Monthly Archives: August 2014
Can Creditors Initiate Bankruptcy Proceedings Against a Borrower Who Defaults on a Loan?
Creditors cannot typically force consumer bankruptcies. However, they can take action against businesses in Oklahoma by filing an involuntary petition for bankruptcy. Involuntary bankruptcy actions work differently from those initiated by the debtors themselves. According to tips offered by the United States Department of Justice, creditors can file only under Chapter 7 or Chapter 11 […]
Can Tulsa Lenders Change the Terms of Financing Agreements Before Disbursing the Funds to Borrowers?
Once the lender and borrower sign off on a financing agreement, neither party can change the terms — unless the agreement provides for certain changes, such as specific interest rates. Any lending business can easily face potentially costly litigation by later refusing to proceed with the loan, or by changing the terms. The legal issues […]
