Tulsa Bankruptcy | Removing Liens From Your Home

Removing Liens From Your Home in an Oklahoma Bankruptcy

For many debtors exploring their options on bankruptcy, the event that pushes them to contact a Tulsa bankruptcy attorney is being garnished by a creditor. A garnishment occurs when a creditor successfully sues the debtor and obtains a judgment. The garnishment allows the creditor to deduct a portion of the debtor’s wages, usually 25% per pay period, until the debt is satisfied. For many people seeking bankruptcy, this financial hardship pushes them to contact an attorney and start the process. However, for debtors who own their own home, a garnishment may not be the worst of their problem. Our Tulsa bankruptcy attorney offers free bankruptcy advice so just call.

In addition to a garnishment, a creditor who successfully sues a debtor who owns real property, such as a home, can attempt to collect by placing a “judgment lien” against the property. A judgment lien is a non-consensual lien placed with county records against the debtor’s property with county records, almost always without the debtor’s consent or knowledge. If that lean is not satisfied or released in some way, it can prevent the debtor from selling the house in the future. Given the fact that most debtors in this situation don’t know that the lien is in place, it can come as a nasty surprise when the debtor tries to sell.

Fortunately, there are remedies for this situation in bankruptcy. A monetary judgment by a creditor is dischargeable so long as the underlying debt is dischargeable. So, if the lawsuit was over a medical bill, credit card debt, unpaid auto loan, or other type of dischargeable obligation, the judgment can be made to go away. However, this does not make the lien automatically go away. Because the lien is a separate legal instrument from the debt itself, a separate process must occur to terminate it. That process is called the Motion to Avoid a Lien. In order to file a motion to avoid a lien, a debtor’s bankruptcy attorney will require a copy of the deed (which he or she should have from the bankruptcy filing). Once the bankruptcy case has been filed and the meeting of creditors conducted, the attorney can then draft the motion and file it with the court. The court will give the creditor two weeks to respond to the motion, and if there isn’t a response, the court will then grant the motion. That officially terminates the lien, and should clear up any problems it caused with selling the house.

For some people, because they were never informed that a lien existed in the first place, they can proceed all the way through their bankruptcy, have it discharged and closed, and only find out years later about the lien when they try to sell their property. This can come as a surprise, as most people simply assume that the bankruptcy took care of all of their problems (though as noted above, absent the motion, the lien is not terminated). Fortunately, the courts grant relief for people in that situation. If the lien was from a debt that was discharged in the person’s bankruptcy, even if that bankruptcy was years ago, the court will allow the case to be reopened, and a motion to avoid the lien filed. This does cost a reopening fee, but that fee is certainly worth paying if it clears away the impediment to selling the affected property.

A final word of advice for those seeking bankruptcy services: know your situation. If you are a homeowner, and you have been sued by a creditor, and that creditor obtained a judgment, it is entirely possible that they have filed a lien against your home. If you think that could be the case, contact your county’s land records office and have them search for any liens against your property. With the proper knowledge, you can start your bankruptcy process better informed and better able to inform your attorney what you need help with. As always, if you have questions about your financial status and are considering bankruptcy, you should contact a local attorney who can provide you with the help you need.

Contact a Tulsa Bankruptcy Attorney

If you live anywhere in Oklahoma our Tulsa bankruptcy attorney can help you file either a chapter 7 bankruptcy or a chapter 13 bankruptcy. Our Tulsa bankruptcy attorney will sit down with you and help determine if bankruptcy is the best sollution for you. To get a free consultation call today and speak to a Tulsa bankruptcy attorney.

Tulsa Bankruptcy | Removing Liens From Your Home

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Consumer Bankruptcy in Tulsa Oklahoma

Consumer Bankruptcy Attorneys Can Advise You of Your Options

Oklahoma Bankruptcy Options

The decision whether to file either consumer bankruptcy or business bankruptcy is not one that people arrive at easily. Let’s face it — sometimes things happen to us over which we have no control and which we could not have predicted. It is at times like this that the services of an experienced bankruptcy attorney become necessary to help you sort through the way out of a difficult time.

Individuals and businesses alike can file bankruptcy. Earlier this year, an Oklahoma City retirement home filed for Chapter 11 business bankruptcy after receiving a $15.1 million judgment. The home will remain open and operate for the duration of the bankruptcy, although it is still not clear whether or what portion of the judgment it will have to pay.

