Understanding the Role of the Bankruptcy Trustee

The U.S. bankruptcy system is designed to grant a fresh start to people who have fallen deep into debt through no fault of their own. Unfortunately, dishonest individuals and companies can and do abuse the system to gain a financial and/or material benefit. One recent example is reality TV star Abby Lee Miller (of Dance Moms fame), who was sentenced to one year and one day in federal prison after concealing Read More

4 Things to Know About Bankruptcy Appeals

The bankruptcy system is designed to work for the benefit of both sides. Debtors are relieved of a crushing financial burden while maximizing the value of their possessions, and their creditors receive as much money as possible after an extended period of likely getting nothing at all. In the majority of circumstances, this is precisely how it works. Sometimes, though, the debtor and/or their creditors find that a Read More

The 6 Things Debt Collection Agencies Cannot Do to You

Every year, the Federal Trade Commission receives more complaints about debt collectors than any other industry, even though the Fair Debt Collection Practices Act (FDCPA) has been in place to curb abusive and unethical behavior since 1977. Some third-party collection agencies bank on the likelihood that the consumer they are harassing is unaware of the law, while others simply don’t care. As a consumer, it’s Read More

Bankruptcy and the Real Estate Settlement Procedures Act

For many people who file for bankruptcy in Oklahoma, the feeling of relief is immense. The debt load that kept you awake at night is either wiped out or condensed into an affordable repayment arrangement. You also benefit from an automatic stay that brings an immediate halt to stressful events such as: Creditor and debt collector calls and letters Wage garnishment Frozen bank accounts If you have a Read More

4 Tips to Get Out of Default Status on Your Student Loans

When your student loan account falls into default status after 270 days (9 months) of missed payments, it's easy to feel overwhelmed by the whole process. You may be getting constant calls from debt collectors, struggling to get by on bad credit, and facing a range of related legal issues. If you have defaulted on your student loan, don't assume that it’s the end. You still have the potential to get out of default by Read More

What Happens if I Fall Behind/Default on my Student Loans?

It can be tough to keep up with your student loan payments, especially considering the increasing cost of tuition in recent years. Even so, you should always try your best to manage your loans, because falling behind or defaulting can lead to a host of negative consequences. Student loans are generally not dischargeable in bankruptcy after all, unless you sue and successfully establish undue hardship. In case you Read More

Judicial vs. Nonjudicial Foreclosure in Oklahoma

If you miss enough payments on your home, your lender can sell the house on your behalf in order to cover your debts. This process is known as foreclosure, and it usually works in one of two ways, depending on your state. Lenders can foreclose via the court system in some states (called judicial foreclosure), and in other states they can use specific procedures outside of the courts (called nonjudicial foreclosure). Read More

4 Things to Do Next After Your Debts Have Been Discharged from Bankruptcy

If you've recently had your debts discharged from bankruptcy, you're probably ready for a fresh start. Bankruptcy offers a clean slate in many ways. You may want to focus your energy on reestablishing your finances, redefining your spending and saving habits, and rebuilding your credit. Here are a few key tips to get you started. Adjust your financial habits—and your attitude. First off, you'll need to do a Read More

Bankruptcy 101: Understanding the Automatic Stay

Filing for bankruptcy is a big decision and one that you definitely don’t want to take lightly. When making the decision, you want to make sure you are informed about how bankruptcy will impact your financial situation, both in good ways and bad. When researching bankruptcy, many people run into a concept called an ‘automatic stay’ and aren’t sure what it means. An automatic stay is actually one of the most Read More