When Its Time to Call a Tulsa Bankruptcy Attorney
It can be hard to determine when its time to call a Tulsa bankruptcy attorney. Many people have lived with some degree of debt for years. It is not always easy to reach the decision that the debt has become unmanageable. Some signs that you tell you its time to call a Tulsa bankruptcy attorney include:
Creditors are Harassing You
Do you have creditors calling your house? Are lenders threatening to foreclose on your car or home? If so, it is probably time for you to schedule an appointment with a bankruptcy attorney to at least assess your possibilities. Filing for bankruptcy will halt all bill collectors and the debt collection process. All calls must stop and foreclosures cannot continue. This is an indication of when its time to call a Tulsa bankruptcy attorney and live free from the hassle and stress of collection calls while you proceed with the bankruptcy.
Making Only Minimum Credit Card Payments
Even if you have not reached the point of continued collections, you may wish to consider bankruptcy if you are only making minimum credit card payments. Look at the interest rates on your bills and calculate how long it will take you to pay off those debts. If the answer is a long time, you might want to consider bankruptcy. Paying only the minimum balance on credit cards will ensure that you pay several times the amount that you initially owed. All of that money spent on interest payments could have gone towards essentials such as medical insurance, investments, and your mortgage.
Our current healthcare system results in millions of Americans incurring tremendous medical debts each year. If you have amassed considerable medical debt and cannot reasonably pay off these debts, a bankruptcy attorney may be able to assist you. Medical debt is typically unsecured and can be eliminated through a Chapter 7 bankruptcy. With your medical debt discharged, you can start rebuilding your financial life.
Foreclosure
If you are facing foreclosure and do not want to lose your home, a bankruptcy attorney can explain to you the option of filing for Chapter 13 bankruptcy. Chapter 13 bankruptcy will involve the creation of a court approved repayment plan that can include past mortgage arrears. You can stop the foreclosure of your home through Chapter 13 bankruptcy and continue to live in it for years to come.
Underwater Mortgage
If you have two mortgages and your home is valued at less than the amount you owe on your first mortgage, you should consult with a bankruptcy attorney. Chapter 13 bankruptcy would allow you to strip off the second mortgage. Once you complete the repayment plan and your debts have been discharged, you would owe just the first mortgage.
Borrowing from your Retirement Account
If you find yourself borrowing from your retirement account to pay back debts, it may be a sign of financial trouble. You will need your retirement fund to take care of yourself and your family in the future. It is important to protect these assets and bankruptcy is one way to do so. Accordingly, if you are or are contemplating borrowing from retirement to pay back debts, consult with a bankruptcy attorney as soon as possible.
When Its Time To Call a Tulsa Bankruptcy Attorney Call South Tulsa Bankruptcy Lawyers
If you are struggling under oppressive debt, the Tulsa Bankruptcy Attorneys at South Tulsa Bankruptcy Lawyers can help. We will evaluate your debts as well as your overall financial picture, including assets and income, to determine whether bankruptcy is an appropriate option for you. We will never push you towards bankruptcy and will always explain the full range of your rights. We handle Chapter 7 and Chapter 13 bankruptcies. Call the bankruptcy attorneys at South Tulsa Bankruptcy Lawyers today at 918-739-8984 to schedule your free consultation.
When Its Time To Call A Tulsa Bankruptcy Attorney
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