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Foreclosure and Oklahoma Bankruptcy go hand in hand. Oklahoma and the country as a whole have experienced a reduction in foreclosures. This is due mainly to the shaking out of the subprime mortgage fallout. Regardless of this recent reduction in foreclosure rates there are plenty of Oklahoman’s who are in danger of losing their home in a foreclosure. Oklahoma Foreclosure Process Most foreclosure’s involve…
Forgiving Student Loans In Oklahoma Bankruptcy is very difficult. Like many of the discharge provisions found in the Federal Bankruptcy Code the law regarding student loan forgiveness has undergone numerous changes. Most of the changes to the dischargeability of student loans is focused on narrowing and almost eliminating a borrowers ability to forgive student loan debt in bankruptcy. Bankruptcy may not help with student…
How do you value your car for the purposes of bankruptcy Exemptions? Since Oklahoma has opted out of the federal exemptions, it provides for their own exemption statutes under title 31 of the Oklahoma Statutes section (A)(1) and under 31 O.S. §A (1) (13) and individual may exempt a vehicle for its value up to $7,500.00 in equity. In today’s world, with numerous vehicle…
The Bankruptcy Code: Bankruptcy law is under the jurisdiction of title 11 of the Federal Bankruptcy Code. Although federal law applies each state in the United States is allowed to apply or not apply certain bankruptcy exemptions. An Exemption is what each person filing their bankruptcy case is allowed to keep regardless of filing either a chapter 7 or chapter 13 bankruptcy. An example…
Bankruptcy and your credit score: Will bankruptcy hurt my credit is a question people have. The answer to this question is that it really depends on your particular circumstances. In reality many of my clients are facing judgements for unpaid credit card bills, car repossessions, and foreclosures. In those situations the answer is that in an odd way bankruptcy may help. This is because…
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