Alternatives to Bankruptcy in Oklahoma

Filing for bankruptcy may not be the right step for everyone.  Each person has his or her own unique financial circumstances that require different plans for managing and eliminating debt.  Whether or not you choose to file for bankruptcy is often dependent upon your income, because if you have a steady income, you may be able to manage your debt without the protection of the Oklahoma bankruptcy courts.  There are a variety of ways in which you can manage your debt outside of the bankruptcy process.  No matter what method you use to manage and eliminate your debt, it is important that you understand the process of eliminating your debt and the consequences of what method you choose to eliminate your debt.  The Federal Trade Commission offers suggestions that have helped numerous people manage their debt without resorting to bankruptcy. If you have questions regarding filing bankruptcy or alternatives to bankruptcy in Oklahoma feel free to call our South Tulsa Bankruptcy Lawyers.

Debt Settlement as an Alternative to Bankruptcy in Oklahoma

The first alternative to bankruptcy in Oklahoma is that you have the ability to contact your creditors and/or lenders to negotiate a way to pay a certain amount to eliminate your debt.  This particular amount, if paid in full, may be less than the total account balance, and this can be beneficial when certain credit accounts have a significant amount of interest attached to them.  Settling your debt allows you to eliminate as much debt as possible in an efficient way without harming your ability to pay for everyday living expenses and this may be an alternative to Bankruptcy in Oklahoma. Many people communicate directly with their creditors and/or lenders to negotiate a fair settlement of your unpaid debt.  However, some people retain the assistance of a debt-management and bankruptcy attorney who can communicate on your behalf to ensure you are reaching a fair settlement of your debt and not being taken advantage of.

Debt-Management Programs as an Alternative to Bankruptcy in Oklahoma

 Another possible alternative to bankruptcy in Oklahoma is if you have a substantial amount of credit card debt, there are debt-management programs available that will consolidate all of your credit card debt so that you are making one monthly payment that will then be distributed amongst all of your credit card accounts.  There are many legitimate debt-management agencies; however, there are also some to be weary of.  Agencies that are not-for-profit tend to be more trustworthy and less likely to take advantage of you.  By enrolling in a debt-management program, you will be making a monthly payment to the agency, and the agency in turn makes individual payments to your creditors.  The agency will negotiate with your creditors to come up with a lower interest rate and lower monthly payments to help you eliminate your debt much more quickly.  The cost for enrolling in a debt-management program is typically a low monthly fee in addition to an initial enrollment fee.

There are some debt-management programs that offer a loan that is supposed to be used for paying off the credit card debt, and the loan payments are made to the agency.  This may seem like a better option for some people, but it is always important to determine how much you will be paying in interest by taking on a loan.  Regardless of what type of debt-management program you enroll in, you will have to close your credit card accounts.  There are some creditors that will not participate in the program, but most creditors will.  Individuals are usually able to keep one credit card account open, with the intent that it is to be used for emergency purposes only.  By closing the majority, or all, of your credit card accounts, you are actively eliminating your credit card debt at a relatively quick pace.

 

Other Options for Managing and Eliminating Debt as an Alternative to Bankruptcy in Oklahoma

A final alternative to bankruptcy in Oklahoma is if you do not wish to seek settlement of your debt or wish to participate in a debt-management program, you can simply change the way you spend your money so that you are only purchasing items that you need and refraining from using credit cards.  Further, if you have unpaid medical bills, you can typically set up a payment plan with your health care provider.  These other methods of debt-management and elimination are useful in situations where an individual’s debt is not enormous.  It is always best to consider the most conservative options first, and a qualified debt-management and bankruptcy attorney can thoroughly explain the debt-management process and why some alternative methods of debt-management and elimination may work best for your particular situation.

Contact a Tulsa Bankruptcy Attorney:

We offer our bankruptcy clients in the Oklahoma area a Free consultation regarding bankruptcy law or other alternatives to bankruptcy in Oklahoma. Our Bankruptcy lawyers are in Tulsa and will meet with you within hours. Call Today for Free Bankruptcy Information. 918-739-8984

Alternatives To Bankruptcy in Oklahoma

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