Oklahoma Legal News

With student loan debt growing consistently on a national scale, experts are concerned that this trend could have an adverse effect on economic growth, as this new generation of borrowers compensates by cutting back on other areas of spending. In other words, when faced with excessive educational debt, consumers tend to use their credit cards less, put off purchasing vehicles and homes, and even delay contributing to savings accounts for their children's future education. According to experts, this means that the explosion of student loan debt will sap economic growth in the United States, where consumer spending accounts for 70% of gross domestic product. As more and more consumers find themselves struggling to pay off student loan debt and other forms of debt, filing for bankruptcy is becoming a viable option for many people. Contact our experienced lawyers at Oklahoma Legal Center today to discuss the process of filing for bankruptcy protection in Oklahoma.

Read More of - Growing Student Debt May Contribute to Decline in Economic Growth

April 15 is just around the corner, and most people have already received their tax documents for 2012 and are looking to file and hopefully get a refund. In addition to tax time, it's also the time of year that collection agencies will send out "settlement offers," claiming to help you, the debtor, settle your debts. In most cases, these "settlement offers" will ask you to report how much you expect to receive in your tax refund, in most cases so they know how much to offer to allow you to "settle" the debt. It is important to realize, however, that collection agencies are notorious for telling consumers their credit report will be "cleared," even though this rarely ever happens, and, in some cases, the company to whom you owed the original debt may not even have any knowledge of the collection agency's "settlement offer." If you are struggling with overwhelming debt and you have been contacted by a collection company in Oklahoma, consult our knowledgeable bankruptcy attorneys at Oklahoma Legal Center for legal help.

Read More of - Talk to a Bankruptcy Lawyer Before Giving Collection Companies Your Tax Refund

A common fear among individuals and couples struggling with overwhelming debt is whether they will lose everything in bankruptcy. Fortunately, for those who are eligible for Chapter 7 bankruptcy, state and federal laws allow most filers to keep certain types of important property, such as your home and vehicle. If you are facing insurmountable debt in the form of medical bills, credit card debt, student loans or car loans, you may benefit from filing a Chapter 7 or Chapter 13 bankruptcy in Oklahoma. Although some of this debt cannot be discharged in bankruptcy, discharging eligible debts to free up some cash or establishing a manageable repayment plan based on your income can significantly improve your financial situation. Contact our experienced attorneys at Oklahoma Legal Center today to discuss your bankruptcy options.

Read More of - Will I Lose Everything in Bankruptcy?

According to data released by the U.S. Courts system, bankruptcy filings in Oklahoma declined by as much as 10% last year in some parts of the state. For example, bankruptcy filings for the Western District of Oklahoma, which includes Oklahoma City and much of the western half of the state, decreased 10.1% from 7,315 in 2011 to 6,574 in 2012. In the Northern District of Oklahoma, which includes Tulsa and the northeastern part of the state, bankruptcy filings also declined from 3,796 in 2011 to 3,534 in 2012 – a decrease of 6.9%. Oklahoma's Eastern District saw 1,862 bankruptcy filings in 2012, down from 2,008 filings in 2011. If you are struggling with overwhelming debt and you think bankruptcy might be the best option for you, consult our experienced attorneys at Oklahoma Legal Center today.

Three U.S. Senators proposed legislation on January 23 to reverse a 2005 change in bankruptcy laws that makes it nearly impossible for private student loan debt to be discharged in bankruptcy. The Fairness for Struggling Students Act of 2013 is co-sponsored by Sens. Jack Reed (D-Ill.), Dick Durbin (D-Ill.) and Sheldon Whitehouse (D-R.I.), and, if approved, the proposed bill would restore private student loans as a debt eligible for discharge in bankruptcy. If you are struggling with overwhelming debt and considering filing for bankruptcy in Oklahoma, contact our knowledgeable attorneys at Oklahoma Legal Center to discuss your legal options. You may be eligible to file Chapter 7 or Chapter 13 bankruptcy, in order to seek debt relief.

