How Will Bankruptcy Affect My Credit? The most significant concern among Americans struggling with overwhelming debt is that bankruptcy will destroy their credit. What these people may not know is that simply not paying their bills may have more of a negative effect on their credit report than filing for bankruptcy does. Collection agencies may …
How Will Bankruptcy Affect My Credit?
The most significant concern among Americans struggling with overwhelming debt is that bankruptcy will destroy their credit. What these people may not know is that simply not paying their bills may have more of a negative effect on their credit report than filing for bankruptcy does. Collection agencies may include any and all collection activity in a credit report, and failing to resolve unpaid debts can lead to more significant problems in the future. After filing for bankruptcy however, filers can take steps in the right direction with the goal of rebuilding credit, which can help them get loans to purchase cars and other items in the future.
What Will Everyone Think if I File for Bankruptcy?
Some people are worried about the effect that filing for bankruptcy in Oklahoma will have on their privacy. Because of the negative stigma associated with bankruptcy, many people fear the backlash resulting from newspapers reporting the information and friends, neighbors and employers learning about their financial problems. However, many newspapers no longer report information about personal bankruptcy, and more and more people are beginning to understand that bankruptcy may the best financial move to make for those struggling with overwhelming debt.
Consult Our Experienced Attorneys Today
It’s important to understand that bankruptcy is not going to make your life more difficult. On the contrary, it will likely relieve some of the stress associated with unpaid bills, collection calls and mounting debt. If you are struggling with significant debt in Oklahoma, you need to consider all of the financial options available to you at this time. While it’s understandable to be apprehensive about filing for bankruptcy, you should never let bankruptcy myths or rumors prevent you from regaining control over your financial problems. If you are considering filing for Chapter 7 or Chapter 13 bankruptcy in Oklahoma, contact our bankruptcy attorneys at Oklahoma Legal Center today to address any questions or concerns that you may have.