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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Tulsa Bankruptcy | Removing Liens From Your Home

Removing Liens From Your Home in an Oklahoma Bankruptcy

For many debtors exploring their options on bankruptcy, the event that pushes them to contact a Tulsa bankruptcy attorney is being garnished by a creditor. A garnishment occurs when a creditor successfully sues the debtor and obtains a judgment. The garnishment allows the creditor to deduct a portion of the debtor’s wages, usually 25% per pay period, until the debt is satisfied. For many people seeking bankruptcy, this financial hardship pushes them to contact an attorney and start the process. However, for debtors who own their own home, a garnishment may not be the worst of their problem. Our Tulsa bankruptcy attorney offers free bankruptcy advice so just call.

In addition to a garnishment, a creditor who successfully sues a debtor who owns real property, such as a home, can attempt to collect by placing a “judgment lien” against the property. A judgment lien is a non-consensual lien placed with county records against the debtor’s property with county records, almost always without the debtor’s consent or knowledge. If that lean is not satisfied or released in some way, it can prevent the debtor from selling the house in the future. Given the fact that most debtors in this situation don’t know that the lien is in place, it can come as a nasty surprise when the debtor tries to sell.

Fortunately, there are remedies for this situation in bankruptcy. A monetary judgment by a creditor is dischargeable so long as the underlying debt is dischargeable. So, if the lawsuit was over a medical bill, credit card debt, unpaid auto loan, or other type of dischargeable obligation, the judgment can be made to go away. However, this does not make the lien automatically go away. Because the lien is a separate legal instrument from the debt itself, a separate process must occur to terminate it. That process is called the Motion to Avoid a Lien. In order to file a motion to avoid a lien, a debtor’s bankruptcy attorney will require a copy of the deed (which he or she should have from the bankruptcy filing). Once the bankruptcy case has been filed and the meeting of creditors conducted, the attorney can then draft the motion and file it with the court. The court will give the creditor two weeks to respond to the motion, and if there isn’t a response, the court will then grant the motion. That officially terminates the lien, and should clear up any problems it caused with selling the house.

For some people, because they were never informed that a lien existed in the first place, they can proceed all the way through their bankruptcy, have it discharged and closed, and only find out years later about the lien when they try to sell their property. This can come as a surprise, as most people simply assume that the bankruptcy took care of all of their problems (though as noted above, absent the motion, the lien is not terminated). Fortunately, the courts grant relief for people in that situation. If the lien was from a debt that was discharged in the person’s bankruptcy, even if that bankruptcy was years ago, the court will allow the case to be reopened, and a motion to avoid the lien filed. This does cost a reopening fee, but that fee is certainly worth paying if it clears away the impediment to selling the affected property.

A final word of advice for those seeking bankruptcy services: know your situation. If you are a homeowner, and you have been sued by a creditor, and that creditor obtained a judgment, it is entirely possible that they have filed a lien against your home. If you think that could be the case, contact your county’s land records office and have them search for any liens against your property. With the proper knowledge, you can start your bankruptcy process better informed and better able to inform your attorney what you need help with. As always, if you have questions about your financial status and are considering bankruptcy, you should contact a local attorney who can provide you with the help you need.

Contact a Tulsa Bankruptcy Attorney

If you live anywhere in Oklahoma our Tulsa bankruptcy attorney can help you file either a chapter 7 bankruptcy or a chapter 13 bankruptcy. Our Tulsa bankruptcy attorney will sit down with you and help determine if bankruptcy is the best sollution for you. To get a free consultation call today and speak to a Tulsa bankruptcy attorney.

Tulsa Bankruptcy | Removing Liens From Your Home

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Consumer Bankruptcy in Tulsa Oklahoma

Consumer Bankruptcy Attorneys Can Advise You of Your Options

Oklahoma Bankruptcy Options

The decision whether to file either consumer bankruptcy or business bankruptcy is not one that people arrive at easily. Let’s face it — sometimes things happen to us over which we have no control and which we could not have predicted. It is at times like this that the services of an experienced bankruptcy attorney become necessary to help you sort through the way out of a difficult time.

Individuals and businesses alike can file bankruptcy. Earlier this year, an Oklahoma City retirement home filed for Chapter 11 business bankruptcy after receiving a $15.1 million judgment. The home will remain open and operate for the duration of the bankruptcy, although it is still not clear whether or what portion of the judgment it will have to pay.

