Oklahoma Bankruptcy Lawyers Explaining Foreclosure and Bankruptcy

When people encounter financial difficulties, one of the most common sources of debt that falls into arrears is the person’s mortgage. Mortgage payments are often the most expensive bill a person faces every month, and when those payments are not current it can lead to immediate and severe efforts by the lender to bring the loan up to date or to take measures to limit their loss by way of foreclosure. While this is always a terrible circumstance, there is help by way of an experienced Oklahoma bankruptcy lawyer.

While filing for bankruptcy protection will not eliminate the amount your mortgage is in arrears, it will delay a foreclosure in most cases. However, there are time limits involved and steps that need to be taken before notice of a foreclosure sale is given. There are also options that include filing for bankruptcy protection under Chapter 13 of the United States Bankruptcy Code that can provide you with an opportunity to pay off the mortgage amount in arrears over time.

However, the bottom line is that if you face this problem, you have no time to waste to save your home. Contact an experienced Oklahoma bankruptcy lawyer today to get this process started and to learn more about the options available to you.

Bankruptcy Lawyers Can Help You Stop Repossessions

One of the most embarrassing aspects of debt collection for anyone who is behind on bills is the repossession of items. This is almost never done in a discrete manner and can be an extremely stressful experience. Repossession agents are driven to accomplish their assigned tasks, regardless of whether their work requires them to retake possessions at your home or at your place of work.

Fortunately, if you take the step of contacting an Oklahoma bankruptcy lawyer, you could put yourself in a position to stop repossessions before they occur. However, you’ll need to act quickly and make sure that you obtain the protection you need from the United States Bankruptcy Court.

Many people wrongfully assume that if they file for bankruptcy protection, they will lose everything, including their possessions. This is not always accurate, and with the proper strategy and with the proper type of bankruptcy filing you could provide yourself with time to catch up on what you owe without having to face the prospect of dealing with repossession agents.

However, you need to be proactive in order to prevent this eventuality. Negotiating with the repossession agent is not an option, so instead contact an Oklahoma bankruptcy lawyer to schedule an initial consultation so you can find out how to stop repossessions before they happen to you.

Tax Debt and Filing Bankruptcy

Perhaps the most stressful type of debt to face in terms of falling behind is tax debt.  Penalties, interest and other additions to the original amount owed can make it very difficult to ever get ahead on these payments and put this problem behind you.  In addition, the IRs has powerful collection options at its disposal that can cripple anyone.  Fortunately, bankruptcy laws can provide a person with needed relief, but there are technicalities involved with doing so that will require the help of an Oklahoma bankruptcy lawyer.

It’s widely thought that tax debts cannot be discharged in bankruptcy, but that is only partially true.  A person who needs help with getting out from under a burdensome tax debt can eliminate or substantially reduce this debt if certain criteria are met.  These criteria include:
1.    The tax debt owed must have originated from income tax debt.
2.    The due date for filing the tax return from which this debt arose is at least three years in the past.
3.    The tax return was filed at least two years prior to the bankruptcy petition.
4.    Any tax assessment made by the IRS is at least 240 days old.
5.    The tax return was not fraudulent.
6.    The taxpayer has not been found guilty of tax evasion.

Bankruptcy Lawyers Can Help

If you are facing tax debt that you don’t feel you’ll be able to pay off, you need to seek the help of an Oklahoma bankruptcy lawyer who understands these technicalities and who can present you with options for putting this problem behind you for good.

Oklahoma Bankruptcy Lawyers – Stop the Creditor Calls

Perhaps the most stressful aspect of encountering financial trouble is the fear that strikes anyone in this position every time the phone rings. Bill collectors have become much more aggressive and skilled in chasing people down at different times, and this stress is something that can ruin a person’s quality of life. Fortunately, with the help of an Oklahoma bankruptcy lawyer, you can stop those creditor calls immediately if you file for bankruptcy protection.

A person who files for bankruptcy protection needs to provide the United States Bankruptcy Court with certain forms and petitions in order to open a case. When the person filing has accomplished this step, one of the first orders of business for the court is to issue what’s known as an Automatic Stay.

An Automatic Stay is a court order that’s issued to all of the creditors named on the petitions that are filed. This order informs creditors that a bankruptcy case has been filed by this person, known as the debtor, and that all collection efforts should stop immediately. While this step does not wipe out your debts, it will provide you with welcome relief from the stress that accompanies these collection efforts. If you’d like to put a stop to these creditor calls, contact an Oklahoma bankruptcy lawyer to schedule an initial consultation immediately.