Oklahoma Legal News

According to a paper recently completed by the Federal Reserve Bank of New York, millions of Americans who would have filed for bankruptcy protection prior to the 2005 bankruptcy reform law have not done so because of the additional requirements and costs associated with the financial move. The paper, written by Donald P. Morgan, was titled "Is the 2005 Bankruptcy Reform Working?" and was released on June 4, 2012. If you are facing financial difficulties and considering filing bankruptcy in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center today. Our law firm is located in Oklahoma City, and our bankruptcy lawyers have years of experience helping Oklahomans relieve their overwhelming debt via bankruptcy.

Read More of - New Report Questions Effectiveness of 2005 Bankruptcy Reform

Filing for bankruptcy in Oklahoma is a big decision, and it's important that you know everything you can about the process beforehand. This includes learning which Oklahoma bankruptcy rumors you've heard are true and which are just hearsay. The following is a list of the top ten bankruptcy myths out there and an explanation by an Oklahoma bankruptcy lawyer. If you are considering filing for bankruptcy in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center to discuss your legal options.

Read More of - Top Ten Bankruptcy Myths Debunked by an Oklahoma Bankruptcy Attorney

According to a recent study, the rate of college graduates filing for bankruptcy in the United States has increased a whopping 20% over the past five years. The study, conducted by the Institute for Financial Literacy, indicates that the percentage of debtors with a bachelor's degree increased from 11.2% in 2006 to 13.6% in 2010. During that same period, the percentage of debtors with a high school diploma, or who did not finish college, declined. If you are considering filing for bankruptcy in Oklahoma, your first course of action should be to contact an experienced Oklahoma bankruptcy attorney. Our bankruptcy lawyers at Oklahoma Legal Center have years of experiencing helping debtors in Oklahoma decide which course of action is best for their financial situation.

A recent action on the part of the Federal Trade Commission has shed light on the sometimes deceptive and even abusive practices debt collectors will use to intimidate debtors. According to the FTC complaint, two managers from a California-based debt collection agency "harassed and abused consumers by threatening physical harm and death to them and their pets, threatening to desecrate the bodies of deceased relatives, and using obscene and profane language." The FTC reported that the defendants "also allegedly improperly revealed consumers' debts to third parties, such as the consumers' employers, co-workers, neighbors, and family members," among other atrocious and illegal practices. If you are considering filing for bankruptcy in Oklahoma, and you are currently receiving harassing or abusive phone calls and letters from debt collectors, contact our qualified bankruptcy attorneys at Oklahoma Legal Center today to make them stop.

Read More of - Seven Illegal Practices Commonly Used By Debt Collectors

Filing Chapter 7 or Chapter 13 bankruptcy is only one method a debtor can use to resolve his or her financial difficulties. However, while some debtors may benefit from nonbankruptcy alternatives like consolidating loans, negotiating with creditors or credit counseling, many individuals find that filing bankruptcy is the only way to truly relieve themselves of the mountain of unpayable debt they have been struggling with for years. If you are considering filing bankruptcy in Oklahoma, your first course of action should be to consult an experienced bankruptcy attorney. Our lawyers at Oklahoma Legal Center have years of experience helping Oklahoma residents decide whether bankruptcy is the answer and determine what type of bankruptcy is right for them. Contact our bankruptcy attorneys at Oklahoma Legal Center today to discuss your Oklahoma bankruptcy options.

Read More of - Is Filing Bankruptcy in Oklahoma the Answer?

As of May 1, 2012, it is slightly easier for Oklahoma residents to qualify for Chapter 7 bankruptcy, as the income requirements for the "Means Test" have increased for all household sizes. Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, an individual considering filing for bankruptcy would decide whether to file Chapter 7 bankruptcy (liquidation) or Chapter 13 bankruptcy (consolidation) in Oklahoma. Since the law was passed in 2005 though, determining which chapter an individual files under in Oklahoma depends largely on his or her income. In short, individuals who wish to file Chapter 7 bankruptcy in Oklahoma must first pass the Means Test, which compares the person's average income to the state's median income, before they are eligible to do so. If you are considering filing Chapter 7 or Chapter 13 bankruptcy in Oklahoma, consult our knowledgeable bankruptcy attorneys at Oklahoma Legal Center to discuss your best course of action.

Difficult economic times have left many consumers struggling with debt that they can't ever seem to pay back. In some cases, filing Chapter 7 or Chapter 13 bankruptcy in Oklahoma may be the best course of action under these circumstances, as either option can offer consumers relief from overwhelming debt. With the help of our experienced bankruptcy lawyers at Oklahoma Legal Center, consumers can learn everything there is to know about filing bankruptcy in Oklahoma, as well as what mistakes they should avoid in the process. The following are the top six mistakes consumers should avoid when filing bankruptcy in Oklahoma.

Consumers should be warned that there has been a significant increase in the number of defaults by credit card holders of accounts issued by Capital One, one of the biggest issuers of credit cards in the world. Since the end of the recession, more and more Americans have been catching up on their debt and putting behind them the times when they repeatedly failed to pay their bills. Unfortunately, new information about a rise in defaults for Capital One indicates that this trend may be reversing itself. Credit-card default is a serious problem and can severely affect consumers' financial standing now and in the future. If you are facing default on any credit account, contact our experienced bankruptcy attorneys at Oklahoma Legal Center to discuss your best course of action.

According to a recent report issued by the Federal Reserve, Americans are stepping up their borrowing. The report indicated that consumer borrowing on car loans, credit cards, student loans and other types of installment debt grew at a seasonally adjusted annual rate of 10.2% to $2.54 trillion in March from February, a figure that does not include mortgages. March's increase in borrowing was the biggest monthly elevation since November 2001, when zero-percent financing on car loans launched a surge in borrowing after the September 11 terrorist attacks. The move from household debt reduction to increased borrowing outside of mortgages began in the fall of 2010, but accelerated late last year. The question is, is this a sign of a recovering economy or the result of struggling consumers feeling the need to borrow?

Read More of - U.S. Sees Increase in Consumer Borrowing: Good for Economy or Sign of Struggling Consumers?

Senator Richard Durbin of Illinois took to task the private student-loan industry on Tuesday, calling for a new bill that would allow educational debts to be discharged during bankruptcy filing. According to research conducted by the Federal Reserve Bank of New York, Americans owe approximately $870 billion in student loans, a figure which surpasses even the amount of outstanding auto loans or credit-card debt. The study also noted that more than a quarter of borrowers had past-due balances, a figure higher than previously reported, and nearly 5% of this population consisted of Americans 60 years and older.