Am I required to take a class before and after I file?
Yes, in Oklahoma, certain classes are required by law before and after you file for bankruptcy. Before you file, you will be required to take a Pre-Filing Credit Counseling Course (conveniently available online/via telephone). After filing, you will be required to take a Pre-Discharge/Post Filing Debtor Education Course (also available online/via telephone). At Affiliated Legal Services, Inc., we refer our clients to the most convenient and inexpensive classes available. To learn more about them, please follow the links on our Resources page.
Will filing for bankruptcy affect my credit score?
Yes, filing for bankruptcy can have a negative effect on your credit score. However, the effect is only temporary. Most people who file for bankruptcy will have options available for re-establishing their credit soon after the bankruptcy proceeding. These include using prepaid credit cards or store credit cards.
With timely payments on mortgages, vehicles and store credit cards, you will become eligible for greater credit opportunities. And under the Fair Credit Reporting Act (FCRA), the bankruptcy will eventually fall off your credit report.
Will people at the bankruptcy hearing be yelling at me?
This is a common question — and a significant worry that keeps people from filing, even when they really need financial relief. You should know that, when you work with a lawyer at Affiliated Legal Services, Inc., you have a fierce advocate by your side. We take aggressive action to protect your interests during bankruptcy hearings. You can trust that we will protect you during the hearing and throughout the process.
You should also know that the law was created to give relief to debtors. Under the law, you have the right to be free from overwhelming debt. You are not doing anything wrong by filing for bankruptcy. You are simply taking advantage of rights you already have.
What if I leave a creditor off of my bankruptcy petition?
If your case is like most, it will be considered to be a "no-asset case" by the court — meaning that no property has been taken from you and sold to pay creditors. In no-asset cases, the law allows creditors' debts to be discharged even if you accidentally omit a creditor's name from the bankruptcy petition.
Many people put off filing for bankruptcy because they don't have all their paperwork in order. If you're postponing because you are worried about omitting a creditor from your bankruptcy petition, remember that the law protects you. You can — and should — take immediate action.
How long does the bankruptcy process take?
The entire bankruptcy process usually takes around 100 days. But the more quickly you get started, the more quickly you can experience debt relief. At Affiliated Legal Services, Inc., we offer a 24-hour turnaround time on bankruptcy petitions. If you contact us today, we can file for bankruptcy tomorrow. And filing creates an automatic stay that immediately stops foreclosure proceedings, wage garnishment and repossession.
Contact our Oklahoma City bankruptcy attorney at Affiliated Legal Services, Inc., by calling us at 405-543-2756 for a free and confidential consultation. You may also complete our online contact form.
