Oklahoma Bankruptcy Exemptions

Oklahoma Assets Exempt from Bankruptcy

Protecting certain assets i.e., keeping them from creditors is a feature of filing a Chapter 7 bankruptcy in Oklahoma. You should know which assets you can keep and under what circumstances you can keep them. The following is a review and a general outline that lists “exempt assets”… assets that you can keep from your creditors.

Oklahoma Bankruptcy Exemptions are divided into classes and amounts and the amount is based on the concept of “equity”. For example, if you have a car that you could sell for $2000 and you have a $1500 loan on the car, your equity is $500. Equity is the amount left over after you would have sold the asset and paid back the loan. Most exempt assets in bankruptcy are quoted in terms of equity.

Oklahoma Bankruptcy Exemptions For Your Home – The first and usually largest exemption in an Oklahoma bankruptcy is the Homestead exemption. No matter where you live in Oklahoma, if your home is your primary residence, the exemption for the equity you have in your home is unlimited. In addition, you can exempt the value of your acreage up to 160 acres. If however, you live in a city, town or village your acreage exemption is limited to $5000.

Oklahoma Bankruptcy Exemptions For Your Motor Vehicle- You can exempt up to $7,500 in equity in a motor vehicle.

Oklahoma Bankruptcy Exemptions For Your Income – You can exempt up to 75% of your wages based on the average wage you earned for the past 90 from creditors. You may be able to exempt more if you can prove that your income is so low that garnishing up to 25% would present an economic hardship for you.

Exemption For Your Retirement Account – You can exempt the full value of your qualified (pre-tax) retirement plan.

Exemption for Personal Property – Personal property are things like clothing $4000, furniture and electronics, and one year’s supply of food.

Double The Exemption if Assets are Owned Jointly – For married couples, if your assets are in joint name you can double the exemption amount.

As long as credit card companies insist on charging double-digit interest rates, no one should be ashamed of filing for bankruptcy. Oklahoma law makers know this and our state has some of the most advantageous terms in the nation for individual who simply cannot withstand the burdens of crushing credit card debt. If you are contemplating wiping the slate clean, or are merely concerned that you cannot pay your bills on time every month, please give us a call for a free consultation. Filing for Chapter 7 bankruptcy often makes good economic sense and we can advise and assist you every step of the way from the initial filing to taking positive measures to restoring or maybe even eventually improving your credit rating. Please call us today.

Free Consultation: Contact us about Oklahoma Bankruptcy Exemptions;

If you are considering bankruptcy we can help. The bankruptcy attorneys at South Tulsa Bankruptcy can take you through the process of deciding what is and what is not an exempt asset. Call today for your free consultation.

Oklahoma Bankruptcy Exemptions

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Student Loans and Oklahoma Bankruptcy

Discharging Student Loans and Oklahoma Bankruptcy

South Tulsa Bankruptcy Lawyers

Student loans are one of the largest sources of personal debt in the United States.  For many people who are exploring bankruptcy, student debt is a large portion, and in some cases, the majority of their debt.  Many potential bankruptcy debtors are unsure whether or not their student loans, federal or private, can be discharged.  Recent statements by the President and by the Department of Education concerning bankruptcy and student loans have further confused this situation.  It is important for potential debtors to have a clear understanding of what the laws and rules are concerning student loans and Oklahoma bankruptcy before filing, so as to have clear expectations for what their financial situation will be post bankruptcy.

First, it is critical to understand that regardless of Presidential memoranda or Department of Education guidelines, the basic law surrounding student loans in bankruptcy is unchanged since the bankruptcy reforms of 2005.  Specifically, 11 USC §523(a)(8) states that any education loan made, insured, or guaranteed by the federal government cannot be discharged, “unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor’s dependents.”  After 2005, that law also applies to any student loan made by a private entity.  Thus, any and all student loans, federal or private, are subject to a “undue hardship” test when a debtor seeks to discharge them in bankruptcy.

The statue does not define what an “undue hardship” consists of, and the Supreme Court has yet to issue a ruling in a bankruptcy case on the issue.  Thus, it is left up to the Federal Circuit courts to determine what standard should be used for determining undue hardship.  The most commonly used test comes from a New York case from 1987, Brunner v. New York State Higher Education Services Corp., (831 F.2d 395, 2d Cir. 1987).  In Brunner, the Second Circuit determined that an undue hardship consists of three factors:

1. Inability to maintain a minimal standard of living if forced to repay the loan.


2. Additional circumstances exist indicating that the state of affairs is likely to persist for a significant portion of the repayment period; and


3. Debtor has made good faith efforts to repay.

This test is, in and of itself, vague, particularly “additional circumstances” and “good faith efforts.”  Since the Brunner ruling in 1987, the courts have generally determined that “additional circumstances” is effectively equal to disability.  If a debtor is unable to work or earn a living due to illness or injury, and that condition is likely to be long term or permanent, then the “additional circumstances” test is met.  In such cases, “good faith efforts” have often been interpreted widely to mean any attempt to repay the loans, though the longer and more consistent loan repayment has been prior to bankruptcy, the better.  Some courts have suggested that other standards, such as a confluence of catastrophic events outside the debtor’s control (such as an unexpected divorce combined with illness of a child and loss of income) could constitute an “undue hardship”, particularly with past evidence of an intent to repay the loans, but until the Supreme Court rules on the issue, the Brunner test is still the most widely used.

Because student loans are presumed to be non-dischargeable, a debtor must file an adversarial proceeding with the bankruptcy court to have them considered.  The Department of Education has, in the past, frequently contested such proceedings in an attempt to prevent discharge.  A Presidential Memorandum from President Obama in March of 2015 ordered the Department of Education to clarify the circumstances under which they would continue to challenge such filings.  On July 7, 2015, the Department released a memo stating that they would limit their challenges to cases where they disagreed that an undue hardship existed, and further, not pursue cases when the costs to fight the adversarial proceeding in bankruptcy court would exceed one third of the total amount of the loan due.

While that sounds promising, it doesn’t actually represent any real change in the status of student loans and Oklahoma bankruptcy.  First, private loans aren’t covered by these guidelines at all, because the Department of Education has no control over them.  Second, while these guidelines are being publicly released for the first time due to the Presidential Memorandum, they are essentially how the Department of Education has operated for years.  None of these guidelines change federal law or particularly modify the Brunner test.

Therefore, for a non-disabled debtor, student loans, whether federal or private, are effectively exempt from discharge.  Disabled debtors have more options.  The Department of Education, in accordance with the guidelines it released on July 7, are issuing forgiveness for federal student loans if they determine that an undue hardship exists.  This loan forgiveness is technically outside the bankruptcy, but is often requested in conjunction with a bankruptcy filing.  If the Department of Education determines that an undue hardship does not exist, a disabled debtor could still file an adversarial proceeding to attempt to discharge the debts through the court, though, as suggested above the Department of Education will still contest those proceedings if it deems it to be in the financial interest of the government.  Private loans, even for disabled debtors, are still likely to be challenged in all cases, and few, if any, private lenders have a procedure or policy in place to forgive the debt for disabled debtors.