Read More of - Proposed Bill Would Reform Private Student Loan Bankruptcy Rules

The lingering effects of the recession have taken a significant toll on Oklahoma families, as a report released on January 30 by the national nonprofit Corporation for Enterprise Development indicates that more than two in five Oklahoma residents have virtually no savings for an emergency. If you find yourself struggling with overwhelming debt, low income and little to no savings, filing for bankruptcy in Oklahoma could be a good option for your financial situation. Contact our experienced attorneys at Oklahoma Legal Center if you are considering filing Chapter 7 or Chapter 13 bankruptcy in Oklahoma, to discuss your legal options and determine what course of action is right for you and your family.

Read More of - Oklahoma Ranks Poorly in Financial Stability Study

There are a number of bankruptcy myths out there that keep struggling consumers from filing for bankruptcy and obtaining relief from their debts, and a bankruptcy minimum is one of them. If you're not familiar with this one, many people are under the assumption that there is a minimum amount of debt they must owe before they are eligible to file for bankruptcy in Oklahoma. This is not the case. In short, the U.S. Bankruptcy Code does not require a minimum amount of debt to file for Chapter 7 or Chapter 13 bankruptcy, and there is not a certain amount of debt that "justifies" seeking bankruptcy protection either. If you are considering filing for bankruptcy in Oklahoma, contact our experienced attorneys at Oklahoma Legal Center to discuss your legal options.

Read More of - Is There a Minimum Amount of Debt I Must Owe Before Bankruptcy Becomes an Option?

The number of bankruptcy cases filed in the Tulsa-based U.S. Bankruptcy Court in Oklahoma was 3,417 in 2012, which represents a decrease from 3,711 cases filed in 2011 and 4,406 cases filed in 2010. Although national bankruptcy statistics for 2012 are not yet available, the Administrative Office of the U.S. Courts reported in early November that the number of new bankruptcy cases had dropped about 14% across the country for fiscal year 2012, the 12-month period that ended September 30. The total number of bankruptcy filings in the U.S. reached 1,261,140 between October 1, 2011 and September 30, a decrease from the 1,467,221 filed in fiscal year 2011 and from the 1,596,355 filed in fiscal year 2010. If you are considering filing for bankruptcy in Oklahoma, your first course of action should be to consult our knowledgeable attorneys at Oklahoma Legal Center to discuss your legal rights.

Read More of - Tulsa Area Sees Decrease in 2012 Bankruptcy Filings

Although the new tax package Congress passed on New Year's Day will prevent income tax increases from affecting 99% of Americans, most households in the United States will still end up paying more federal taxes in the coming year. A temporary Social Security payroll tax reduction is set to expire, which will affect nearly every wage earner in the country. In 2012, the two-percentage point reduction in the Social Security payroll tax was worth roughly $1,000 to a worker bringing in $50,000 a year. In addition, income taxes on the wealthy are going up as well. According to a research group called the Tax Policy Center, approximately 77% of American households will be hit with higher federal taxes in 2013 under the recently negotiated agreement.

Read More of - How Impending Tax Increases Could Affect Your Household

There are certain situations in which, when filing for Chapter 7 bankruptcy in Oklahoma, the bankruptcy court may order you to repay a specific debt. This means that this particular debt will not be discharged in the Chapter 7 bankruptcy, and will be owed to the individual until it is paid in full. This may come as unwelcome news for some people who borrowed a large amount of money prior to filing for Chapter 7 bankruptcy, and are now faced with an unpayable debt that cannot be discharged in bankruptcy. If you find yourself in this difficult situation, it's a good idea to enlist the help of a qualified bankruptcy attorney in Oklahoma so you are fully aware of all your options. Here at Oklahoma Legal Center, our lawyers understand how difficult it can be for debtors to remain aware of every aspect of a bankruptcy filing, which is why we are here to help. Contact our Oklahoma City-based law firm today for experienced legal help.

Read More of - What to do if the Bankruptcy Court Orders You to Repay a Debt