Monthly Archives: March 2017

Obtaining a mortgage after declaring bankruptcy is not impossible, but the exact amount of time that individual will have to wait depends upon an individual’s credit, the type of bankruptcy for which the individual filed, and the type of loan that the individual desired.   Applicable Government Loans   There are several applicable types of government loans that individuals who have declared bankruptcy should consider, which include the following:   Federal Housing Authority Loan. Federal Housing Authority loans are federally insurance loans that allow home buyers facing financial difficulties to put down as  little as 3.5 percent of the purchase price. United States Department of Agriculture Loan. An individual who files for Chapter 13 bankruptcy can apply after twelve months of successful plan payments. Veteran’s Affairs Loan. The Veteran’s Affair program’s loans are provided to veterans with several advantages including no down payment, no minimum credit score, and unlimited use of the loan program. For veterans who have declared bankruptcy.   Advice for Individuals Who Desire to Re-Establish Credit   There are some essential steps that individuals can take in order to re-establish credit, which includes the following:   Obtain a Co-Signer. Getting a cosigner for a home loan can     Read More

Forgiving bankruptcy can help individuals who have experienced tax related debt. Being subject to taxes from the Internal Revenue Service can be a particularly harsh process. Many individuals who are struggling financially can be faced with bank account levies, property liens, and wage assignments. Many individuals should remember that unpaid income taxes are often dischargeable in bankruptcy, which can make the assistance of a skilled attorney particularly beneficial. Applicable Law Regarding Release from Taxes The government has distinguished several particular situations in which individuals are able to escape debt, which include the following situation: Taxes Due Over Three Years Ago Are Dischargeable. Law in the state of Oklahoma  states that income taxes are dischargeable if the taxes were due at least year ago. For example, if an individual filed for bankruptcy in March of 2017, the individual would be able to discharge taxes prior to 2014. Taxes Must be Filed Over Two Years Ago. The taxes in question must also have been filed at least two years ago. Income Taxes Only. The only type of federal or state taxes that are dischargeable in Chapter 7 bankruptcy include income taxes. 240 Days After Tax Assessment. Additionally, in order to discharge personal     Read More

If your house has decreased in value since purchase, a Chapter 13 bankruptcy can help remove a second mortgage through a process called “lien stripping”. Many individuals are unaware of this very important but often overlooked aspect of bankruptcy law.   How Lien Stripping Works   Lien stripping is a type of tool that allows individuals who are close to the point of mortgage exceeding the home’s value get rid of junior liens like a second or third mortgage. By lien stripping, a bankruptcy court will convert an individual’s second or subsequent debt by ordering the lender to remove its lien from the property. When a second mortgage is stripped, an individual’s debt is treated as a nonpriority unsecured debt. Individuals are not required to make payment on this debt outside of their bankruptcy. Instead, individuals will be tasked with a paying of unsecured debt through a Chapter 13 plan. Individuals must remember that a second mortgage lien will not be removed from a home until the individual has completed their  lien stripping and receive a lawful discharge from the Debt.   Situations in Which Lien Stripping May Not Be In An Individual’s Best Interest   Lien stripping is desirable     Read More

If you are receiving constant harassment from credit collectors or credit collectors, the behavior can be particularly unnerving. Credit collectors might even use abusive language or threaten criminal charges if dets are not properly paid. In these types of situation, the assistance of a skilled attorney can prove to be particularly helpful. The Role of the Fair Debt Collection Practice Act Both federal and Oklahoma state law protect individuals from creditor harassment. One example of federal law that protects consumers is the Fair Debt Collection Practice Act which prohibits credit collectors from certain types of conduct. Passed in 1977, the Fair Debt Collection Practice Act prohibits debt collectors from harassing or threatening debtors. The Act also prohibits creditors from disclosure details about the debt to an individual’s friends or family. Individuals are able to file a complaint with the Federal Trade Commission if such behavior occurs. Additionally in the state of Oklahoma, individuals can file complaints against abusive or harassing creditors with the Attorney General’s Office. The Attorney General’s Office will then contact a creditor and send a copy of a complaint as well as a cease and desist order if a creditor continues such abusive or harassing behavior. Certain     Read More