Bankruptcy is not a “one-size-fits-all” solution. Many consumer bankruptcy as well as businesses are able to sort through their financial difficulties and come to agreements with their creditors without having to file. Sometimes this isn’t possible, either because the creditor is uncooperative or the debt is so great that it appears, and very well may be, hopeless.  Both consumer Bankruptcy and business bankruptcy provid several options for helping you put your debts behind you and getting you back on your feet.

There are six different types, or Chapters, of bankruptcy filings. The most common forms of bankruptcy for individuals of average means are Chapter 7 and Chapter 13, with Chapter 7 accounting for 65% of all consumer filings. Many businesses also file for Chapter 7 if the weight of their debt makes it impossible to continue to operate.

Chapter 7 Consumer Bankruptcy in Tulsa Oklahoma

A Chapter 7 bankruptcy consumer bankruptcy usually lasts from three to six months. It is called a “liquidation” because some of your property may be sold by the bankruptcy trustee to repay a portion of your debt. Any unsecured debts (debts for which there is no security, or collateral, such as a car or house) will be discharged, or erased. Credit card debt and medical expenses are typical types of unsecured debt. Each state has property that is exempt from being liquidated in the bankruptcy. The state exemptions include the homestead exemption, which generally protects real property or a manufactured home to an unlimited value, but it cannot exceed one acre in the city, town, or village, or 160 acres elsewhere. Also protected are a motor vehicle up to $7,500, and other specific personal items such as clothing, books, household and kitchen furniture, etc. In order to file a Chapter 7 bankruptcy action, you must meet certain financial criteria outlined in the U.S. Code which demonstrate that you have insufficient disposable income to fund a Chapter 13 repayment plan.

If your income is too high for a Chapter 7, you will most likely be placed in a Chapter 13. However, if your secured debt exceeds $1,149,525, or your unsecured debt exceeds $383,175, you cannot file Chapter 13, but may have to use Chapter 11. The amount you would have to pay depends on your earnings, the amount of the debt, and the amount your unsecured creditors might have received had you filed Chapter 7. In Chapter 13, you can choose to keep your property which serves as security for a loan if you can repay what is owed through the bankruptcy.

Do I Need a Consumer Bankruptcy Attorney in Tulsa Oklahoma

The federal bankruptcy laws are complicated, to say the least. If you make a mistake in your filing, you can have your case dismissed, and you would lose the statutory protections from your creditors that bankruptcy affords. If you are being pursued by creditors, you could be subject to liens, wage garnishments, and other actions that can destroy your ability to function financially. Get the best protection you can by consulting with a team of capable Tulsa Bankruptcy Attorneys today from South Tulsa Bankruptcy Lawyers.

Consumer Bankruptcy in Tulsa Oklahoma

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Oklahoma Garnisments and Bankruptcy

Payroll Garnishments and Bankruptcy

Stop Oklahoma Garnishments by Bankruptcy

For many debtors, the final straw before declaring bankruptcy is the filing of  Oklahoma garnishments. For most debtors, this takes the form of a wage garnishment. In the case of a wage garnishment, a judgment creditor (someone who has won a lawsuit against the debtor), instructs the debtor’s employer to withhold wages and pay them directly to the creditor. However, this is not the only kind of garnishment that can be levied.

Oklahoma Garnisments and Bank Accounts

For some debtors, particularly those who are unemployed, or who may have significant assets in a checking or savings account, a judgment creditor may try to garnish a bank account. This process works in a similar fashion to a wage garnishment. First, the creditor must get a judgment in a lawsuit. The creditor must then find any bank accounts that the debtor has. This could be from their own internal information, or as simple as calling all the banks in the debtor’s local area until they find the right one. The creditor must then serve the bank or financial institution with a writ of execution and file it with the court. Once the bank receives the garnishment, it must determine if it is their customer, and if so, if that customer has any assets at the bank.

If the bank determines that the target of the Oklahoma garnishments (writ of execution) is one of their customers, and that person has assets, the bank must place a hold on those assets, and after a period of time, usually twenty one days, the bank then turns over those funds to the creditor. It is important to know that while a bankruptcy can halt an ongoing wage garnishment, a bank garnishment is a one time procedure. If a creditor successfully garnishes a debtor’s bank account there is no procedure (absent the creditor or bank failing to follow their own proper procedure) that can recover the money, even filing bankruptcy. A bankruptcy can prevent any future bank garnishments, but it cannot retrieve money already garnished.

Impact of Oklahoma Garnisments

For many debtors, a wage garnishment is an irritating, but not devastating occurrence, as the judgment creditor is only allowed to take 25% of disposable (post-tax) income. But a bank garnishment has no such limits. It can very well empty a debtor’s bank account to the last cent, wiping out hard earned savings or necessary funds for living expenses.

