It can be difficult for you to maintain your finances. Job loss, medical expenses, and crushing debt can make it hard to stay afloat financially. That is why it is a good idea to file for Chapter 7 bankruptcy in Tulsa, OK. If you are struggling financially, here are several reasons that you should consider filing for bankruptcy.
Get Immediate Relief
When you file for bankruptcy, an automatic stay is issued. This will prevent creditors from contacting you. If a debt collector does contact you, they could be punished.
No Complex Payment Methods
Chapter 13 bankruptcy requires that you pay your debts over the course of three to five years. However, if you file for Chapter 7 bankruptcy, you won’t have to worry about making any payments.
Two Ways to Qualify
There is a median salary limit that applies. If your income exceeds the median salary, then you will have to take a means test. The purpose of the means test is to see how much money you have left over after you pay your bills. If you have little or no money left over after you pay your bills, you will be able to file for Chapter 7 bankruptcy in Tulsa, OK.
Erase Your Debt
Chapter 7 bankruptcy can get rid of most of your debt, including credit cards, unsecured loans, cell phone bills, and medical bills. You will get a fresh start after you file for bankruptcy.
If you want to file for Chapter 7 bankruptcy in Tulsa, OK, you will need to contact Matthew E. Riggin, LLC.