Bankruptcy is not a “one-size-fits-all” solution. Many consumer bankruptcy as well as businesses are able to sort through their financial difficulties and come to agreements with their creditors without having to file. Sometimes this isn’t possible, either because the creditor is uncooperative or the debt is so great that it appears, and very well may be, hopeless.  Both consumer Bankruptcy and business bankruptcy provid several options for helping you put your debts behind you and getting you back on your feet.

There are six different types, or Chapters, of bankruptcy filings. The most common forms of bankruptcy for individuals of average means are Chapter 7 and Chapter 13, with Chapter 7 accounting for 65% of all consumer filings. Many businesses also file for Chapter 7 if the weight of their debt makes it impossible to continue to operate.

Chapter 7 Consumer Bankruptcy in Tulsa Oklahoma

A Chapter 7 bankruptcy consumer bankruptcy usually lasts from three to six months. It is called a “liquidation” because some of your property may be sold by the bankruptcy trustee to repay a portion of your debt. Any unsecured debts (debts for which there is no security, or collateral, such as a car or house) will be discharged, or erased. Credit card debt and medical expenses are typical types of unsecured debt. Each state has property that is exempt from being liquidated in the bankruptcy. The state exemptions include the homestead exemption, which generally protects real property or a manufactured home to an unlimited value, but it cannot exceed one acre in the city, town, or village, or 160 acres elsewhere. Also protected are a motor vehicle up to $7,500, and other specific personal items such as clothing, books, household and kitchen furniture, etc. In order to file a Chapter 7 bankruptcy action, you must meet certain financial criteria outlined in the U.S. Code which demonstrate that you have insufficient disposable income to fund a Chapter 13 repayment plan.

If your income is too high for a Chapter 7, you will most likely be placed in a Chapter 13. However, if your secured debt exceeds $1,149,525, or your unsecured debt exceeds $383,175, you cannot file Chapter 13, but may have to use Chapter 11. The amount you would have to pay depends on your earnings, the amount of the debt, and the amount your unsecured creditors might have received had you filed Chapter 7. In Chapter 13, you can choose to keep your property which serves as security for a loan if you can repay what is owed through the bankruptcy.

Do I Need a Consumer Bankruptcy Attorney in Tulsa Oklahoma

The federal bankruptcy laws are complicated, to say the least. If you make a mistake in your filing, you can have your case dismissed, and you would lose the statutory protections from your creditors that bankruptcy affords. If you are being pursued by creditors, you could be subject to liens, wage garnishments, and other actions that can destroy your ability to function financially. Get the best protection you can by consulting with a team of capable Tulsa Bankruptcy Attorneys today from South Tulsa Bankruptcy Lawyers.

Consumer Bankruptcy in Tulsa Oklahoma

http://tulsabankruptcylawyers.net/consumer-bankruptcy-tulsa-oklahoma/

Oklahoma Garnisments and Bankruptcy

Payroll Garnishments and Bankruptcy

Stop Oklahoma Garnishments by Bankruptcy

For many debtors, the final straw before declaring bankruptcy is the filing of  Oklahoma garnishments. For most debtors, this takes the form of a wage garnishment. In the case of a wage garnishment, a judgment creditor (someone who has won a lawsuit against the debtor), instructs the debtor’s employer to withhold wages and pay them directly to the creditor. However, this is not the only kind of garnishment that can be levied.

Oklahoma Garnisments and Bank Accounts

For some debtors, particularly those who are unemployed, or who may have significant assets in a checking or savings account, a judgment creditor may try to garnish a bank account. This process works in a similar fashion to a wage garnishment. First, the creditor must get a judgment in a lawsuit. The creditor must then find any bank accounts that the debtor has. This could be from their own internal information, or as simple as calling all the banks in the debtor’s local area until they find the right one. The creditor must then serve the bank or financial institution with a writ of execution and file it with the court. Once the bank receives the garnishment, it must determine if it is their customer, and if so, if that customer has any assets at the bank.

