Far too many people live their lives paycheck to paycheck. They make just enough each pay to cover what is needed with very little wiggle room and no means to save money. This can often make things difficult when an emergency or unexpected expenditure occurs. This can cause bills to get behind and can create late fees and other charges that only increase this debt. Before long, their credit is ruined and they are under a mountain of debt. Fortunately, chapter 7 bankruptcy can help.
Effects of poor credit and debt
Many people have debt for credit cards, vehicle purchases and other financing needs. Once difficulties arise, these debts can become impossible to manage. Incidents, such as a job loss or illness, can create a snowball effect of debt that can become uncontrollable. This can also have serious effects on a person’s credit. Many people understand that poor credit can …
Filing for bankruptcy protection isn’t a decision that should be made lightly, but many people enter the process without knowing how it works. In this guide, potential clients can learn several important facts about bankruptcy protection.
Finances Become Public Record
Once a person files for bankruptcy, their finances become a part of the public record. While this may be embarrassing, it may help to be honest about financial mistakes and start with a clean slate. Those who file for bankruptcy must attend a meeting where they may face questions from creditors. The process can be uncomfortable, but it gives the filer a chance to explain themselves.
Failing to Practice Full Disclosure is a Serious Mistake
During a filing, it’s important for clients to include all pertinent information. If someone isn’t honest with their lawyer, they can’t do their job, and if it’s found that the person has hidden debts or …
In Oklahoma, new laws could impose some restrictions for workers who are injured on the job. The regulations define all requirements for employers and all expectations of how claims are processed. A worker’s compensation lawyer can help workers who need clarity about their rights in the claims.
How Does the Law Define the Employer’s Requirements?
The laws in Oklahoma require all employers to purchase worker’s compensation insurance after hiring at least one worker. The coverage must provide disability benefits, rehabilitation services, and payment for all medical care. The only exception to the law is when employers can provide coverage through their own capital effectively.
Who Manages Worker’s Compensation When Legal Claims are Filed?
The laws were modified in 2014 and allow all claims to be managed by the Oklahoma Workers Compensation Commission. The court doesn’t manage the cases unless the worker files a lawsuit against their employer and/or their insurer. …
In Oklahoma, the journey for becoming debt-free starts with careful strategies to manage debts. The tactics could lower the value of the overall debt and make it easier for the consumer to pay them off. A local attorney could provide real solutions for all the consumer’s debts.
Arranging Debt Settlement Options
A debt settlement offer is arranged by negotiating with the creditor. The settlement opportunities are available for accounts that are in collections. An attorney could negotiate the settlement offer, and the value of the debt could equate to fifty percent less than the original debt. The creditors may offer installment payments and/or lump sum offers for the consumer.
Modifying Current Loan Payments
Loan modifications could manage outstanding payments and late fees. The attorney reviews the loan documentation for predatory lending practices. The modification could afford the consumer with a better interest rate and more affordable loan payments. All overdue …
Typically, those who are hurt due to neglectfulness will be presented a settlement by the responsible person’s insurance provider. In most cases, the insurance provider will probably make an effort to offer the lowest amount they believe a person can say yes to. If perhaps an individual will take this quantity, they may see it isn’t adequate to be able to cope with each of the expenditures from their particular injury, yet they will be unable to get more at this stage.
Instead of accepting the settlement offer, it really is a good suggestion for the individual to get in touch with an attorney for help. The attorney can review the incident and the settlement offer to check if it will be sufficient. In case it is not likely to be adequate, the lawyer can try to negotiate a higher settlement for their customer. This way, they could ensure an …