In conclusion, despite Presidential memos and government guidelines, the best rule of thumb is that student loans are not dischargeable.  If you have a disability and believe that you may qualify to have your loans forgiven or discharged, speak to your bankruptcy attorney regarding this matter.

Student loans are one of the largest sources of personal debt in the United States.  For many people who are exploring bankruptcy, student debt is a large portion, and in some cases, the majority of their debt.  Many potential bankruptcy debtors are unsure whether or not their student loans, federal or private, can be discharged.  Recent statements by the President and by the Department of Education concerning bankruptcy and student loans have further confused this situation.  It is important for potential debtors to have a clear understanding of what the laws and rules are concerning student loans before filing, so as to have clear expectations for what their financial situation will be post bankruptcy.

First, it is critical to understand that regardless of Presidential memoranda or Department of Education guidelines, the basic law surrounding student loans in bankruptcy is unchanged since the bankruptcy reforms of 2005.  Specifically, 11 USC §523(a)(8) states that any education loan made, insured, or guaranteed by the federal government cannot be discharged, “unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor’s dependents.”  After 2005, that law also applies to any student loan made by a private entity.  Thus, any and all student loans, federal or private, are subject to a “undue hardship” test when a debtor seeks to discharge them in bankruptcy.

The statue does not define what an “undue hardship” consists of, and the Supreme Court has yet to issue a ruling in a bankruptcy case on the issue.  Thus, it is left up to the Federal Circuit courts to determine what standard should be used for determining undue hardship.  The most commonly used test comes from a New York case from 1987, Brunner v. New York State Higher Education Services Corp., (831 F.2d 395, 2d Cir. 1987).  In Brunner, the Second Circuit determined that an undue hardship consists of three factors:

1. Inability to maintain a minimal standard of living if forced to repay the loan.


2. Additional circumstances exist indicating that the state of affairs is likely to persist for a significant portion of the repayment period; and


3. Debtor has made good faith efforts to repay.

This test is, in and of itself, vague, particularly “additional circumstances” and “good faith efforts.”  Since the Brunner ruling in 1987, the courts have generally determined that “additional circumstances” is effectively equal to disability.  If a debtor is unable to work or earn a living due to illness or injury, and that condition is likely to be long term or permanent, then the “additional circumstances” test is met.  In such cases, “good faith efforts” have often been interpreted widely to mean any attempt to repay the loans, though the longer and more consistent loan repayment has been prior to bankruptcy, the better.  Some courts have suggested that other standards, such as a confluence of catastrophic events outside the debtor’s control (such as an unexpected divorce combined with illness of a child and loss of income) could constitute an “undue hardship”, particularly with past evidence of an intent to repay the loans, but until the Supreme Court rules on the issue, the Brunner test is still the most widely used.

Because student loans are presumed to be non-dischargeable, a debtor must file an adversarial proceeding with the bankruptcy court to have them considered.  The Department of Education has, in the past, frequently contested such proceedings in an attempt to prevent discharge.  A Presidential Memorandum from President Obama in March of 2015 ordered the Department of Education to clarify the circumstances under which they would continue to challenge such filings.  On July 7, 2015, the Department released a memo stating that they would limit their challenges to cases where they disagreed that an undue hardship existed, and further, not pursue cases when the costs to fight the adversarial proceeding in bankruptcy court would exceed one third of the total amount of the loan due.

While that sounds promising, it doesn’t actually represent any real change in the status of student loans.  First, private loans aren’t covered by these guidelines at all, because the Department of Education has no control over them.  Second, while these guidelines are being publicly released for the first time due to the Presidential Memorandum, they are essentially how the Department of Education has operated for years.  None of these guidelines change federal law or particularly modify the Brunner test.

Therefore, for a non-disabled debtor, student loans, whether federal or private, are effectively exempt from discharge.  Disabled debtors have more options.  The Department of Education, in accordance with the guidelines it released on July 7, are issuing forgiveness for federal student loans if they determine that an undue hardship exists.  This loan forgiveness is technically outside the bankruptcy, but is often requested in conjunction with a bankruptcy filing.  If the Department of Education determines that an undue hardship does not exist, a disabled debtor could still file an adversarial proceeding to attempt to discharge the debts through the court, though, as suggested above the Department of Education will still contest those proceedings if it deems it to be in the financial interest of the government.  Private loans, even for disabled debtors, are still likely to be challenged in all cases, and few, if any, private lenders have a procedure or policy in place to forgive the debt for disabled debtors.

In conclusion, despite Presidential memos and government guidelines, the best rule of thumb is that student loans are not dischargeable.  If you have a disability and believe that you may qualify to have your loans forgiven or discharged, speak to your bankruptcy attorney regarding this matter.

Free Consultation Oklahoma Bankruptcy and Student Loans

If you have questions regarding Oklahoma bankruptcy and Student Loans call us today. At South Tulsa Bankruptcy Law Office we understand how hard a financial crisis is. We can help you get a chapter 7 fresh start or chapter 13 reorganization of your debt. Get a Free Consultation 918-739-8984

Student Loans and Oklahoma Bankruptcy

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Oklahoma Bankruptcy Options and Your Assets

Protecting Your Assets in an Oklahoma Bankruptcy

When you file for bankruptcy, the court and the creditors will heavily scrutinize your assets. In exchange for assistance with your debts, either through discharge or reorganization, you must be willing to negotiate with creditors. If you have valuable assets, the bankruptcy system does allow you various means of legally protecting them.

First things first: do not commit bankruptcy fraud. If you make big purchases on credit cards, accumulate cash advances or request large personal loans right before filing for bankruptcy, the court will be suspicious of your spending activity. In addition, if you try to protect your assets by transferring all of them to friends or family members on the eve of your Oklahoma chapter 7 bankruptcy, creditors may attempt to seize these assets.

When you file for bankruptcy, all of your assets and debts become your bankruptcy estate. The value of your bankruptcy estate must be distributed by the trustee to your creditors. However, bankruptcy does allow exemptions. Depending on the value of your estate, you may be able to avoid relinquishing any property to creditors.

