Make It Go Away or Make It Better? The Difference Between Liquidation vs. Reorganization

When financial difficulties go from bad to worse and the best solution is simply to start over, both individuals and companies have a choice between a “liquidation” form of bankruptcy (in which all unsecured debts are wiped out), and one that allows them to reorganize and repay a percentage of their debts in a court-approved repayment plan. In this blog, we’ll examine these two bankruptcy types and how they differ in Read More

In What Ways Will Bankruptcy Affect My Credit Score?

People who are contemplating bankruptcy often hesitate because they’re worried about how it will affect their credit score. If they file, how bad will the damage be? Will they ever get access to credit again? Or will they be living a cash-only existence for the rest of their lives? These concerns are understandable: creditworthiness is a major currency in today’s society. It can dictate where we live, what rate of Read More

5 Things You Can Do to Ease Your Difficulty in Making Mortgage Payments

Across the country, many homeowners are at risk of losing their homes because they can’t make their monthly mortgage payments. For most of them, a loss of or reduction in income is the issue. Other reasons include expenses that have exceeded income and personal crises like divorce. The thought of being foreclosed upon is both alarming and devastating, but there are steps you can take to address your mortgage Read More

How Can I Defend Myself in a Debt Collection Lawsuit?

Have you received notice that a debt collector intends to sue you over an unpaid credit card or medical bill? If so, you may be wondering what your next step is. How can you defend yourself? Should you even present a defense if you can’t afford to pay or the debt is not even yours? The answer to the latter question is a definite yes. Otherwise, if you don’t defend yourself against the lawsuit, you risk a default Read More

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

B David Sisson


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