My husband has suffered an injury to his arm that has made it to where he can no longer work as a truck driver(he unloaded freight too) and he will now have to work in the office where he is going from 98,000 per year to only 49,000 per year. My job only pays 32,000 per year. We have 4 children and are a family of 6. The problem with the loss of income we know face is that we are not going to be able to pay our credit card debt and car loans. We have a truck that is paid in full because it was a prize that was given by employer back in 2015, however, we still have two car loans and we are trying to figure out what to do without having to lose everything in a bankruptcy. Is bankruptcy our only option? What else can we do as we have found ourselves in this situation very quickly due to the medical injury....please help!
First of all, your concern about "losing everything" in a bankruptcy leads me to believe that you will find a consultation with a bankruptcy attorney to be worth the time and effort in order to get a review of your assets by someone familiar with Oklahoma's exemption laws. Even the paid for truck may not necessarily be at risk even in a chapter 7 bankruptcy. Second, it is difficult to answer your question without more facts. I have no idea how much credit card debt you are trying to pay or what the interest rates are, but you might talk to Consumer Credit Counseling Services to see if they can negotiate a better payment plan for you. If even that would be a stretch for you, then I do think you should at least talk to a bankruptcy lawyer. I don't think the process is quite as devstating as your post seems to indicate it might be.
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