If the bank determines that the target of the Oklahoma garnishments (writ of execution) is one of their customers, and that person has assets, the bank must place a hold on those assets, and after a period of time, usually twenty one days, the bank then turns over those funds to the creditor. It is important to know that while a bankruptcy can halt an ongoing wage garnishment, a bank garnishment is a one time procedure. If a creditor successfully garnishes a debtor’s bank account there is no procedure (absent the creditor or bank failing to follow their own proper procedure) that can recover the money, even filing bankruptcy. A bankruptcy can prevent any future bank garnishments, but it cannot retrieve money already garnished.

Impact of Oklahoma Garnisments

For many debtors, a wage garnishment is an irritating, but not devastating occurrence, as the judgment creditor is only allowed to take 25% of disposable (post-tax) income. But a bank garnishment has no such limits. It can very well empty a debtor’s bank account to the last cent, wiping out hard earned savings or necessary funds for living expenses.

If you think you have been sued by a creditor, or worse yet, if a judgment has been awarded to a creditor against you, it is important to consult with a bankruptcy attorney as soon as possible. A timely bankruptcy filing can protect your assets and your financial future, but if a judgment has been rendered, time is of the essence. If you find yourself the target of judgments from your creditors, contact a bankruptcy attorney as soon as possible.

Contact a Tulsa Bankruptcy Lawyer about your Oklahoma garnisments

If you are facing Oklahoma garnishments a bankruptcy may help you stop this type of collection effort. The bankruptcy lawyers at South Tulsa bankruptcy lawyers offer their clients a free consultation about Oklahoma Garnishments.

Oklahoma Garnisments and Bankruptcy

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Oklahoma Bankruptcy Attorney and Debt Management

Oklahoma Consumers – What You Should Know About Debt-Management Programs and Credit Card Debt

Both Chapter 7 and Chapter 13 Bankruptcy provide a means for Oklahoma consumers to eliminate most, if not all of their debt including, but not necessarily limited to, credit card debt, personal loan debt, and unpaid medical expenses. Many Oklahoma consumers have steady employment but are simply unable to overcome credit card debt that has plagued them for years. Credit card debt is a burden shared by many Oklahomans, and it is often difficult to find a solution that will allow them to successfully tackle their credit card debt and end the downward spiral that puts them into further debt. While filing for bankruptcy enables individuals to eliminate credit card debt, there is one alternative to bankruptcy that some Oklahoma credit card-holders are turning to in order to try and eliminate their credit card debt. This alternative is known as a debt-management program (DMP).

If you are an Oklahoma consumer and you have credit card debt that you are having trouble managing or eliminating, enrolling in a debt-management program may be an option for you, and you should consider discussing all of your debt-elimination options with an Oklahoma Bankruptcy Attorney. If you decide that a debt-management program is the best way for you to manage and eliminate your credit card debt, then you should thoroughly research the various types of debt-management agencies that are available to credit card debtors. As with most things in our world today, there will always be some debt-management agencies that are not legitimate and are only trying to take advantage of consumers. However, there are also some legitimate agencies that will help you eliminate your credit card debt in the most feasible way possible. More often than not, a legitimate debt-management agency will be a not-for-profit institution.

How Do Debt-Management Programs Work in Oklahoma?

Your Oklahoma bankruptcy attorney will tell you that if you enroll in a debt-management program, you will likely need to close the credit card accounts that you are seeking to pay off. Instead of making monthly payments to each of your creditors, you will be making one payment to a debt-management agency. That payment will then be distributed to your creditors directly from the agency. Some agencies provide consumers with a loan to pay off their credit card debt, so the monthly payments then go to pay off the loan. However, other agencies do not provide a loan, but instead charge a reasonable monthly fee to negotiate with your creditors, lowering your interest rates and decreasing your monthly payments. This arrangement will allow you to consolidate your credit card debt into one monthly payment, and pay off your credit card debt a little sooner than you otherwise would.

An Oklahoma Bankruptcy attorney will tell you that is important to remember that while some creditors will agree to participate in your debt-management program, many creditors will not agree to participate. In such cases, you will have to continue paying that credit card account separately or negotiate with that creditor directly to agree upon a reasonable repayment plan. Further, it is also important to ensure you are fully aware of the terms and conditions of your debt-management program. A qualified Oklahoma Bankruptcy Attorney can walk you through the entire process and ensure you understand all of your rights and obligations.

