Oklahoma Bankruptcy Myths

Don’t Let Bankruptcy Myths Stop You From Taking Charge of Your Finances

If you are considering filing for bankruptcy in Tulsa, Oklahoma, you may find that you are reluctant to make a commitment to doing so. If you feel this way, it may be useful for you to take a closer look at the reasons why you are holding back. Take the time to sit down and think about it, and make a list of the reasons why you think that you should not file for bankruptcy. Once you have your list, it is time to examine those reasons and determine whether they are valid concerns or thoughts which are based on a misunderstanding of what bankruptcy is actually all about.

Understanding Oklahoma Bankruptcy Myths.

Bankruptcy is a topic that is often misunderstood. 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 positively about their experience and about the impact that it has had on their ability to move their financial situation in a more positive direction. Since there is such a big difference between the way that many people who have not been through a bankruptcy perceive it and the way that people who have personally experienced bankruptcy feel about it, it is important that you do your own research about whether such an action is right for you.

Truth About Bankruptcy

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 of filing for bankruptcy serious thought. One of these bankruptcy myths is that only people who are irresponsible or who want to escape their financial obligations file for bankruptcy. This is simply not true, because many bankruptcies result from the financial fallout which is caused by an unexpected event like a major illness, job loss, divorce, or natural disaster. The truth is that all kinds of people file for bankruptcy, including people who had money set aside to deal with financial emergencies.

Another thing which holds people back from filing for bankruptcy 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 and end up with better credit than they had during the period of financial difficulty that they had 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!

Oklahoma Bankruptcy Myths

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