Mortgage payment becomes your responsibility. In mortgage contract, there is clear information regarding the time of payment or the payment deadline and other things that you should have understood before you start the mortgage. However, sometimes financial issues can happen and it can impact on your ability in managing the mortgage payment. In case your financial situation makes you unable to complete the payment based on the agreement, then you will be listed as having a bankruptcy. The bankruptcy is not only for the married couples. It can occur on individuals. As long as they fail to pay the mortgage, then it will be a form of bankruptcy.
However, it does not mean that you will lose your mortgaged property or house. There is still a solution for you to stop the house or property being sold. In normal situation, your failure in payment will make you lose your property because it will be sold as what is the statement in the contract or agreement of mortgage. However, there is chapter 13 bankruptcy in oklahoma. This is a bankruptcy code that can become opportunity so you will not lose your house and it will not be sold in foreclosure. Of course, you should be able to deal with the arrears and the payment because the Chapter 13 Bankruptcy will not erase your mortgage payment or arrears, but it will only give you opportunity to solve the situation so you will not get your property sold as the consequence of your failure in payment.
Basically, the chapter 13 bankruptcy shows that you can change the repayment plan of the mortgage. In other word, you still need to complete your payment, but you will be able to adjust the payment procedure of the mortgage based on your current financial capability and situation. In fact, it is not only for the property or house, but it can also be available for the cars. However, it needs more than just the payment plan that you should have made. In this case, you need to make proposal and later you must get the approval from the bankruptcy judge and court to show your eligibility in changing your mortgage payment plan. When you have got your approval, you can make your payment plan and it has quite long duration. It can start from 36 months or 3 years up to 60 months or 5 years. The length of duration is not your only decision. In fact, it will also be based on the approval from the court.
Since this requires you to deal with the procedures in the court, it will not be easy process. Thus, it is better when you get clear information before you make the proposal to the court. You can look for bankruptcy lawyers that really understand about the chapter 13 bankruptcy. This will be very useful for you to have better understanding and even you can have consultation. You will need attorneys and lawyers who really understand and have enough experiences in dealing with Oklahoma bankruptcy law so later the consultation can run well. Even when you decide to use the service from the lawyer, you will know that they are able to help you.
