Q:

What are the repossession laws in Oklahoma?

A:

Quick Answer

According to the Oklahoma law office of Mitchell and Hammond, if an individual in Oklahoma leases or purchases an item on credit and fails to make the agreed upon payments, creditors have the right to seek legal action for repossession of the items. Typically repossessions occur with motor vehicles, but creditors in Oklahoma have the legal right to repossess any purchased or leased item. It is possible for repossessions to occur at any time.

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Full Answer

Robinson Law in Tulsa, Okla., explains that if an individual is behind on automobile payments but has filed for bankruptcy, creditors cannot repossess the vehicle without the court's permission. Bankruptcy filings allow for an automatic stay, prohibiting creditors from taking further action.

According to Affiliated Legal Services, Inc in Tulsa, Okla., creditors in Oklahoma begin collection action on secured debts promptly following the first missed payments. If collection actions such as calls, letters and emails fail to produce the owed funds, the next step is repossession. It is important for individuals who are going through the repossession process to understand that by filing bankruptcy, there is still an opportunity to get their vehicles back. Filing for bankruptcy initiates an automatic stay, and an experienced bankruptcy attorney can help finalize the filing process.

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