Although the prospect of facing your creditors seems intimidating, the proceeding is not designed to trap you or make you feel ashamed that you sought debt relief. Think of it as a fact-finding expedition that gives your creditors an opportunity to ask questions and understand your situation.
If you’ve gotten to the point where you’ve stopped paying your bills, you may be wondering can creditors garnish your wages?
The answer is yes, creditors can garnish your wages. This news can be difficult for debtors to hear, but the good news is that creditors can’t start taking money from your paycheck immediately.
Financials are already difficult to manage. And when you find yourself at a standstill facing bankruptcy, it’s easy to feel trapped. While you’re already struggling to pay living expenses, it seems any money you’re able to put towards your debt barely scratches the surface. So how do you take down a mountain that’s continually growing?
Everyone will know I've filed for bankruptcy.
The chances are very good that the only people who will know about a filing are your creditors. While it's true that bankruptcy is a public legal proceeding, the numbers of people filing are so massive and opposed to local court filings Bankruptcy is a federal filing and not published on the free state websites.
In Oklahoma, the oil economy is hurting. Will we see a repeat of the 1980's crises? Petroleum industry layoffs reduce the amount of disposable income of these unfortunate workers and, as a result, affects all jobs in Oklahoma.