Bankruptcies are governed by both state and federal law. The Bankruptcy Code is a federal law, and federal bankruptcy judges oversee the process. However, Oklahoma is permitted to pass its own bankruptcy regulations. In Oklahoma, you are required to use Oklahoma bankruptcy exemptions and federal non-bankruptcy exemptions when valuing your bankruptcy estate. Oklahoma and federal bankruptcy exemptions include:

• The full value of your primary residence unless you also use your primary residence for your business, which would then reduce the exemption to $5,000


• Up to 1 acre of land if you live in a town but up to 160 acres if you live on a farm or ranch


• Cemetery plots


• Engagement rings


• Books and photos


• Clothing


• Home defense guns


• Livestock for family, not business, use


• Medical equipment


• College savings plans


• Furniture, decorations, computers, and other personal property


• Personal injury awards amounting up to $50,000


• Individual Development Accounts


• Food


• Funeral benefits


• War bond payroll savings


• Up to $7,500 in equity in a vehicle


• Various retirement accounts such as 401(k)s and IRAs worth up to $1,245,745


• Crime compensation


• Social Security and other disability payments


• Unemployment pay


• Worker’s compensation


• Earned income tax credit


• Farming tools


• Enough seeds to last one harvest


• Business equipment like computers, fax machines, filing cabinets, and more


• 75% of your income earned in the 3 months preceding filing


• Spousal and child support


• Annuities


• Group life insurance proceeds


• Property owned by your LLP or GP business


• And more

This is only a partial list. As you can see, there is an astonishing number of bankruptcy exemptions that may apply to your estate. While your bankruptcy estate may seem fairly valuable after you compare your income with your liabilities, the exemptions can greatly reduce your income. In addition, these exempted properties cannot be seized in a Chapter 7 bankruptcy. Thus if you are seeking a total discharge of unsecured debts, you will be able to protect your home from seizure. You may also be able to protect your car depending on its worth and the overall value of your estate.

The best way to prepare for bankruptcy is to plan ahead. By securing your assets before the threat of bankruptcy enters your mind, you can protect them down the road. Placing some of your valuable assets like inheritances into a trust fund will transfer ownership out of your hands. Money in a trust fund will not be calculated as part of your estate. In addition, placing money in a trust fund will preserve your funds for the probate process as well.

Free Consultation And Your Assets in Oklahoma Bankruptcy;

If you are considering an Oklahoma bankruptcy keeping your assets is very important. Out attorneys will go through your assets and debts and apply the bankruptcy exemptions so that you don’t lose your home, car, retirement and most other personal property in bankruptcy. Call today for a free consultation.

Oklahoma Bankruptcy Options and Your Assets

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Tulsa Lawyer discusses Debt Solutions

Evaluating Your Debt Solutions Short of an Oklahoma Bankruptcy

If you are struggling to pay your bills, you have likely grown accustomed to constant harassing calls from creditors. You want to pay them off and stop the endless ringing of your phone, but you simply don’t have the money. Your credit score slips lower and lower as the delinquencies pile up. Every month, you find yourself making financial sacrifices or juggling between whether to pay one bill or another. If you have grown tired of fighting your debt, you don’t need to resign yourself to another day of avoiding the phone and mailbox. By choosing the right debt solutions, or bankruptcy you can legally and responsibly address your debt concerns and work toward a brighter future.

First, there’s always the option of paying the past due balances on your bills to become current again, then making timely monthly payments thereafter. However, if you were able to remain current on all of your bills, you wouldn’t have fallen behind in the first place. Thus, you will need to find a debt solution that is more aligned with your budget and goals.

A debt settlement plan is part of a group of debt solutions that allows you to offer a lump sum payment to the creditor in exchange for a cancellation of the debt. You can often negotiate a payment that is 30-40% of the total amount you owe. If you are several months behind and believe that the creditor is likely to sell your debt soon, you may be able to settle for a very low amount. Creditors sell debt for pennies on the dollar, then write off the debt. The creditor may be incentivized to take your low offer if it is higher than what they would get if they sold your debt to a new creditor. The debt will show as settled on your credit report, and the account will be closed. This method requires you to have cash up-front, which many individuals do not have.

A debt-snowball plan allows you to slowly but surely pay off debt over time. You begin by making only the minimum payment on each debt. Any leftover money you have each month is applied to the lowest balance. Once that balance is paid off in full, you roll the leftover money over to the next lowest balance. You continue this until your highest balance is paid. Your leftover money will increase as more debts are paid off, allowing you to allocate more money to paying off the balances each month. Again, this method requires you to have available money on hand. If you cannot pay your minimum payments now, the debt-snowball plan will not be feasible.

A debt management and debt solutions plan is an option for individuals who cannot make their minimum payments. A debt solutions or debt management plan is usually arranged by a credit counselor for a fee. First, the creditor interviews you, obtains information on your income and expenses, and computes the maximum amount you can spend monthly on your debt. On your behalf, the credit counselor then negotiates with the creditors to reduce both your interest rates and monthly payments. You will pay a lump sum to the credit counselor each month, who will then distribute individual payments to the creditors in amounts agreed upon with the creditors and according to a schedule. All accounts included in the plan will be closed. In addition, many creditors have stringent requirements for participating in a plan. For instance, some may not allow you to have any open lines of credit while others will require you to drastically cut down on living expenses to prove you are making progress toward being financially stable and savvy. The debt management plan will likely pay off all of your debts in 3 to 4 years, though you can stretch it out for longer to reduce the monthly payments. The debt solutions or debt management plan will not improve your credit score. In fact, the creditors might not even update your credit report to reflect that you are making monthly payments through the plan.

Free Consultation About Debt Solutions in Oklahoma

All of these options come with their own setbacks. The most significant con is the requirement that you have available funds to pay the bills in some form. If paying even a small amount is an extreme hardship for you, bankruptcy in Oklahoma will likely be your best option. Bankruptcy can assist you with either discharging your debt through a chapter seven or restructuring them into manageable payments in order to wipe your slate clean. An experienced bankruptcy attorney can counsel you on which debt solution works best for you and how to file for bankruptcy. Call us today for a free Oklahoma bankruptcy consultation.

Tulsa Lawyer discusses Debt Solutions

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Tulsa Chapter 7 Bankruptcy

Tulsa Chapter 7 Bankruptcy Requirements Using the Means Test

Chapter 7 bankruptcy is one of the most attractive forms of bankruptcy because it allows for the complete discharge of most unsecured debts. Many liken a Tulsa Chapter 7 bankruptcy to starting fresh with a clean slate. However, in order to be able to be eligible for a Chapter 7 bankruptcy, you must have an income below the federal mandated threshold. In order to calculate eligibility, the bankruptcy judge will use the means test. If you fail the means test, you will not be permitted to proceed with your Chapter 7 petition. Instead, you should explore other options, such as a Chapter 13 bankruptcy, which is targeted more towards debtors who have high incomes but struggle to pay their bills.

The means test uses a special formula that considers a number of factors, including income, assets, expenses, and debts. It is not a simple income level threshold. As such, by using the skills and expertise of a bankruptcy attorney, you may be able to structure your assets to not only become eligible for Chapter 7 but also protect the property that is most valuable to you from your creditors.

The means test is not designed to weed out people who are poor. Rather, the means test weeds out people who are able to pay their debts. If you are wealthy but have astronomical expenses, you may be unable to pay your debts. If your monthly income is below your state median income level for the state of Oklahoma and your specific household size, you have established prima facie eligibility. You can file for Chapter 7 without any further calculations in the means test.

