Using bankruptcy to prevent foreclosure in Oklahoma | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Using bankruptcy to prevent foreclosure in Oklahoma

The average person in Oklahoma has likely experienced some degree of financial difficulty. Unfortunately, a lost job or unexpected illness or injury can leave families scrambling to meet their financial obligations. Adding even more stress is the potential prospect of foreclosure if those struggling with debt are unable to pay their mortgage. However, there are options that could prevent foreclosure.

In some cases, a lender may agree to a deal that will help those struggling to make their mortgage payment, including a loan modification or a short sale. Unfortunately, many are not willing and will initiate the foreclosure process after only a few months of missed payments. The property is then auctioned off, and the proceeds are used to pay the mortgage and legal costs.

While there are some options in a situation such as this, people in Oklahoma who are drowning in debt decide to seek bankruptcy protection. Once filed, the court will issue an Order for Relief, which will stop creditors from seeking to collect on a debt. The stay will postpone a foreclosure until the bankruptcy is complete -- in most cases -- providing a petitioner an extra three to four months, approximately.

The decision of whether to file for bankruptcy is often a difficult one to make. For many, however, the benefits far outweigh the consequences, especially when such an action can prevent foreclosure. Many people in Oklahoma who are struggling with debt already feel overwhelmed and a great deal of stress; a professional with experience with such proceedings can help them determine their best course of action.

Source:, "Facing Foreclosure? How Bankruptcy Can Help", Accessed on Jan. 25, 2018

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