The decision to file bankruptcy may be one of the most important financial decisions of your life. While it will provide you with a fresh start financially, it can also scar your credit history for a significant period of time. Success in bankruptcy means ensuring that the advantages of filing bankruptcy outweigh it’s disadvantages. Here are five tips for bankruptcy success in Oklahoma.
Be honest with your bankruptcy attorney
Bankruptcy success in Oklahoma requires the assistance of an experienced and competent bankruptcy attorney. In order for your attorney to do his/her best for you, he/she must have a thorough understanding of your financial situation. No matter how difficult and embarrassing it may be, you must be completely honest and forthright when discussing your financial details with your attorney. This disclosure will enable your bankruptcy attorney to make decisions to avoid complications that may threaten the success of your bankruptcy. Bankruptcy success in Oklahoma requires you to make the right choices from the very beginning. Being completely honest with your bankruptcy attorney is the first choice you must make.
Be accurate with your financial details
Filing bankruptcy in Oklahoma requires you to fill out more than 50 pages of information detailing your creditors, income, expenses and assets, as well as how you elect to deal with your debt. In addition, you may be required to gather certain documents in support of your stated financial position, including past pay stubs, bank statements, business records and tax returns. It is your duty to be as accurate and as thorough as possible when providing this information. Overstating or understating your financial details can have a huge impact on the outcome of your bankruptcy. Furthermore, if you are asked to provide, for example, six months of pay stubs, provide no less than the requested amount. Failure to provide documents in the breadth and quantities requested can hamper the process and make it more difficult for both you and your attorney.
Fulfill your responsibilities as a client
Your bankruptcy attorney will do as much as possible to lessen the burden placed on you by filing bankruptcy. However, there is only so much your attorney can do for you. Bankruptcy laws require that you personally fulfill certain requirements, such as providing documents to the court, completing the credit counseling courses and showing up for the 341 Meeting (Meeting of Creditors). Your bankruptcy attorney cannot do these things for you. Taking care of your responsibilities as a client will make the bankruptcy process easier for both you and your attorney, and ultimately render your bankruptcy more successful.
Be prepared to make some sacrifices
For most, the decision to file bankruptcy is a difficult decision to make. It is made no less difficult by the fact that when you file bankruptcy, you may risk losing some cherished assets in the process. Most filers typically lose very little and receive a complete discharge of their unsecured debt. However, there are situations where you may be required to liquidate or turnover certain assets in order to satisfy creditors. If you encounter this situation, it is important to remember that you have filed bankruptcy to lessen your financial burden and to receive a fresh start. Bankruptcy success in Oklahoma may require you to make some significant sacrifices. Keeping your eye on the big picture and focusing on your long-term goals will make these short-term sacrifices a lot easier to make.
Be ready for success after bankruptcy
Filing bankruptcy will give you a fresh start financially, but in order to take full advantage of the opportunity, you must establish new financial habits immediately. Start by noting the mistakes you made in the past so that you can avoid repeating them in the future. Focus on establishing new financial habits by avoiding unnecessary debt and paying your bills on time. These actions will help you rebuild your credit and live with more financial freedom. Remember: once you have received a discharge of debt under bankruptcy, you will not be eligible to file again for several years. Therefore, you will have to live with whatever financial choices you make for a long time, so be sure to make smart decisions.
Low-cost Consultation: Okmulgee Bankruptcy Lawyer
If you’d like to speak with a bankruptcy attorney about your possible options, call (918) 756-9600 or toll-free (888) Wirth-Law now for a initial consultation with an Okmulgee Bankruptcy Lawyer at the Wirth Law Office – Okmulgee. Or, you can enter your legal question or concern in the form at the top right of this page, and one of our attorneys will email or call you.
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