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For many considering bankruptcy, other options are available

 
BY DON MECOY | Published: November 12, 2008    Comment on this article Leave a comment
photo - The seal of the bankruptcy court is on the front door of the bankruptcy court clerk’s office in the federal court-house building in Oklahoma City in 2005.photo by Jim Beckel, The Oklahoman archive
The seal of the bankruptcy court is on the front door of the bankruptcy court clerk’s office in the federal court-house building in Oklahoma City in 2005.photo by Jim Beckel, The Oklahoman archive

In a weakening economy, bankruptcy filings are on the rise. But consumers and business owners who are struggling with their finances would be wise to seek counsel before they head off to the courthouse, local experts say.

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Look for "Today’s Paper” on NewsOK.com for a video of Will Hoch, bankruptcy expert from Crowe & Dunlevy law firm, talking about growing bankruptcy filings in weakening economy. Newsok.com

However, sometimes it can be difficult to find the right place to go, said John Cooper, president of non-profit Consumer Credit Counseling of Central Oklahoma.

"If you go to phone book and try to get us, there’s a whole lot of consumer credit counseling,” Cooper said. "They’re not us, and I don’t know who they are. Some of them look pretty flaky.” Cooper urged consumers to understand what fees will be charged before agreeing to work with a company.

Waiting too long

A growing number of consumers who try to deal with their debts are waiting too long to seek help, Cooper said. For them, bankruptcy may be the only option. About 4 to 6 percent of Cooper’s clients are referred to bankruptcy attorneys, he said.

"The trend clearly has been people are waiting too long” to seek help, Cooper said.

Will Hoch, a director with the Oklahoma City law firm of Crowe & Dunlevy, said personal bankruptcy filings in Oklahoma’s Western District grew 20 percent in October when compared with the same period last year.

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Related Topics: Business, Personal Finance, Consumer Credit and Debt, Credit Card Debt



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