How to Value Your Assets in a Bankruptcy

When you file for bankruptcy, the petition needs to be accompanied schedules of property, which lists everything you own and its value. The latter information is especially important, as state exemptions allow you to protect personal property up to a certain value. Here are some tips for arriving at a reasonable estimate of each asset’s worth. Real Property Valuation Real property goes by fair market value, so Read More

4 Alternatives to Bankruptcy in Oklahoma

When you’re buried under a mountain of credit card, student loan, and medical debt, finding a solution can be difficult. When debt collectors keep calling and each mail delivery brings more overdue bills and demand letters, you may even be tempted to declare bankruptcy for financial solvency. While this can be the best solution for an unmanageable debt situation, there are alternatives to bankruptcy that may also Read More

What You Need to Know About the Fair Credit Reporting Act

The Fair Credit Reporting Act, or FCRA for short, is a federal law that governs how your credit information can be collected, used, and given out. It was passed in 1970 to ensure that the information retained by the credit reporting agencies was fair, accurate, and retained under secure and private conditions. Under the FCRA, you have the right to access the information in your credit file and dispute any Read More

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. Out of 794,960 filings that occurred in 2016, 490,365 were Chapter 7. It differs from other forms of bankruptcy in that all dischargeable debt is wiped out relatively quickly, giving you a fresh start much sooner than if you had filed for Chapter 11 or 13. Chapter 7 is available to individuals, couples, partnerships, and corporations. Even Read More

Understanding the Bankruptcy Homestead Exemption in Oklahoma

Many Oklahoma homeowners worry about what will happen to their family home if they declare bankruptcy. They are relieved to learn that with few exceptions, the Oklahoma exemption system can protect the entire value of their home, allowing them to remain while they fulfill the conditions of their bankruptcy. The Oklahoma homestead exemption applies to both real property and manufactured homes such as trailers, Read More

Preventing Bankruptcy: 5 Pitfalls to Avoid When Starting a Business

An alarming number of small businesses never make it past their first year. According to the Bureau of Labor Statistics, Business Employment Dynamics, approximately 20% of new startups survive Year One, and even fewer make it past that point. Of those that fail, many declare bankruptcy to escape an overwhelming load of business debt. Those are daunting statistics, but there are ways you can increase the likelihood Read More

Life After Bankruptcy is Possible!

When your business failed to thrive as expected, forcing you to declare bankruptcy, you may feel like giving up your dream of being a successful entrepreneur. Why get excited about building something up only to lose it when the economy takes a downturn or people fail to respond as expected? These feelings of disappointment are normal, but once you’ve given yourself time to process the loss, understand that there Read More

Know Your Options: 5 Alternatives to Foreclosure

Perhaps you’ve missed a couple of monthly payments on your mortgage. You may have even receive a notice of default from the lender. You have having difficulties affording your house, but the thought of a foreclosure is stressful. What can you do? You’re not the only one in this situation, which is why there are foreclosure alternatives for homeowners experiencing difficulties. Let’s take a closer look at five of Read More

Receiverships: An Alternative to Bankruptcy You May Not Have Known About

Many businesses that experience serious financial difficulty file for Chapter 11 or, less commonly, Chapter 13 so that they can remain in operation while they deal with their debt situation. Some companies, however, opt for a less common form of debt resolution called receivership. What is a Receivership? Receivership is a form of corporate bankruptcy. It enables a distressed business to restructure and avoid Read More

Why Is It More Difficult to Get a Mortgage Loan These Days?

If you’ve been having trouble getting approved for a mortgage recently, you can take some consolation in the fact that you’re not the only one. Before the housing bubble burst in 2006, it was extremely easy to get a mortgage, even if your credit was decent at best. Banks and lenders even offered mortgage loans without needing to see documentation first. Borrowers simply told loan officers how much they made Read More

B David Sisson


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