Once you have paid off all of your outstanding credit card balances, you might be able to reopen the credit card accounts by approval, but many consumers choose to avoid credit card use as much as possible, fearing that they may find themselves returning to the same downward spiral. As such, understanding how credit card debt impacts your life is a key factor to remember when deciding whether or not to reopen your existing credit card accounts. An Oklahoma bankruptcy attorney will advise that unlike in a bankruptcy where all your credit card debt is eliminated you will still have to be concernd about other creditors who refused to settle. In this case your credit score may cause others not extend credit to you at all. Moreover, the credit card company may still seek to collect the debt through garnishments etc.

Contact an Oklahoma Bankruptcy Attorneys About Debt Reduction:

Our Oklahoma bankruptcy attorney can advise you on each and every option available to you when it comes to bankruptcy or debt reduction programs in Oklahoma. Call for a free consultation with an Oklahoma bankruptcy attorney.

Oklahoma Bankruptcy Attorney and Debt Management

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Tulsa Foreclosure and Bankruptcy Attorneys

Foreclosure and Bankruptcy Attorneys

When you file for chapter 7 and chapter 13 bankruptcy, you can keep your home as long as you are current on your mortgage payments. People who lose their home after declaring bankruptcy are usually under water and seek to have the mortgage debt discharged, or they have equity in the home which is used by the trustee to pay unsecured creditors (debtors can save their home under special homestead exemptions). Under most circumstance, filing for bankruptcy will temporarily postpone the foreclosure process. Read on to learn more about how declaring bankruptcy may help save your home.

Foreclosure and Bankruptcy Under Chapter 7 Bankruptcy

When you file for chapter 7 bankruptcy, an automatic stay will be enacted to prevent any of your creditors from collecting pre-existing debts. This includes any mortgage arrears you may owe.

Filing for chapter 7 bankruptcy will delay the foreclosure process for a short period of time. During this time, a mortgage lender can file a motion with the bankruptcy court requesting for the automatic stay to be lifted so that the mortgage lender can proceed with the foreclosure. If you do not pay the arrears owed to the mortgage lender within due time, the foreclosure process will continue.

As mentioned above, you may be able to save your home from being foreclosed on upon filing your chapter 7 petition; however, this does not protect you from the foreclosure process which occurs outside the bankruptcy court. Declaring bankruptcy will provide you with more time to pay any mortgage arrears owed if you wish to keep your home. You may also be able to keep your home by using a homestead exemption.

You must continue making monthly mortgage payments to your lender. If you fall behind on making your mortgage payments, you will lose your home through the foreclosure process.

Foreclosure and Bankruptcy Under Chapter 13 Bankruptcy

Unlike a Chapter 7 bankruptcy, filing a Chapter 13 bankruptcy may help you save your home. If you are current on your mortgage payment, you can keep your home.  If you are behind on your mortgage payment, or undergoing foreclosure, you may be able to keep your home as a result of the chapter 13 repayment plan. The chapter 13 bankruptcy repayment plan will allow you to pay on your mortgage arrears throughout the term of the payment plan (this usually last 3-5 years). You must continue to make timely mortgage payments from the date your Chapter 13 petition is filed.

If you do not wish to keep your home and stop making mortgage payments all together, then the lender will eventually file a motion for relief from the automatic stay to continue the foreclosure process.

 

Foreclosure and Bankruptcy Process

Proceeding Timeline	Action	Homeowner Options
Start of Foreclosure Proceeding	Notice of Default	Homeowner can retain property by paying any debt(s) owed to lender within a specified time period from receiving the Notice of Default.
3 Months After Notice of Default	Notice of Trustee Sale is Recorded	Homeowner can retain property by paying any debts owed to lender up until a specified period before the foreclosure sale.
Foreclosure Sale Date	Sale of Property	The property is sold to the highest bidder, or the property reverts to the foreclosing beneficiary.

 

Contact a Tulsa Bankruptcy Attorney About Foreclose and Bankruptcy

If you are considering filing for bankruptcy, contact our debt relief attorneys in Tulsa to discuss how you can keep your home upon filing your petition. Several bankrupt consumers keep their home and successfully pay off their mortgage after declaring bankruptcy. Contact us to find out about bankruptcy and foreclosure and how you can stay in your home and have your debts completely discharged.

