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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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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