If your monthly income is over the median, you may still qualify. The means test will first calculate your monthly income. This is known as your current monthly income (CMI). To calculate your CMI, the means test will take the average of your monthly income for the past 6 months. The following are all included in your monthly income:

 

• Wages, tips, overtime pay, commissions, bonuses


• Investment income such as interest or dividends


• Rental property income


• Retirement income


• Pension income


• Net income from your personal business


• Child support


• Alimony


• Worker’s compensation


• Unemployment


• Social Security payments


• Disability payments


• Annuities

The means test will then calculate your monthly expenses. The means test will subtract your average monthly expenses from your average monthly income. The result is your disposable income. Disposable income can be used to pay your debts. If your disposable income is too high, you will likely be able to pay some or all of your debts and thus won’t be eligible for Chapter 7.

An online means calculator can help you do a quick means test. However, it is best to consult with a bankruptcy attorney to ensure you are including all eligible income and expenses.

Tulsa Chapter 7 Bankruptcy Consultation

If you are eligible for Tulsa Chapter 7 bankruptcy according to the means test, you may proceed with your filing. You will be required to undergo credit counseling prior to filing, and if your credit counselor drafts a debt management plan, you must include that as part of your filing. However, just because you are eligible does not mean that Chapter 7 bankruptcy is the right course of action for you. The Oklahoma bankruptcy court in a Chapter 7 proceeding may demand that you liquidate your assets to satisfy creditors before receiving the benefit of a discharge. In addition, Chapter 7 bankruptcy will remain on your credit report for 8 years. Only a bankruptcy attorney can properly counsel you on your options and advise you on your best course of action.

Tulsa Chapter 7 Bankruptcy

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Judgement Liens Oklahoma Bankruptcy

Forgiving Judgement Liens Oklahoma Bankruptcy

For many people considering filing for bankruptcy, the catalyst is being sued by a creditor.  For creditors who have exhausted all other collection options, filing and winning a lawsuit gives them powerful tools to use against the debtor as a “judgment creditor”.  The two most widely used, and most concerning for debtors, are garnishment and judgment liens. Judgement liens and Oklahoma bankruptcy go hand in hand. Many times judgement liens are what causes the bankruptcy and the bankruptcy will discharge most if not all judgement liens.

Garnishments come in two forms:  bank garnishments and wage garnishments.  A bank garnishment occurs when a judgment creditor takes funds directly from the debtor’s bank accounts.  If a judgment creditor believes that the debtor has funds with a particular bank, be it in checking, savings, or some other type of account, the judgment creditor will send a request to the bank to confirm whether or not those funds exist.  The bank is required to comply with this request and answer truthfully.  If funds do exist, the creditor can then take from those funds until they are exhausted, or the judgment is satisfied.  The only silver lining for a debtor is that these requests are singular events.  The judgment creditor must make a new request every time they wish to seek funds from a bank account in this manner.

That is not the case with wage garnishments.  If a judgment creditor knows that the debtor is employed, the creditor can use a similar type of request as with a bank garnishment, only this one is directed at the debtor’s employer.  This “request” is actually an order from the court directed at the employer to withhold a portion of the debtor’s net pay, up to 25%, and pay it directly to the creditor each pay period until the judgment is satisfied.  The employer must comply with the order and must set aside the funds specified by the court.  Furthermore, this is ongoing.  The creditor is not required to file a new garnishment with every paycheck, though they would be required to file one with a new employer if the debtor switched jobs.

The other tool that judgment creditors get access to is a judgment lien.  A judgment lien is a fall back measure that can insure the creditor is eventually paid, even if they cannot effect a wage or bank garnishment.  If the judgment creditor determines that the debtor owns real estate, be it a home, business, or empty plot of land, they can file their judgment with the appropriate county land records office.  By filing their judgment, the creditor “clouds the title”.  What that means is that the property cannot be sold to another buyer without first satisfying the judgment, as a real estate transaction can’t occur without clear title.   That way, even if the creditor cannot collect through garnishments, they can still collect when the property is eventually sold.

These collection methods can sound drastic and unfair to debtors.  Fortunately, there is a solution for most of them in bankruptcy.  As for garnishments, filing bankruptcy cuts off all future garnishment attempts.  That cut off is permanent for any debt that is dischargeable, though it should be noted that for a non-dischargeable debt, the cut off only lasts during the pendency of the bankruptcy, usually about 90 days.  This applies to both wage and bank garnishments.  Filing, however, does not force the creditor to return money garnished before the bankruptcy was filed.  Those funds were legally collected and are rightfully the property of the creditor.  Thus, it is important to file as quickly as possible when faced with a potential garnishment situation happens (ideally, before the lawsuit is even filed).

Judgment liens can be dealt with in bankruptcy as well, assuming the debt is dischargeable, but it requires an additional process.  While the bankruptcy may discharge the debt underlying the lien, it does not, on its own, remove the lien.  For that to take place, a “motion to avoid lien” must be filed.  The most critical step in filing a motion to avoid lien is determining that one needs to be filed in the first place.  Therefore, it is strongly advised that any potential bankruptcy candidate who owns real estate contacts their county land records office to check whether any liens (other than an authorized lien, like a mortgage) have been placed against the property.  By knowing that a motion to avoid lien needs to be filed during the initial bankruptcy proceedings, debtors can save a great deal of time and money by avoiding having to reopen the bankruptcy years later to remove the lien before sale of the property.

Lawsuits can be a scary prospect for potential Oklahoma bankruptcy candidates, but they don’t have to be.  With smart, fast action and good planning, the consequences of a creditor’s lawsuit can be avoided in bankruptcy.

Judgement Liens Oklahoma Bankruptcy; Free Consultation

If you are considering filing a bankruptcy and need a free consultation regarding judgement liens Oklahoma bankruptcy call us today. Call 918-739-8984

Judgement Liens Oklahoma Bankruptcy

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Bankruptcy Attorneys in Oklahoma Discuss The Meeting of The Creditors

Meeting of the Creditors and Filing Bankruptcy

Right after a person files for bankruptcy, the court does several things.  It issues a case number, which identifies your bankruptcy, it notifies your creditors by mail that you have filed, it assigns a bankruptcy trustee to your case, and it schedules a hearing called the “First Meeting of the Creditors.”  That meeting of the creditors, often referred to as a “341 hearing” after the section of the bankruptcy code that creates it, is often a source of worry and tension for debtors unfamiliar with the bankruptcy process.  Fortunately, for the vast majority of consumer debtors filing Chapter 7 bankruptcy, the 341 hearing is a simple and relatively painless process that doesn’t need to be a source of concern.

The 341 hearing has three purposes.  First, it is, as its full name implies, the first chance for all the creditors to have a meeting with the debtor.  To many, that sounds like they will be questioned by all the people to whom they owe money, but for Chapter 7 debtors, this is practically never the case.  Rarely, a creditor unfamiliar with the process may appear at the meeting, or a secured creditor (like one holding a mortgage or auto loan) may appear to ask a specific question, but even those appearances are fleetingly rare.