 

Tulsa Foreclosure and Bankruptcy Attorneys

http://tulsabankruptcylawyers.net/tulsa-foreclosure-and-bankruptcy-attorneys/

Oklahoma Bankruptcy Means Test

Bankruptcy Means Test Calculator

In order to file for chapter 7 or chapter 13 bankruptcy, you must first pass the Bankruptcy means test. The test differs for chapter 7 and chapter 13 petitioners. For instance, there are certain monetary thresholds under the chapter 7 bankruptcy means test that once reached, prohibit a debtor from filing. As an alternative, the debtor may be able to file for chapter 13 bankruptcy subject to secured and unsecured debts monetary thresholds. Read on to learn more about passing the chapter 7 and chapter 13 means test to file for bankruptcy.

What is the Bankruptcy Means Test?

Under the Bankruptcy Reform Act of 2005, the “means test” was implemented to determine whether a person qualifies for chapter 7 bankruptcy. The bankruptcy means test requires a debtor to make a specified amount of income in order to qualify for chapter 7 bankruptcy. The debtor’s income is compared to the median income for a similarly sized family within their locale. If the debtor’s income is less than the median income for a similarly sized family, then they pass the means test. If a debtor does not pass the means test, then they may seek relief under chapter 13 bankruptcy (assuming the debtor passes the chapter 13 means test).

How Does Chapter 7 Bankruptcy Means Test Work?

Step 1 Income Based  

To determine your income under the chapter 7 bankruptcy means test, you will need to add up all the income you have received from all sources throughout the past six months. Such income sources include the following:

1. All wages, including salary, tips, bonuses, overtime, and sales commissions


2. Gross income from a business, profession, or farm


3. Income from child support or spousal support


4. Unemployment compensation


5. Pension and retirement income


6. Workers’ compensation


7. State disability insurance


8. Annuity payments


9. Income from rental property


10. Interest, dividends, and royalties

Once you determine your income from the past six months, you can either divide by 6 to determine your current monthly income (CMI), or you can multiply by 12 to determine your yearly income. Compare your CMI or yearly income with the median income for a similarly sized family within your locale. As mentioned above, if your income is below the median income for your family size, then you pass the means test. If it is above the median income, please proceed to step 2 below.

Step 2 Income Expenses Subtraction

If your income is more than the median income for your family size, then you will need to deduct qualified expenses from your income to determine if you meet the median income amount. Income expense deductions include some of the following:

1. Medical expenses


2. Vehicle payments


3. Housing expenses


4. Taxes


5. Health insurance


6. Child care

Check your CMI, or yearly income, after the deductions are made to see if you qualify.

How Does Chapter 13 Bankruptcy Means Test Work?

Under chapter 13 bankruptcy means tests, any debtor who earns more than the median income for their state of residency must file a 60 month repayment plan. Debtors who earn less than the median income for their state of residency must file a 36 month plan.

You will not qualify to file for chapter 13 bankruptcy if your secured debts exceed $1,149,525. Additionally, your unsecured debts cannot exceed $383,175.

Contact a Tulsa Oklahoma Bankruptcy Attorney,

We invite you to contact our bankruptcy attorneys in Tulsa to find out if you qualify to file for chapter 7 or chapter 13 bankruptcy. Our experienced bankruptcy attorneys can provide you with various debt relief options that best suit your needs. Most importantly, our attorneys are here to help you secure a stable financial future and eradicate your qualified debts within a timely manner.

Oklahoma Bankruptcy Means Test

http://tulsabankruptcylawyers.net/oklahoma-bankruptcy-means-test/

Tulsa Bankruptcy and Divorce

 

Divorce During an Oklahoma Chapter 13 Bankruptcy

 Chapter 13 bankruptcies usually take between three and five years to come to completion. During this significant portion of your life, much can change. Divorce commonly occurs when couples are still working through a Chapter 13 plan, and it can have serious implications on your pending bankruptcy action. The following is a look at what happens if you seek a divorce in Oklahoma during your Chapter 13 bankruptcy. We discuss possible implications as well as what you can do to still succeed in obtaining the discharge of your debts. If youre facing a bankruptcy and divorce in Oklahoma call our Tulsa Bankruptcy Lawyers Today!

