The Bankruptcy Process

Overcoming the Fear of The Unknown - The Bankruptcy Process

Unlike the problems you deal with everyday in life, the fear of the unknown can be unrealistically frightening. Whether it's preparing to ride out your first hurricane or anticipating your son or daughter's first karate sparring match, the fear of an unknown result is usually worse than the outcome itself. The fear of filing for bankruptcy may be the worst one of all and this fear keeps many people from fixing their debt-related financial problems and keeps them mired in financial difficulty. When it comes to personal bankruptcy people fear losing their home, having their wages garnished, and being branded a failure.

The number one fear that prevents people from filing for bankruptcy is the fear of losing their home and having to move in with their in-laws. But don't worry, your home is listed under Section 1 of Homestead and Exemptions as property that is exempt from attachment, execution or forced sale in Bankruptcy proceedings provided that it is the principle residence where you reside. Under bankruptcy protection you can keep your home. No one can take your principle residence from you or force you to sell it. You will not have to leave your home and live with relatives.

Another thing that people are afraid of in a bankruptcy is that the bank or lenders will garnish their wages and leave them unable to provide food and shelter for their family. Once again, you need to remember that bankruptcy is available to you for your financial protection, not to put your family out on the street. In a worst case scenario, up to 25% of your wages can be garnished to pay your creditors leaving you with 75% of your income. This will enable you to keep your lifestyle basically intact, pay your creditors, and take a major step to getting back on track and moving toward being financial responsible once again.

Lastly, people avoid filing for bankruptcy protection because they are afraid of being branded a failure. You should know,however, that most of the great entrepreneurs of our time have filed for bankruptcy at one time or another and some have filed many times. For example, Walt Disney, who was once fired from his job at a newspaper for lack of imagination, went bankrupt several times before eventually succeeding with Disney Animation. The initial financing for his original theme park was denied because bankers felt such a business would not attract paying customers. Henry Ford, the great automobile manufacturer credited with the invention of the assembly line went bankrupt twice before his Ford Motor Company finally became viable. And in case you think bankruptcy was a thing of the past, one of today's most respected billionaires Donald Trump has filed for corporate bankruptcy four times, in 1991, 1992, 2004 and 2009. So as you can see, filing for bankruptcy is a common strategy that is more a sign of an overall business downturn than a reflection of your character as a person. You are in good company and there's nothing to be ashamed of if you file for bankruptcy protection.

Oklahoma bankruptcy law is in place to protect you from experiencing financial hardship as a result of borrowing too much or paying too high an interest rate on your loans. You need to call an experienced Oklahoma Bankruptcy attorney that will put your mind at ease and patiently explain to you why bankruptcy exists not for punishment, but for your protection.

Meagan Kerr is a bankruptcy legal content writer for bankruptcy law firms in Tulsa, Oklahoma. Her bankruptcy legal articles are written in a fashion that gives average users a great understanding of bankruptcy law in Oklahoma. For more details on Oklahoma bankruptcy law go to her legal blog at: http://tulsabankruptcylawyers.net/

This article was published on 19 May 2015 and has been viewed 801 times
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