The second purpose is for the appointed trustee to meet with the debtor and the debtor’s attorney.  The trustee is an attorney appointed by the court to handle the day to day dealings of bankruptcies that don’t require the attention of either the Bankruptcy Judge, or the Federal Bankruptcy Trustee, who generally oversees Chapter 13 cases.   In a Chapter 7, the trustee’s job is to determine if there is any non-exempt property that must be turned over to the bankruptcy court for sale and distribution to the creditors.  He or she makes this determination after reviewing the debtor’s petition and after meeting with the debtor.

The process of that meeting of the creditors is fairly simple.  The debtor and his or her attorney arrive at the designated meeting site, usually a conference room at the bankruptcy court.  They wait to be called by the trustee, who may take them into a private room, or just to a table at one end of the conference room.  In some jurisdictions, the trustee may even call more than one debtor at a time and conduct the meetings in groups.  The trustee will place the debtor under oath, and ask to see the debtor’s driver’s license and social security card.  It is very important that the debtor bring those two documents to the meeting, as the trustee will be forced to halt and reschedule if they are not present.  After confirming the debtor’s identity, and that the social security number matches the one on the petition, the trustee will ask the debtor if he or she was provided with information about bankruptcy, if he or she read the bankruptcy documents, if he or she signed them, and if the documents are an accurate representation of the debtor’s property and creditors.

In some cases, the trustee may have questions concerning taxes, real estate, or personal property.  The trustee may address these questions to the debtor’s attorney or directly to the debtor.  Occasionally, the trustee may ask the attorney to provide further information after the hearing, such as a tax return filed late, or ask for clarification about property or creditors.  Once the trustee has asked the necessary questions, he will dismiss the debtor, ending the meeting.  The entire process usually takes just a few minutes.  It is entirely possible that the debtor will spend more time waiting to be called than actually in the meeting.  After the meeting, the debtor’s attorney may remind him or her to bring any additional documents necessary, or if the debtor education course has not been completed, to finish it and send the certificate to the attorney for filing.  The 341 hearing may sound intimidating, but in reality, it is a quick and simple procedure on the road to financial stability through bankruptcy and the bankruptcy process in Oklahoma.

 

Bankruptcy Attorneys in Oklahoma Discuss The Meeting of The Creditors

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Tulsa Lawyer Provides Oklahoma Bankruptcy Information

Some Oklahoma Bankruptcy Information and What is Protected in Bankruptcy

One of the features of filing for bankruptcy in Oklahoma is to protect your assets, i.e., your income, your home and your property, from creditors to whom you owe money. Oklahoma bankruptcy law allows certain assets to be exempt from seizure up to certain amounts. Below is a brief description of the bankruptcy exemptions that effect almost everyone. If you are experiencing difficulty in paying your bills every month, and need more Oklahoma bankruptcy information you should consult an experienced Oklahoma bankruptcy attorney from South Tulsa Bankruptcy Law Office.

The first and most important asset that is exempt from creditors in Oklahoma when you file for bankruptcy is your home. The Homestead Exemption makes real property or manufactured home of unlimited value protected from creditors provided the property does not exceed 1 acre in a city, town, or village, or 160 acres elsewhere.

Secondly, under the Oklahoma Personal Property Exemption, you can keep your motor vehicle up to an equity of $7500, however your motor vehicle will not be protected if you have pledged it as security when you took out your auto loan. It is important to have an attorney analyze the terms of your car loan to see where you stand because even if you did pledge your car as security, there still may be other options to save it.

As far as keeping your income goes, Oklahoma Wage Garnishment Laws allow you to keep 75% of the wages that you have earned in the 90 days previous to filing for bankruptcy. This amount could be increased by a judge if you can clearly show that you have suffered a hardship.

But the most important benefit of all to you in filing for bankruptcy will be the sense of once again being in control of your finances and being able to immediately start to move forward in pursuit of your financial goals. As an experienced Oklahoma bankruptcy attorney, I can put your mind at ease that you will be able to keep most of your income, transportation, and assets. You will once again be free from creditor’s calls, wage garnishment, foreclosure and repossessions.

For a free consultation and additional Oklahoma bankruptcy information call us today. You can stop garnishments, creditor calls and the constant pressure you fell by not being able to pay you bills.

Tulsa Lawyer Provides Oklahoma Bankruptcy Information

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Oklahoma Bankruptcy Process

The Tulsa Oklahoma Bankruptcy Process

Free Bankruptcy Information

Our firm has the expertise to guide you every step of the way to make sure every form is filled out properly and your file is thoroughly organized and presented to the court in a professional manner. Once we have decided that bankruptcy is the proper course of action for you to take given your individual circumstances, the process begins by gathering certain records. The records you need to pull together so that we can move the Oklahoma bankruptcy process forward:

 Records We Need in The Oklahoma Bankruptcy Process

1. Federal and state tax returns for the last two years

2. Income records (your pay stubs) for the last six months

3. Bank account statements for the last six months, including brokerage and pension accounts

4. The Title for your car or cars.

5. A current credit report

6. A written list of the property you own such as furniture, jewelry, tools, collections, and vehicles.

7. A certificate of completion for the first of two on-line bankruptcy education courses.

To summarize steps 1-7 and their relation to the Oklahoma bankruptcy process, you should have the client copy of both your state and federal income taxes in your income tax file. We will make copies of these and all of your records for your bankruptcy court file and return the originals to you. Income records are simply your pay stubs from your pay checks for the last six months. If you have not kept them, we can request duplicates from your company. If you no longer work for your company, we will write to them on our legal stationary explaining that the company should produce these records for us expeditiously. We will also need all of your bank account statements for the last six months, plus any brokerage account statements and pension account statements. We will need the Title to your car and any payment booklets you are using to pay off a car loan. We need a current credit report. There are a few web sites on-line that we can request and receive your current credit report in a matter of minutes and for under fifty dollars. Take a moment and go through your home room by room and list everything you own. Assign an estimated value to each item as if you were to sell the item today. Finally, you need to take a course on-line that will educate you as to the ins and outs of the bankruptcy process. We have a couple of courses that we endorse and will provide you with the URLs when you have finished the first six steps listed above.

If you have kept even marginally complete records, it should be very easy for you to come up with these documents and they should take you less than an a couple of hours to produce. When we have these papers, we can file your bankruptcy and you will be automatically granted a stay which means that for a period of time, nobody can call to harass you with collection threats and nobody can repossess your listed properties. You are now under bankruptcy protection.

After we have filed your bankruptcy case, you will need to take the second one-hour online bankruptcy education class and obtain a certificate.

The final step is to attend a meeting called a 341 hearing. We will set up the meeting and will tell you where. At the meeting, we will meet with your creditors and answer the questions they have for us. Do not be afraid of the bankruptcy process. We will take it one step at a time and we will be right there with you to advise you what to say and what to do down to the smallest detail. If you are contemplating filing for bankruptcy protection give us a call today.