Your Bankruptcy Attorney May Need to Withdraw

If you and your spouse retained the assistance of a bankruptcy attorney to guide you through your Chapter 13 bankruptcy, the attorney is deemed to represent you both. Attorneys have an ethical obligation not to represent two parties when there is a conflict of interest in doing so. If you and your spouse are divorcing, this holds the potential to create a conflict of interest that may require your bankruptcy attorney withdraw from representation.

 Talk to your Oklahoma bankruptcy and Divorce Lawyers as soon as you believe a divorce is imminent. He or she can conduct a full assessment of the situation and determine whether withdrawal may be necessary.

Options for Completing Your Bankruptcy and Divorce

While obtaining a divorce during a Chapter 13 bankruptcy and Divorce can make it more difficult to complete your repayment plan, it does not require you dismiss the bankruptcy action. If you wish to continue your bankruptcy and obtain a discharge, there are several options available to you, including:

1. Continue Making Regular Plan Payments: Even if you divorce, you do have the option to simply continue making regular monthly payments. However, this can become burdensome if you and your spouse cannot agree on how to split payments. In addition, your monthly budget may well have changed due to the divorce, making the former plan unaffordable.


2. Convert to a Chapter 7 Bankruptcy: Your expenses may increase following a divorce. In some cases, this will be sufficient to convert your case to a Chapter 7 bankruptcy, if you were not able to qualify for Chapter 7 in the first place due to too much disposable income.


3. Modify Your Repayment Plan: If you cannot or do not want to convert your action to a Chapter 7, you may be able to modify your Chapter 13 repayment plan to allow for lower payments that you can manage following your divorce. You will need to file a motion, with the assistance of your bankruptcy attorney, outlining your change of circumstances and requested reduction in payments. If approved, you will be allowed to continue your Chapter 13 plan to receive a discharge.


4. Bifurcate Your Bankruptcy: You also have the option of separating your bankruptcy into two actions. You must request the court bifurcate your action, and with this action you will obtain the benefit of not being conjoined in a suit to your former spouse. Once the bankruptcy is bifurcated, you and your spouse can determine individually whether you wish to continue the action as a Chapter 13 or convert it to a Chapter 7.

Contact a Our Tulsa Bankruptcy and Divorce Attorneys:

Bankruptcy can offer a means of escaping from oppressive debt and starting a fresh financial future, but is never something to be undertaken without thorough consultation with an attorney experienced in this area of law. If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, the Tulsa bankruptcy and Divorce attorneys at South Tulsa Bankruptcy can help. Call our Tulsa Law Office (918) 739-8984 to schedule a free consultation to discuss your bankruptcy options.

 

Tulsa Bankruptcy and Divorce

http://tulsabankruptcylawyers.net/tulsa-bankruptcy-divorce/

Tulsa Bankruptcy and Divorce

 

Divorce During an Oklahoma Chapter 13 Bankruptcy

 Chapter 13 bankruptcies usually take between three and five years to come to completion. During this significant portion of your life, much can change. Divorce commonly occurs when couples are still working through a Chapter 13 plan, and it can have serious implications on your pending bankruptcy action. The following is a look at what happens if you seek a divorce in Oklahoma during your Chapter 13 bankruptcy. We discuss possible implications as well as what you can do to still succeed in obtaining the discharge of your debts. If youre facing a bankruptcy and divorce in Oklahoma call our Tulsa Bankruptcy Lawyers Today!

Your Bankruptcy Attorney May Need to Withdraw

If you and your spouse retained the assistance of a bankruptcy attorney to guide you through your Chapter 13 bankruptcy, the attorney is deemed to represent you both. Attorneys have an ethical obligation not to represent two parties when there is a conflict of interest in doing so. If you and your spouse are divorcing, this holds the potential to create a conflict of interest that may require your bankruptcy attorney withdraw from representation.

 Talk to your Oklahoma bankruptcy and Divorce Lawyers as soon as you believe a divorce is imminent. He or she can conduct a full assessment of the situation and determine whether withdrawal may be necessary.

