages and anything else having to do with your financial condition, will be assessed. Bankruptcy details all of your assets and debts, which is a tremendous benefit that very few people recognize as part of the bankruptcy process.
4. You will take back control of your life.
Many people who have reached the point of needing to seek protection under federal bankruptcy laws do so because they feel that they have lost control of their financial lives. They don’t see how they are spending and don’t understand where the money is going. Bankruptcy requires detailed budgeting, which will help you regain control over your spending and understand where your money has been going.
5. You will finally be able to improve your credit score.
Finally, after you file bankruptcy, your debt will be discharged and removed from your credit report. You can then begin to repair your credit by obtaining a secured credit card, which will enable you to improve your credit score by making timely payments and establishing a record of new payment habits for future creditors to see. Once your credit score improves, you will finally be able to obtain the credit to purchase that car or home that you were previously unable to acquire.
Conclusion
If your finances are in disarray, creditors are hounding you day and night, and you feel that you have lost control of your financial life, then filing bankruptcy might be the best thing that you ever do. To learn more about how filing bankruptcy can help you regain control of your life, contact an experienced Oklahoma bankruptcy attorney.
Free Consultation: Oklahoma Bankruptcy Attorney
To find out more about how to file bankruptcy in Oklahoma, contact a Oklahoma City bankruptcy attorney. For a free confidential consultation about your rights in bankruptcy court and the potential benefits of filing bankruptcy, contact the Debt Line Law Office at (405) 563-7888. If you prefer e-mail, send us your question using the form at the top right of this page and we’ll answer your question as soon as possible.