 

Oklahoma Bankruptcy Process

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Finding The Best Oklahoma Bankruptcy Attorney For You

Tulsa Oklahoma Bankruptcy Attorney Discuss’s What to Look for in a Bankruptcy Lawyer

Chapter 7 Bankruptcy Attorneys in Tulsa

Selecting your Tulsa Oklahoma bankruptcy attorney is an important task that can make a significant difference in the success of your bankruptcy case. You will spend considerable time working with your bankruptcy attorney, particularly if you see a Chapter 13 bankruptcy, and need to find someone you trust. A big part of finding the right attorney is first knowing what to look for. With this in mind, the following is a guide to finding the right Tulsa Oklahoma bankruptcy attorney:

Before Scheduling the Appointment

Whether you elect to search online, pour over the yellow pages, call attorneys referred to you by friends, or obtain names from the Oklahoma bar association referral service, here are some things to look for in an attorney:

Experienced Tulsa Oklahoma Bankruptcy Attorney

You should look for an experienced bankruptcy attorney. Years of experience are not the only, nor necessarily the best, indicator of this. Ask your potential attorney how many bankruptcy cases he or she has handled and what types. If your attorney has completed almost exclusively Chapter 7 cases and not Chapter 13, he or she may not be right for you. On the other hand, if the attorney performs mostly Chapter 13 bankruptcies and few Chapter 7 cases this could also be a red flag. You do not want to be pushed in the direction of one type of bankruptcy over the other. You need a fair and honest assessment of your finances and a reasoned opinion as to which type of bankruptcy will most benefit you based upon this assessment.

Competence

It can be difficult to determine competence. An attorney can perform many bankruptcy cases, but not do a great job on any. On the other hand, an attorney can be fresh out of law school without much experience, but with significant mentoring and knowledge, and be extremely competent. One of the best ways to judge competence is asking for referrals from former clients as these clients have seen the attorney at work and can provide an accurate opinion as to the attorney’s skill in the field.

Reasonable Fees

Find out what the attorney will charge to take a Chapter 7 or Chapter 13 case early on. Cheaper is not necessarily better. You do not want an attorney that handles mass cases and will not offer individualized attention. At the same time, the highest fees do not necessarily correlate to the best representation.

The First Meeting with Your Tulsa Oklahoma Bankruptcy Attorney

During the first consultation, there are several things you should assess:

Availability

You should get a feel for how available the attorney is before retaining his or her firm. Ask the attorney how often he or she is there to take client calls or how quickly communication is returned.

Communication with Your Bankruptcy Attorney

Ask your potential attorney how he or she communicates with clients. Is it through email, phone, or otherwise? How often does the attorney generally get in touch with the client?

Personality

You need to feel comfortable with your attorney. Determine whether your personalities are a match and you want to work for a significant amount of time with the attorney

South Tulsa Bankruptcy Lawyers: Experienced Tulsa Oklahoma Bankruptcy Attorney

If you are in significant debt, struggling to pay your bills, dodging creditor phone calls, or facing foreclosure, bankruptcy might be the right method for emerging from your debt to a fresh financial future. Bankruptcy is a serious decision, but one that offers significant relief for many individuals struggling with unmanageable debt. At South Tulsa Bankruptcy Law Office, our Tulsa Bankruptcy Attorneys offer experienced, compassionate representation to our clients who seek Chapter 7 or Chapter 13 bankruptcy. We will evaluate your financial picture to determine whether bankruptcy is the right answer for you. Call the bankruptcy attorneys at South Tulsa Bankruptcy Lawyers today at 918-739-8984 to schedule your free consultation.

Finding The Best Oklahoma Bankruptcy Attorney For You

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Tulsa Oklahoma Foreclosure and Bankruptcy Attorneys

Tulsa Bankruptcy Attorneys Explore Foreclosure

Bankruptcy Lawyers in Tulsa Oklahoma

Falling behind on your mortgage payments then receiving notice of an impending foreclosure is one of the most frightening things anyone can experience.  For many families, their home is a loved sanctuary and losing it would be devastating.  Some families have considerable equity in their homes and do not want to lose this.  Foreclosure is one of the main reasons people file for Chapter 13 bankruptcy.  When loan modifications fail and short sales are not the right answer, a Chapter 13 bankruptcy will generally succeed.  In a Chapter 13 bankruptcy, your lender will be forced to accept late mortgage payments that will be included in the three to five year repayment plan that you create and the court approves.  Once you have completed the repayment plan, your lender cannot re-initiate the foreclosure action.  In short, you can save your home from foreclosure through Chapter 13 bankruptcy. Call our Tulsa Oklahoma Foreclosure and bankruptcy attorneys for a free consultation.

How Chapter 13 Bankruptcy Stops Tulsa Foreclosure

When you file for Chapter 13 bankruptcy, you will benefit from a federal law that prevents creditors from continuing any collection efforts.  This includes the continuation of foreclosure proceedings.  Accordingly, if your home is set to be foreclosed on Wednesday and you file on Tuesday, the foreclosure would not proceed.  This halting action is specified in Section 362 of the U.S. Bankruptcy Code.  If you are facing foreclosure, consult with a bankruptcy attorney to find out more information on halting the proceedings with Chapter 13.

How Chapter 13 Bankruptcy Can Save Your Tulsa Home from Foreclosure

There is a common misconception among most people that you will lose your home if you declare bankruptcy.  In Chapter 7 bankruptcy, this statement is often accurate.  If you default on your mortgage and file for Chapter 7 bankruptcy, while the foreclosure will initially be halted, it will generally be able to continue.  This is because Chapter 7 bankruptcy does not provide debtors with a chance to repay their mortgage arrears.  After a Chapter 7 bankruptcy is completed, the mortgage will still be in default and the lender will still be able to look to the secured asset, the home, for repayment.

In a Chapter 13 bankruptcy, however, debtors are able to repay their mortgage arrears in a three to five year repayment plan.  The repayment plan is developed by the debtor and his or her attorney, then approved by the creditors and the court.  After the mortgage holder receives the late mortgage payments through the three to five year repayment plan, the debtor is no longer in default of the mortgage and the lender cannot re-initiate foreclosure proceedings.  The debtor can continue paying off the mortgage as scheduled and is free to enjoy their home while building equity in it.

Anyone facing foreclosure should consult with our Tulsa Oklahoma bankruptcy and Foreclosure attorneys as soon as possible to explore your rights and legal options.

Midtown Tulsa Bankruptcy Law Office: Experienced Tulsa Oklahoma Foreclosure and Bankruptcy Attorneys

If you are facing foreclosure on your home, the Tulsa Bankruptcy Attorneys at Midtown Tulsa Bankruptcy Law Office can help.  We are experienced in the unique field of Chapter 13 bankruptcy and can evaluate whether this is a viable option to save your home from foreclosure and set you on the path to financial well being.  When you come into our office, we will evaluate your debts as well as your overall financial picture, including assets and income, to provide an accurate picture of your bankruptcy options.  We will never push you towards bankruptcy and will always explain the full range of your rights.  Call the bankruptcy attorneys at Midtown Tulsa Bankruptcy Law Office today at 918-739-8984 to schedule your free consultation.