Options for Completing Your Bankruptcy and Divorce

While obtaining a divorce during a Chapter 13 bankruptcy and Divorce can make it more difficult to complete your repayment plan, it does not require you dismiss the bankruptcy action. If you wish to continue your bankruptcy and obtain a discharge, there are several options available to you, including:

1. Continue Making Regular Plan Payments: Even if you divorce, you do have the option to simply continue making regular monthly payments. However, this can become burdensome if you and your spouse cannot agree on how to split payments. In addition, your monthly budget may well have changed due to the divorce, making the former plan unaffordable.


2. Convert to a Chapter 7 Bankruptcy: Your expenses may increase following a divorce. In some cases, this will be sufficient to convert your case to a Chapter 7 bankruptcy, if you were not able to qualify for Chapter 7 in the first place due to too much disposable income.


3. Modify Your Repayment Plan: If you cannot or do not want to convert your action to a Chapter 7, you may be able to modify your Chapter 13 repayment plan to allow for lower payments that you can manage following your divorce. You will need to file a motion, with the assistance of your bankruptcy attorney, outlining your change of circumstances and requested reduction in payments. If approved, you will be allowed to continue your Chapter 13 plan to receive a discharge.


4. Bifurcate Your Bankruptcy: You also have the option of separating your bankruptcy into two actions. You must request the court bifurcate your action, and with this action you will obtain the benefit of not being conjoined in a suit to your former spouse. Once the bankruptcy is bifurcated, you and your spouse can determine individually whether you wish to continue the action as a Chapter 13 or convert it to a Chapter 7.

Contact a Our Tulsa Bankruptcy and Divorce Attorneys:

Bankruptcy can offer a means of escaping from oppressive debt and starting a fresh financial future, but is never something to be undertaken without thorough consultation with an attorney experienced in this area of law. If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, the Tulsa bankruptcy and Divorce attorneys at South Tulsa Bankruptcy can help. Call our Tulsa Law Office (918) 739-8984 to schedule a free consultation to discuss your bankruptcy options.

 

Tulsa Bankruptcy and Divorce

http://tulsabankruptcylawyers.net/tulsa-bankruptcy-divorce/

Alternatives to Bankruptcy in Oklahoma

Filing for bankruptcy may not be the right step for everyone.  Each person has his or her own unique financial circumstances that require different plans for managing and eliminating debt.  Whether or not you choose to file for bankruptcy is often dependent upon your income, because if you have a steady income, you may be able to manage your debt without the protection of the Oklahoma bankruptcy courts.  There are a variety of ways in which you can manage your debt outside of the bankruptcy process.  No matter what method you use to manage and eliminate your debt, it is important that you understand the process of eliminating your debt and the consequences of what method you choose to eliminate your debt.  The Federal Trade Commission offers suggestions that have helped numerous people manage their debt without resorting to bankruptcy. If you have questions regarding filing bankruptcy or alternatives to bankruptcy in Oklahoma feel free to call our South Tulsa Bankruptcy Lawyers.

Debt Settlement as an Alternative to Bankruptcy in Oklahoma

The first alternative to bankruptcy in Oklahoma is that you have the ability to contact your creditors and/or lenders to negotiate a way to pay a certain amount to eliminate your debt.  This particular amount, if paid in full, may be less than the total account balance, and this can be beneficial when certain credit accounts have a significant amount of interest attached to them.  Settling your debt allows you to eliminate as much debt as possible in an efficient way without harming your ability to pay for everyday living expenses and this may be an alternative to Bankruptcy in Oklahoma. Many people communicate directly with their creditors and/or lenders to negotiate a fair settlement of your unpaid debt.  However, some people retain the assistance of a debt-management and bankruptcy attorney who can communicate on your behalf to ensure you are reaching a fair settlement of your debt and not being taken advantage of.

Debt-Management Programs as an Alternative to Bankruptcy in Oklahoma

 Another possible alternative to bankruptcy in Oklahoma is if you have a substantial amount of credit card debt, there are debt-management programs available that will consolidate all of your credit card debt so that you are making one monthly payment that will then be distributed amongst all of your credit card accounts.  There are many legitimate debt-management agencies; however, there are also some to be weary of.  Agencies that are not-for-profit tend to be more trustworthy and less likely to take advantage of you.  By enrolling in a debt-management program, you will be making a monthly payment to the agency, and the agency in turn makes individual payments to your creditors.  The agency will negotiate with your creditors to come up with a lower interest rate and lower monthly payments to help you eliminate your debt much more quickly.  The cost for enrolling in a debt-management program is typically a low monthly fee in addition to an initial enrollment fee.

