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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