FAQ

  • Bankruptcy

    • Will bankruptcy ruin my credit forever?

      No. Although bankruptcy affects your credit history, many people begin rebuilding their credit shortly after receiving a discharge by responsibly managing new credit and maintaining timely payments. Suprisinly, some creditors look favorable upon people who have received a Discharge of their debts in Bankruptcy. This is because those persons have very little or not debt (other than the typical house and car debts, that most of us have). Those people often have money to spend – disposable income – for the first time in years. And those creditors take these facts into account when offering credit, including the fact that you cannot file another bankruptcy for eight years (at least when it comes to filing a subsequent Chapter 7 bankruptcy case, depending upon several factors).

    • Can bankruptcy stop foreclosure?

      In many situations, filing bankruptcy immediately stops foreclosure proceedings through the automatic stay. Chapter 13 may also allow homeowners to catch up on missed mortgage payments (called the “Arrearage”) over time.

    • Can I keep my car?

      Many individuals keep their vehicles, particularly when the equity is protected because applicable Oklahoma exemption laws or when they have chosen to keep a vehicle and continue making payments under the bankruptcy process. Often a person filing their case can get out from under a crushing car loan, return the vehicle, and Discharge the debt cleanly.

    • How much debt do I need before filing bankruptcy?

      There is no minimum amount of debt required to file bankruptcy. The decision depends on your overall financial situation, your ability to repay your obligations, and your long-term financial goals. Our team will discuss with you all reasonable options to your current circumstances, and select the solution that best fits you and your family.

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