Tulsa Oklahoma Foreclosure and Bankruptcy Attorneys

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When Its Time To Call A Tulsa Bankruptcy Attorney

When Its Time to Call a Tulsa Bankruptcy Attorney

South Tulsa Bankruptcy Lawyers

It can be hard to determine when its time to call a Tulsa bankruptcy attorney.  Many people have lived with some degree of debt for years.  It is not always easy to reach the decision that the debt has become unmanageable.  Some signs that you tell you its time to call a Tulsa bankruptcy attorney include:

Creditors are Harassing You

Do you have creditors calling your house?  Are lenders threatening to foreclose on your car or home?  If so, it is probably time for you to schedule an appointment with a bankruptcy attorney to at least assess your possibilities.  Filing for bankruptcy will halt all bill collectors and the debt collection process.  All calls must stop and foreclosures cannot continue.  This is an indication of when its time to call a Tulsa bankruptcy attorney and live free from the hassle and stress of collection calls while you proceed with the bankruptcy.

Making Only Minimum Credit Card Payments

Even if you have not reached the point of continued collections, you may wish to consider bankruptcy if you are only making minimum credit card payments.  Look at the interest rates on your bills and calculate how long it will take you to pay off those debts.  If the answer is a long time, you might want to consider bankruptcy.  Paying only the minimum balance on credit cards will ensure that you pay several times the amount that you initially owed.  All of that money spent on interest payments could have gone towards essentials such as medical insurance, investments, and your mortgage.

Medical Debt and Bankruptcy

Our current healthcare system results in millions of Americans incurring tremendous medical debts each year.  If you have amassed considerable medical debt and cannot reasonably pay off these debts, a bankruptcy attorney may be able to assist you.  Medical debt is typically unsecured and can be eliminated through a Chapter 7 bankruptcy. With your medical debt discharged, you can start rebuilding your financial life.

Foreclosure

If you are facing foreclosure and do not want to lose your home, a bankruptcy attorney can explain to you the option of filing for Chapter 13 bankruptcy.  Chapter 13 bankruptcy will involve the creation of a court approved repayment plan that can include past mortgage arrears.  You can stop the foreclosure of your home through Chapter 13 bankruptcy and continue to live in it for years to come.

Underwater Mortgage

If you have two mortgages and your home is valued at less than the amount you owe on your first mortgage, you should consult with a bankruptcy attorney.  Chapter 13 bankruptcy would allow you to strip off the second mortgage.  Once you complete the repayment plan and your debts have been discharged, you would owe just the first mortgage.

Borrowing from your Retirement Account

If you find yourself borrowing from your retirement account to pay back debts, it may be a sign of financial trouble.  You will need your retirement fund to take care of yourself and your family in the future.  It is important to protect these assets and bankruptcy is one way to do so.  Accordingly, if you are or are contemplating borrowing from retirement to pay back debts, consult with a bankruptcy attorney as soon as possible.

When Its Time To Call a Tulsa Bankruptcy Attorney  Call South Tulsa Bankruptcy Lawyers

If you are struggling under oppressive debt, the Tulsa Bankruptcy Attorneys at South Tulsa Bankruptcy Lawyers can help.  We will evaluate your debts as well as your overall financial picture, including assets and income, to determine whether bankruptcy is an appropriate option for you.  We will never push you towards bankruptcy and will always explain the full range of your rights.  We handle Chapter 7 and Chapter 13 bankruptcies.  Call the bankruptcy attorneys at South Tulsa Bankruptcy Lawyers today at 918-739-8984 to schedule your free consultation.

 

When Its Time To Call A Tulsa Bankruptcy Attorney

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Protecting Your Home in an Oklahoma Bankruptcy

Protecting Your Home in an Oklahoma Bankruptcy

Our clients often ask “How they can protect their home when filing for bankruptcy in Oklahoma?” Despite many myths regarding bankruptcy and the relinquishing of property, you will likely be able to keep your home. Contact our attorneys for a consultation regarding your legal options. Read on to learn more about how you can protect your home when filing for bankruptcy and how our attorneys can help you.

Chapter 7 as a Means of Protecting Your Home in an Oklahoma Bankruptcy

Our experienced attorney will review your assets and debts and let you know if you are at risk of losing your home upon filing for bankruptcy. When you file for chapter 7 bankruptcy, an automatic stay will be enacted. The automatic stay prevents creditors from taking any collection action against you. An automatic stay will stop the foreclosure process. Once you file and if your house payments are current you will be given the option of either keeping the house and continuing to pay on your mortgage or signing a reaffirmation agreement. Both options will allow you to keep you home but you must continue to make payments on the home.

Homestead Exemption as a Way of Protecting Your Home in an Oklahoma Bankruptcy

Oklahoma’s homestead exemption law allows homeowners to exempt the entire value of their real property (example – single family home or mobile home) covered under the exemption. This means your house can be protected through a homestead exemption when you file for bankruptcy. The exemption only applies to property used as a principal residence.  The property must be located within a city or town, not exceed 1 acre, and used for residential purposes. If you are behind on your mortgage, the homestead exemption will not help you.

Chapter 13 Bankruptcy Home Protection

Chapter 13 bankruptcy allows you to protect your home by entering into a repayment plan with your debtors. Similar to chapter 7, once you file for chapter 13 bankruptcy, an automatic stay will be enacted. The amount of the arrearage that is owed to your home lender is made part of the chapter 13 bankruptcy plan. This means that you will be given 3 to 5 years to catch this arrearage amount up and not lose your home.

Refinance Your Home

If you are current on your mortgage, and have equity in your home that you seek to protect from declaring bankruptcy, you can look to refinance your home.  By refinancing your home, your mortgage interest rate can be lowered allowing your mortgage payment to be more affordable. You will likely be required to pay closing costs on your refinanced loan.

Seek a Short Sale

If paying your mortgage has become a financial burden, contact our attorneys for a consultation about short selling your property. A short sale will allow you to sell your house for less than the amount you owe the mortgage company. The mortgage company must agree to the short sale. This makes a short sale a complex transaction. If the property is sold for an unapproved amount, you will be on the hook for the remaining balance owed to your lender.

Obtain a Loan Modification

You can request a loan modification from your lender in order to obtain a more affordable mortgage payment. There are federal, state, and lender-specific loan medication programs available for borrowers.

Hire Our Oklahoma Bankruptcy Attorneys

Our bankruptcy attorneys can provide you with legal guidance on protecting your home in an Oklahoma bankruptcy. We invite you to contact us for a consultation.  We can help you obtain financial freedom.

Protecting Your Home in an Oklahoma Bankruptcy

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Oklahoma Foreclosure Process Attorney

Oklahoma Foreclosure Process Attorney and How Bankruptcy May Help

If you are unable to pay your mortgage, your lender can initiate foreclosure to repossess the secured property. Going through the Oklahoma foreclosure process can be a stressful ordeal. Contact our foreclosure process attorney for legal guidance and representation. We can provide you with an array of legal options to help you keep your home and avoid foreclosure all together.

