Oklahoma Legal News

The main goal of most bankruptcy cases is to "discharge" or eliminate the obligation to pay unpayable debts. While some debts are dischargeable in bankruptcy, others are not, which is why hiring an experienced bankruptcy attorney is imperative when filing bankruptcy in Oklahoma. Most debts are dischargeable under Chapter 7 or Chapter 13 bankruptcy in Oklahoma, but your bankruptcy lawyer can let you know which of your debts can be eliminated and which can't, depending on your individual circumstances. If you are considering filing for bankruptcy in Oklahoma, our experienced bankruptcy attorneys at Oklahoma Legal Center can help. Contact our knowledgeable bankruptcy lawyers at Oklahoma Legal Center today and discuss which taxes you can discharge in Oklahoma bankruptcy, and whether filing for bankruptcy is the right option for you.

Read More of - Discharging Property Taxes by Filing for Bankruptcy in Oklahoma

According to an exclusive analysis conducted by CardRatings.com, credit conditions vary greatly from state to state, and the grim picture of the credit disaster that is the United States doesn't necessarily represent current credit conditions in all 50 states. The recent CardRatings.com report examined credit profiles in each state and found that Oklahoma ranked 23rd in the list of states with the best credit conditions. While it's true that some U.S. states are struggling to provide jobs and financial support for their residents, Oklahoma is proof that there are some states that continue to thrive in the face of the country's economic downturn. As more and more Americans are facing debt, bankruptcy and foreclosure, the bankruptcy attorneys at Oklahoma Legal Center are encouraging Oklahomans to take heart in the fact that Oklahoma finished as the 23rd best state for personal credit conditions. If you are considering filing bankruptcy in Oklahoma though, our qualified bankruptcy lawyers at Oklahoma Legal Center can help you evaluate your financial situation and determine what course of action is best for you.

Read More of - Oklahoma Ranked as 23rd Best State for Personal Credit Conditions

We've all heard the foreboding warning that bankruptcy should be considered a last resort, and many consumers believe this claim to be true, but it simply isn't. Too often, debt relief companies and others push this myth on consumers struggling with debt in an effort to force their own agenda, and end up doing the debtor more harm than good. The truth is, in this day and age where students, working adults and even seniors are facing overwhelming debt, there are many instances in which bankruptcy should actually be considered a first resort, and it's important that consumers eligible for bankruptcy be made aware of this fact. If you are considering filing for bankruptcy in Oklahoma, enlisting the help of a qualified bankruptcy attorney in Oklahoma should be your first course of action. At Oklahoma Legal Center, our bankruptcy lawyers are familiar with OK bankruptcy law, and have years of experience helping struggling consumers attain debt relief and get their lives back on track.

Read More of - Bankruptcy Shouldn’t Always Be Considered a Last Resort

The big number that has everyone talking is the $1 trillion in U.S. student loan debt. But what about the smaller numbers - $150 per month, $500 per month – that are taking a big chunk out of individual budgets as well? Student loan debt has the potential to create a much bigger burden than credit card debt, leaving some graduates wondering if they'll be able to afford that new car or even buy a home in the future. And it's not just the students that are worried about their debt; policy experts, lenders and leaders in financial services are becoming more and more concerned about the effect of this debt on the economy, due in large part to the difficulty many college grads are experiencing in finding well-paying professional employment. If you find yourself struggling with overwhelming debt, contact our skilled bankruptcy attorneys at Oklahoma Legal Center to discuss the benefits of filing for bankruptcy in Oklahoma.

Read More of - Student Loan Debt Threatens Financial Future of College Graduates

The Obama administration has urged Congress to make it easier for individuals to discharge a portion of some forms of student debt by filing for bankruptcy protection. Although the bankruptcy option wouldn't affect the vast majority of student debt, which is issued by the federal government, it would apply to the $150 billion (15% of all outstanding student debt) issued by private lenders like Wells Fargo & Co. and SLM Corp.'s Sallie Mae. The recommendation came in a report by the Education Department and the Consumer Financial Protection Bureau issued on Friday. As more and more people find themselves struggling under a mountain of unpayable debt, filing for bankruptcy in Oklahoma is becoming a more attractive financial move. If you are considering filing for bankruptcy in Oklahoma, contact our qualified bankruptcy attorneys at Oklahoma Legal Center today.