If you think you have been sued by a creditor, or worse yet, if a judgment has been awarded to a creditor against you, it is important to consult with a bankruptcy attorney as soon as possible. A timely bankruptcy filing can protect your assets and your financial future, but if a judgment has been rendered, time is of the essence. If you find yourself the target of judgments from your creditors, contact a bankruptcy attorney as soon as possible.

Contact a Tulsa Bankruptcy Lawyer about your Oklahoma garnisments

If you are facing Oklahoma garnishments a bankruptcy may help you stop this type of collection effort. The bankruptcy lawyers at South Tulsa bankruptcy lawyers offer their clients a free consultation about Oklahoma Garnishments.

Oklahoma Garnisments and Bankruptcy

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Oklahoma Bankruptcy Attorney and Debt Management

Oklahoma Consumers – What You Should Know About Debt-Management Programs and Credit Card Debt

Both Chapter 7 and Chapter 13 Bankruptcy provide a means for Oklahoma consumers to eliminate most, if not all of their debt including, but not necessarily limited to, credit card debt, personal loan debt, and unpaid medical expenses. Many Oklahoma consumers have steady employment but are simply unable to overcome credit card debt that has plagued them for years. Credit card debt is a burden shared by many Oklahomans, and it is often difficult to find a solution that will allow them to successfully tackle their credit card debt and end the downward spiral that puts them into further debt. While filing for bankruptcy enables individuals to eliminate credit card debt, there is one alternative to bankruptcy that some Oklahoma credit card-holders are turning to in order to try and eliminate their credit card debt. This alternative is known as a debt-management program (DMP).

If you are an Oklahoma consumer and you have credit card debt that you are having trouble managing or eliminating, enrolling in a debt-management program may be an option for you, and you should consider discussing all of your debt-elimination options with an Oklahoma Bankruptcy Attorney. If you decide that a debt-management program is the best way for you to manage and eliminate your credit card debt, then you should thoroughly research the various types of debt-management agencies that are available to credit card debtors. As with most things in our world today, there will always be some debt-management agencies that are not legitimate and are only trying to take advantage of consumers. However, there are also some legitimate agencies that will help you eliminate your credit card debt in the most feasible way possible. More often than not, a legitimate debt-management agency will be a not-for-profit institution.

How Do Debt-Management Programs Work in Oklahoma?

Your Oklahoma bankruptcy attorney will tell you that if you enroll in a debt-management program, you will likely need to close the credit card accounts that you are seeking to pay off. Instead of making monthly payments to each of your creditors, you will be making one payment to a debt-management agency. That payment will then be distributed to your creditors directly from the agency. Some agencies provide consumers with a loan to pay off their credit card debt, so the monthly payments then go to pay off the loan. However, other agencies do not provide a loan, but instead charge a reasonable monthly fee to negotiate with your creditors, lowering your interest rates and decreasing your monthly payments. This arrangement will allow you to consolidate your credit card debt into one monthly payment, and pay off your credit card debt a little sooner than you otherwise would.

An Oklahoma Bankruptcy attorney will tell you that is important to remember that while some creditors will agree to participate in your debt-management program, many creditors will not agree to participate. In such cases, you will have to continue paying that credit card account separately or negotiate with that creditor directly to agree upon a reasonable repayment plan. Further, it is also important to ensure you are fully aware of the terms and conditions of your debt-management program. A qualified Oklahoma Bankruptcy Attorney can walk you through the entire process and ensure you understand all of your rights and obligations.

Once you have paid off all of your outstanding credit card balances, you might be able to reopen the credit card accounts by approval, but many consumers choose to avoid credit card use as much as possible, fearing that they may find themselves returning to the same downward spiral. As such, understanding how credit card debt impacts your life is a key factor to remember when deciding whether or not to reopen your existing credit card accounts. An Oklahoma bankruptcy attorney will advise that unlike in a bankruptcy where all your credit card debt is eliminated you will still have to be concernd about other creditors who refused to settle. In this case your credit score may cause others not extend credit to you at all. Moreover, the credit card company may still seek to collect the debt through garnishments etc.

Contact an Oklahoma Bankruptcy Attorneys About Debt Reduction:

Our Oklahoma bankruptcy attorney can advise you on each and every option available to you when it comes to bankruptcy or debt reduction programs in Oklahoma. Call for a free consultation with an Oklahoma bankruptcy attorney.

Oklahoma Bankruptcy Attorney and Debt Management

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