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.Continue Reading
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.Learn more about Debt Law
CareOne offers debt relief by developing debt management plans and settlement agreements between debtors and creditors designed to restructure or resolve unsecured debt, notes CareOne Credit Counseling. Credit counselors are instrumental in negotiating with creditors depending on a debtor’s specific financial circumstances.Full Answer >
The Fair Debt Collection Practices Act and Florida Consumer Collection Practices Act prevent creditors from being able to collect debt through abuse, harassment, misleading or deceptive methods, according to Nolo. They are not allowed to pretend to be a government employee, contact third parties or file a lawsuit in the wrong venue just to collect a debt.Full Answer >
When sued for an unsecured debt, the best and cheapest option is often to call the creditors yourself and offer them a payment plan that you can afford to pay, advises Nolo. Creating a budget for such a payment plan before you call the creditors includes finding ways to reduce your expenses and, when possible, to increase your income. In such negotiations, you may be able to obtain a reduction in late fees and other penalties.Full Answer >
Small businesses looking to restructure can use a Chapter 11 bankruptcy, while Chapter 7 bankruptcy requires filers to return assets such as homes or cars to their creditors, FindLaw explains. Chapter 11 bankruptcy is often an alternative to Chapter 13, Nolo reports.Full Answer >