Foreclosure and Oklahoma Bankruptcy

by Meagan Kania on May 13, 2011

Bankruptcy and Oklahoma Foreclosure:

Foreclosure is the process by which your home loan lender attempts to take possession of your home and sell it in an effort to satisfy the debt owed on the home.  The process begins much the same for many Oklahoma home owners.  Often times my clients loose a job or find themselves with a number of medical bills all of which makes making their mortgage payment impossible.  Fortunately for my bankruptcy clients in Oklahoma the Federal Rules Of  Bankruptcy offer protection for Oklahomans facing foreclosure.

Once the payments have gotten a few months behind the creditor will file their foreclosure lawsuit.  This begins with a law suite being filed and served to you at your home.  Once you receive a copy of the lawsuit you have a certain amount of time to respond with an answer.  The answer is simple and asks you to admit or deny each allegation set out in the complaint.  If you do not answer the lawsuitthe creditor will file a motion with the court asking for a default judgement.  When and if this is granted by the Oklahoma Court the creditor will attempt to collect the judgement debt by selling the home and filing a deficiency judgement for that amount they sold the home for and what you owed.

In certain situations filing a bankruptcy might stop the process or at minimum slow it down. If you would like information on forelosure in Oklahoma and your rights under Oklahoma Bankruptcy law call our Tulsa Bankruptcy lawyers today for a free consultation.

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