When a person files for bankruptcy it is usually because of being unable to handle an overwhelming amount of debt. Although most individuals find it hard to confront having to file, there are many benefits to handling your debt in this manner. Whether you file a Chapter 7 or a Chapter 13, there are specific benefits to each. One immediate benefit for either type of filing is that your creditors are required to stop contacting you at once, upon being notified of your filing. All legal actions, repossessions, foreclosure proceedings, holds on your bank accounts or wage garnishments must stop as the bankruptcy process goes through. That means relief for you – from the stress and worry you have been living through. Along with the advice of a caring and dedicated bankruptcy attorney, you can then take the needed time to evaluate your personal financial situation and decide what your best legal options may be.

Other benefits to you of filing for bankruptcy include a discharge of most all of your debt in a Chapter 7 filing and a sane and affordable restructuring of your debt with a Chapter 13. Both will allow you to get back in control of your finances and look forward to the future. In addition, a Chapter 13 allows you to keep your assets while repaying your debt.

Although your credit will be temporarily affected by the bankruptcy, you can begin to rebuild your credit standing using some of the tools you’ve gained from the mandatory credit counseling you are required to receive. Our office can also assist you with advice along this line. Irons LLC has over 40 years of combined experience in bankruptcy law and will work hard to negotiate the most effective terms for your filing. We provide personal attention to all of our clients and will keep you informed every step of the way.

The question is not “Do I Qualify?” Instead, the question is “Do I Need to File?” Everyone qualifies for some form of bankruptcy (chapter 7 or chapter 13). But not everyone needs to file bankruptcy. We find that we recommend filing bankruptcy to about fifty percent of the people with whom we meet.

The “New” bankruptcy law that was passed in October of 2005 was intended by Congress to make it more difficult for individuals to file bankruptcy. However, in our experience, about 95% of people who qualified for Chapter 7 bankruptcy before the new law was passed, still qualify for Chapter 7 bankruptcy. Those that no longer qualify for a Chapter 7 filing still qualify for Chapter 13 bankruptcy. The question of which bankruptcy chapter is right for you, of course, depends on many factors specific to your case and can only be answered after a full, free consultation with one of our experienced attorneys.

Every day we get clients calling us upset and despairing over the creditor calls they are can be even worse. If you are facing this situation, we can help you. Your best option in dealing with creditors is to retain an attorney to handle the situation for you. When your creditors are informed that you have an attorney who is representing you, all harassment and calls will cease. By law, they must now direct their calls to our office.

The Fair Debt Collection Practices Act prohibits certain debt collectors from engaging in abusive behavior. Although it does not cover collection tactics employed by original creditors, such as a credit card, it does protect you against the harassment of a third-party debt collector such as a collection agency. If you are still being contacted by creditors agter filing, contact Tulsa Bankruptcy Attorney Bryan Irons.

With our current economic recession, more and more Americans are falling behind on their debts as well as their mortgages. Millions of families have lost their homes to foreclosure. Whether you are having difficulties due to a job loss or any other economic factor, we can help you prevent the loss of your home. By carefully reviewing your specific financial situation, our legal team will determine what options can help you avoid foreclosure.

Depending on your circumstances and your goals for the future, there are a number of ways to avoid foreclosure. If you are seeking to remain in your home, options exist such as a loan modification, forbearance, or even Chapter 13 bankruptcy that can be used to stop a foreclosure proceeding. With hard work and persistence, in addition to aggressive negotiation skills, our legal team can work with your lender to obtain a payment plan that will work for you.

If you find that you just cannot afford your home any longer and need to get out of it but wish to avoid a foreclosure on your credit record, our office can negotiate a short sale or deed in lieu of foreclosure, both methods that will enable you to move out of your home without the severe consequences of a foreclosure.

Getting past your bankruptcy filing and through to its finalization is a rewarding experience. Although a difficult thing to confront, once it is completed, your life can begin to improve. Once your bankruptcy has been finalized, your debts will either be discharged if you filed Chapter 7 protection, or you will be on a repayment plan on your Chapter 13. There will no longer be any harassing phone calls or pending lawsuits. You will either be free of your debts or on a solid payment plan. You can now begin to think about starting anew with a fresh financial outlook.

A bankruptcy filing will initially affect your credit record, so you can expect to have limited reasonable amount of credit and pay it off regularly, your credit history will slowly improve with time. As part of your bankruptcy you are required to attend a financial management class. It is wise to pay close attention and use the tools you learned to budget now that you have been able to eliminate your debts. By always spending less than you make and keeping track of your expenditures, you should be able to keep your finances in good order. Any new credit you do establish should be used as little as possible.

For advice and assistance following your bankruptcy, consult with your Tulsa bankruptcy attorney for help with keeping your finances in order once your bankruptcy is finalized. With the experience and caring of the legal staff at Irons, you can count on us to answer any of your financial questions.