Read More of - U.S. Government Backs Bankruptcy Option for Some Student Debt

The recent financial collapse of three cities in California has brought much-needed attention to the increase in Chapter 9 bankruptcy filings in the United States, the majority of which have not taken place in California alone. Just five states account for more than half of all types of Chapter 9 filings in U.S. bankruptcy courts though, and these states include Nebraska, California, Texas, Alabama and Oklahoma. Unfortunately, as a result of the economic downturn, many municipalities in Oklahoma and across the United States are finding themselves faced with bankruptcy. If you are a consumer or business struggling under significant debt and are considering filing for bankruptcy in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center as soon as possible.

Read More of - Oklahoma Named One of Five States Accounting for More than Half of U.S. Chapter 9 Bankruptcies

A new report has temporarily calmed bankruptcy concerns for Americans, indicating that the number of bankruptcy filings in the United States during the first half of 2012 has decreased considerably compared to the first half of 2011. According to the findings of the report, if the current bankruptcy rate stays constant, the total number of bankruptcy filings in the U.S. during 2012 would be the lowest since 2008. However, those individuals and businesses in Oklahoma who continue to find themselves struggling with unpaid debt will still need to find some form of financial relief. At the law offices of Oklahoma Legal Center, our knowledgeable bankruptcy attorneys have years of experience helping Oklahomans consider their financial situation and decide whether bankruptcy is right for them.

Read More of - Bankruptcy Filings in U.S. Drop From Beginning of 2011 to 2012

As San Bernardino becomes the third California city in two weeks to file bankruptcy, the implications for cities in Oklahoma and across the country that continue to struggle with weak property and sales tax revenues in the face of increasing pension costs have not been overlooked. Since Chapter 9 was added to the bankruptcy code by Congress in 1937, to allow municipalities to seek bankruptcy protection, approximately 640 government entities have filed. Among them is Stockton, a large California city whose financial problems stem at least in part from a spending spree the city undertook during the housing boom, which left the municipality unprepared for the economic crisis that then plagued the country in 2008. Stockton is projecting a $26 million budget shortfall this fiscal year, with annual deficits of $47 million projecting within three years. Unfortunately, this trend isn't unique to these cities, or even to the state of California. As Calif. Governor Jerry Brown said on Wednesday, "Cities [across the country] may not have the money they need, and they have to take whatever reasonable steps they can under the law."

According to a new report released by the Federal Reserve Bank of New York, the amount of student loan debt owed collectively across the United States remained on an incline during the first quarter of 2012. The report, published on May 31, 2012 in the Quarterly Report on Household Debt and Credit, indicates that student loan debt listed on consumer credit reports reached a staggering $904 billion in the first quarter of 2012. This significant figure represents an increase of $30 billion from the fourth quarter of 2011. As more and more Americans find themselves struggling with unpayable student loans and other forms of overwhelming debt, filing bankruptcy is becoming a necessary move for many. If you are considering filing for bankruptcy in Oklahoma, consult our experienced bankruptcy attorneys at Oklahoma Legal Center today.

Read More of - Student Loan Debt in U.S. Continues to Rise

According to a new study, Americans as a whole are living with more debt later in life than they have in the past, and more older Americans are filing for bankruptcy today than in previous years. For many Americans aged 65 and older, the future has changed dramatically. As of 2007, three out of five families with a head of household aged 65 or older had no money in retirement savings accounts, and half of those with savings had less than $60,800. The recession has left millions with lower incomes, higher expenses, depleted savings, and reduced home equity or homes lost to foreclosure, making filing for bankruptcy a necessity for some. If you are considering filing for bankruptcy in Oklahoma, our experienced bankruptcy attorneys at Oklahoma Legal Center can help. Contact our law firm in Oklahoma City today and begin the debt relief process as soon as possible.

Read More of - New Study Finds That Older Americans Are Living With More Debt and More Are Filing for Bankruptcy