Oklahoma Legal News

According to a recent CreditCards.com report, the rate of bankruptcy filings in the United States has dropped yet again in the third quarter of 2012. With the U.S. economy moving slowly towards recovery, consumer bankruptcy filings in the United States and the District of Columbia dropped to about 913,000 in the third quarter of 2012. This represents a 14% decline in bankruptcy filings compared to the first nine months of 2011, when filings surpassed 1.06 million. In Oklahoma, there were 12,706 bankruptcy filings in 2011, compared to 9,009 so far this year. In 2010, Oklahoma saw a total of 14,486 bankruptcy cases filed, so the decline appears to be steady on a state-wide level as well. Although overall bankruptcy filings have decreased across the U.S., many Americans are still facing significant financial difficulties. If you find yourself with overwhelming debt in Oklahoma, contact our qualified bankruptcy attorneys at Oklahoma Legal Center to explore your bankruptcy options.

Read More of - New Report Indicates Steady Decline in U.S. Bankruptcy Filings

For many Oklahomans, filing for bankruptcy feels like setting yourself up for ten years of financial probation, since that is how long a bankruptcy filing can remain on your credit report. The good news is though, mortgage borrowers could qualify for a home loan in as little as one year after filing a Chapter 7 or Chapter 13 bankruptcy in Oklahoma. If you are considering filing for bankruptcy in Oklahoma, but you are concerned about being eligible to apply for a mortgage loan afterward, contact our experienced bankruptcy attorneys at Oklahoma Legal Center to discuss your options. When it comes to bankruptcy filings, enlisting the help of an Oklahoma lawyer who specializes in bankruptcies is critical, since a regular attorney may not have the experience or knowledge necessary to provide you with the state-specific information and assistance you need.

Read More of - Qualifying for a Mortgage Loan After Filing for Oklahoma Bankruptcy

Many Oklahomans count on their income tax refund each year to catch up on car payments, mortgage payments and to manage necessary living expenses, and losing this refund in a Chapter 7 bankruptcy filing is a real concern for a lot of people. Because a specific answer to this question can only be given based on your individual situation, your best bet would be to contact an experienced bankruptcy attorney in Oklahoma to discuss your legal options. Our bankruptcy lawyers at Oklahoma Legal Center have years of experience helping Oklahomans relieve overwhelming debt, and they are standing by, ready to answer all your bankruptcy questions. In the meantime, the following information can help give you a general idea about whether or not you are at risk of losing your income tax refund if you file Chapter 7 bankruptcy in Oklahoma.

Read More of - If I File Chapter 7 Bankruptcy in OK, Will I Lose My Tax Refund?

Contrary to popular belief, filing for bankruptcy does not mean that your chances of getting a loan are now non-existent; in fact, many car lenders are willing to take into consideration the fact that a bankruptcy filing doesn't necessarily represent a poor overall financial situation. When it comes down to it, lenders just need to assess whether or not you will be able to make on-time payments, and if they are assured of this, they will most likely be willing to issue you a loan. Keep in mind though, that it may not be easy to get approved for a loan even if you can make the payments, since lenders do have a set of conditions that must be met in order for a loan applicant to be approved. If you are considering filing for bankruptcy in Oklahoma, or if you are unsure of your loan options following an Oklahoma bankruptcy filing, contact our experienced bankruptcy attorneys at Oklahoma Legal Center for legal help.

Read More of - Can I Get a Car Loan After Filing for Bankruptcy Protection?

The federal government recently released a report outlining statistics related to the dismissal of Chapter 13 bankruptcy cases throughout 2011. According to the report, a total of 185,820 Chapter 13 bankruptcy cases were dismissed by bankruptcy courts across the United States last year, 88,645 (48%) of which were dismissed because the debtor failed to maintain payments for the plan agreed upon in their initial case. Furthermore, the report indicated that 20,089 of these Chapter 13 bankruptcy cases were refiled before the end of 2011. This government report is only one example of the difficulties American consumers are having paying back their debt, even under structured payment plans mandated by bankruptcy courts. If you are struggling with overwhelming debt and you think filing bankruptcy in Oklahoma might be a viable option for you, contact Dan Markoff and his team of skilled bankruptcy attorneys at Oklahoma Legal Center today.

Read More of - New Report Outlines Number of Chapter 13 Bankruptcy Cases Dismissed in 2011

As many people across the United States continue to experience financial distress in the face of a struggling economy, filing for bankruptcy is becoming a very real option for more and more people. Falling behind on student loan payments, mortgage payments, credit card payments, car payments and other types of debt can be scary, but filing for bankruptcy definitely isn't the end of the world. In fact, there are plenty of famous people in the world who have filed for bankruptcy, discharged their debt, and still went on to be successful members of society. If you are considering filing for bankruptcy protection in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center today. In the meantime, consider the following celebrities who have filed for bankruptcy in the past and benefited considerably from allowing themselves that fresh start.

Read More of - Famous People Who Have Filed for Bankruptcy Protection

There may be a light at the end of the tunnel after all, as a recent Consumer Distress Index report released by CredAbility (a credit counseling and education service) shows consumer net worth is on the incline for some U.S. states, including Oklahoma. It wasn't that long ago that filing bankruptcy, defaulting on mortgages and receiving unemployment checks was the norm for many Americans, but for the first time in four years, consumers are fighting their way back to good financial health. According to the report, consumer net worth has improved, late payments on mortgages have hit a three-year low, and the U.S. savings rate is increasing, bringing the index score to 71.3 in the second quarter of 2012 – a 4.6-point incline over the past year. Unfortunately, financial recovery is uneven, as residents in some parts of the country remain economically distressed.

Read More of - Consumers Making a Comeback; Oklahoma Ranked Among Top Small Cities for Best Credit Scores

Faced with thousands of dollars in credit card debt or student loans, many American consumers are wondering how they are going to pay off the debt they have accumulated over the past years or months. If you find yourself in this situation, rest assured that you're not alone. Millions of Americans are struggling with credit card debt and other types of debt, and many are finding it difficult to overcome this situation and finally achieve financial freedom in the face of the United States' current economic situation. By following these six steps to get yourself out of debt, you can work towards paying off your student loans, car loan, or credit card debt, and learn more about effectively managing your finances in the process.

Read More of - Six Ways to Rid Yourself of Overwhelming Debt

According to the American Bankruptcy Institute, 1.46 million individuals and 36,000 businesses filed for bankruptcy in 2011, and, although these numbers are historically high, they indicate that individual bankruptcy filings have actually dropped 8-10% over the past year. Bankruptcy is a federal court process designed to help individuals struggling with debt eliminate their debts altogether or repay them under the protection of the bankruptcy court. There are two main categories of bankruptcy in Oklahoma: Chapter 7 (liquidation) and Chapter 13 (reorganization). If you are considering filing for either Chapter 7 or Chapter 13 bankruptcy in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center to discuss your best course of action.

Read More of - Number of Individual Bankruptcy Filings on the Decline

According to a new report issued by the Consumer Financial Protection Bureau, students in the United States have accumulated $150 billion in private student loan debt. Unfortunately, this is only a small chunk of the total financial debt for education, which in 2011, was estimated at over $1 trillion, including public and private school debt. American students are now taking on more debt than ever before to fund higher education, which isn't entirely surprising given the financial crisis our country has found itself in. However, as a result, many consumers in Oklahoma and throughout the United States are facing unpayable debt, and are considering bankruptcy as an option. If you think filing for bankruptcy in Oklahoma might be the right choice for you, contact our experienced bankruptcy attorneys at Oklahoma Legal Center today.

Read More of - Private Student Loan Debt in United States Reaches $150 Billion