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.