Judicial Foreclosure Process in Oklahoma

Title 46 Oklahoma Statutes (Oklahoma Power of Sale Mortgage Foreclosure Act) Chapter 2A §43 govern the foreclosure process in Oklahoma. In Oklahoma, foreclosures are conducted through the court system if there is no power of sale present in the mortgage or deed of trust.

Under a judicial foreclosure, lenders are required to file a petition with the court to obtain an award for damages of money due under the mortgage and to allow the property to be sold in a foreclosure sale. Lenders usually wait 3 – 6 months after the non-receipt of payment to file a foreclosure petition. Here is a brief timeline explaining the foreclosure process in Oklahoma.

1. 
   

   Notice of Intent to Foreclose

   
   

The Oklahoma foreclosure process starts with the lender sending the borrower a Notice of Intent to Foreclose. Your mortgage lender will send you this letter to provide you with notice that the foreclosure process has begun.  Do not disregard this notice. If you do not do anything to resolve your delinquent payments, you may lose your home within 3 – 6 months.

2. 
   

   Notice of Lawsuit

   
   

The Notice of Lawsuit will be served upon you once your mortgage lender files a civil complaint for damages. You will be summoned to appear in court to contest the complaint. Hire an attorney to review the complaint and provide an answer. You must answer the complaint and appear in court. Failure to do so may result in a default judgment being entered against you.

3. Borrower Response

When you submit a response, you will be provided the opportunity to state why your home should not be foreclosed.

4. 
   

   Notice of Intent to Sale

   
   

If the judge issues a judgment in favor of the lender, the lender will send you a Notice of Intent to Sale the property. You have 10 days to respond to the notice. You can avoid a foreclosure sale if you pay the remaining mortgage balance. Consult with a lawyer for legal guidance if you receive a Notice of Intent to Sale. You may be able to seek a loan modification, short sale, or file for bankruptcy protection to stop the foreclosure process and protect your property.

The Notice of Intent to Sale must be personally served on you no less than 30 days prior to the date of the sale and must be recorded within 10 days of the passing of the 35 day cure notice period.

5. 
   

   Foreclosure Auction

   
   

If you are unable to pay the remaining balance of the mortgage, or file for bankruptcy, your property will be auctioned off. If no bids are made on the property, the lender will become the owner by default.

6. 
   

   Repossession

   
   

Upon the legal transfer of ownership, the lender will be able to repossess the property. If you continue to reside in the property after is has been transferred, the lender will initiate an eviction action against you.

Oklahoma Non-Judicial Foreclosure Process

A non-judicial foreclosure sale occurs if there is a power of sale clause in a mortgage or deed of trust. This clause provides for the borrower to pre-authorize the sale of their secured property to pay off the balance of the property’s mortgage note in the event of default. The power of sale clause outlines the time, place, and terms of the sale. If it is silent, then the lender must provide the borrower with a Notice of Intent to Foreclose By Power of Sale. The borrower will have 35 days from the date the notice is sent to cure the problem. If the borrower cures within the required timeframe, the foreclosure will stop. The lender must record the notice with the County 10 days into the 35 day notice period. The lender is required to publish the notice in a local newspaper within the county once a day for 4 consecutive weeks. The property must be sold to the highest bidder at the time of the specified auction date in the notice.

If you are faced with a possible foreclosure, contact an Oklahoma foreclosure attorney immediately. Our attorneys can review your situation and possibly provide a legal strategy for you to save your home.  For instance, it may be appropriate for you to file for bankruptcy, or put your home on the market as a short sale.  We invite you to contact us today for a consultation.

Contact Oklahoma Foreclosure Process attorney About Bankruptcy

If you have question for an Oklahoma foreclosure process attorney we can help. Our foreclosure and bankruptcy attorneys can explain the process to you including how filing an Oklahoma bankruptcy might help. Call today for a free consultation with one of or Oklahoma foreclosure and bankruptcy attorneys.

Oklahoma Foreclosure Process Attorney

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Oklahoma Bankruptcy and Personal Injury Settlements

Oklahoma Bankruptcy and Personal Injury Settlements

One of the leading causes of bankruptcy in the United States is medical debt.  A sudden illness can dump thousands of dollars in medical bills on an unsuspecting family, ruining even carefully planned finances.  For others, being involved in a car accident or sustaining some other kind of personal injury can lead to a  nightmare of hospital bills, insurance claims, and lawsuits.  Though most people today have car and health insurance, it can take months to settle with an insurance company or the responsible party and even longer for a full lawsuit.  In the meantime, medical bills not covered by insurance can pile up, not to mention all the financial problems caused by missed work or simply being unable to attend to the responsibilities of life.

The question often asked by potential bankruptcy clients in an injury situation is “How does my Oklahoma bankruptcy and personal injury settlements get impacted when I file bankruptcy?”  This is an important question, as the money could be thousands of dollars.  The answer is that Oklahoma bankruptcy law provides relief for debtors in these unfortunate circumstances in the form of an exemption. Bankruptcy Exemptions are provisions in the bankruptcy laws which allow a debtor to keep certain kinds of property.  Exempt property cannot be taken by the trustee and used to pay off creditors.  Commonly used exemptions include the homestead exemption, which covers a debtor’s home, vehicle exemptions, and retirement savings exemptions.  For personal injury victims, the Oklahoma laws specify that a debtor may exempt his interest in a claim for personal bodily injury, death, or workers’ compensation claim up to $50,000.  This protection includes both claims that have yet to be settled, adjudicated, or paid, and claims that have been paid out before the bankruptcy is filed.

For those claims that have been paid out before the bankruptcy filing, however, special precautions must be taken.  Only money that can be identified as specifically coming from the settlement or judgment can be exempted.  The best way to identify the money is keep it separate from other assets by keeping it in its own separate bank account.  That way, when preparing the bankruptcy, the attorney can note that the account is exempted, and can account for all the funds in it.  If the money is mixed with other bank accounts or assets that aren’t exempt, it could be taken by the trustee.

It is also important to note what the exemption does not cover.  While it covers the claim for injury or death up to $50,000, it does not cover funds in excess of $50,000.  So, if a debtor has a claim for $75,000, $25,000 would be subject to seizure by the trustee to pay creditors.  It also does not cover awards for exemplary or punitive damage.  Suppose, rather than settling, the previous debtor won a judgment of $75,000, with $25,000 for their injury, and $50,000 in punitive damages.  The debtor would only be able to exempt the $25,000.  While the personal injury exemption is not perfect, it does provide a measure of protection for those who find themselves in dire financial circumstances while waiting for a settlement or judgment.

Contact a Bankruptcy Lawyer in Tulsa, Oklahoma

If you are interested in more information on Oklahoma bankruptcy call us today. We will set up a free consultation and discuss bankruptcy options with you. Call 918-739-8984

Oklahoma Bankruptcy and Personal Injury Settlements

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