There are some debt-management programs that offer a loan that is supposed to be used for paying off the credit card debt, and the loan payments are made to the agency.  This may seem like a better option for some people, but it is always important to determine how much you will be paying in interest by taking on a loan.  Regardless of what type of debt-management program you enroll in, you will have to close your credit card accounts.  There are some creditors that will not participate in the program, but most creditors will.  Individuals are usually able to keep one credit card account open, with the intent that it is to be used for emergency purposes only.  By closing the majority, or all, of your credit card accounts, you are actively eliminating your credit card debt at a relatively quick pace.

 

Other Options for Managing and Eliminating Debt as an Alternative to Bankruptcy in Oklahoma

A final alternative to bankruptcy in Oklahoma is if you do not wish to seek settlement of your debt or wish to participate in a debt-management program, you can simply change the way you spend your money so that you are only purchasing items that you need and refraining from using credit cards.  Further, if you have unpaid medical bills, you can typically set up a payment plan with your health care provider.  These other methods of debt-management and elimination are useful in situations where an individual’s debt is not enormous.  It is always best to consider the most conservative options first, and a qualified debt-management and bankruptcy attorney can thoroughly explain the debt-management process and why some alternative methods of debt-management and elimination may work best for your particular situation.

Contact a Tulsa Bankruptcy Attorney:

We offer our bankruptcy clients in the Oklahoma area a Free consultation regarding bankruptcy law or other alternatives to bankruptcy in Oklahoma. Our Bankruptcy lawyers are in Tulsa and will meet with you within hours. Call Today for Free Bankruptcy Information. 918-739-8984

Alternatives To Bankruptcy in Oklahoma

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Small Business Bankruptcy Tulsa Ok

Bankruptcy Basics for Small Business Owners in Tulsa Oklahoma

Starting a business takes incredible courage and a lot of hard work. Keeping a business going takes even more hard work, dedication, and also a bit of luck. Sometimes, businesses that have excellent potential are unable to bring in enough money to stay afloat. Undoubtedly, it can be hard for a small business owner who has spent so much time, effort, and creative energy on their company to consider filing for bankruptcy. However, it is important that small business owners understand all their bankruptcy options, which may help them determine whether such an action is right is the right path to take.

Which Business Bankruptcy do I File

Most small business owners will be able to choose between three bankruptcy filing options. The first option is for business owners who wish to close up shop. Sole proprietors, partners in general partnerships, and even some corporations and LLC’s can file for bankruptcy under Chapter 7. Chapter 7 bankruptcies are liquidation bankruptcies, where non-exempt assets are sold in order to pay creditors, and eligible debts are discharged.

Small business owners who wish to stay in business may be able to choose between filing for bankruptcy under Chapter 11 and filing for bankruptcy under Chapter 13. Chapter 11 bankruptcy is an option for sole proprietorships, corporations, LLCs, partnerships, and other business entities. In a Chapter 11 bankruptcy, the business owner creates a plan for reorganizing their finances and proposes it to the bankruptcy court. Depending upon what is most important for your business, your proposed plan could include things like selling off assets and equipment that you do not need, keeping equipment and assets that your business needs for its continued operation, discharging debts, and renegotiating the terms of secured debts on items that you want to keep. Once your plan is approved, you will spend the next few years conducting your business according to its terms. If you abide by the terms of your reorganization plan for the specified time period, debts that you proposed to discharge will be discharged.

If you are a sole proprietor, you may be able to file for bankruptcy under Chapter 13, the individual reorganization chapter, by filing a bankruptcy petition on your own behalf. The reorganization plan that you propose to the court in a Chapter 13 bankruptcy could include some of the same things as a Chapter 11 bankruptcy, such as keeping necessary business equipment, selling unneeded assets and equipment, renegotiating debts, and discharging other debts. Chapter 13 bankruptcies cost less than Chapter 11 bankruptcies, and they take less time. However, Chapter 13 bankruptcies are not as flexible as Chapter 11 bankruptcies, and there are debt limits which could affect your eligibility to file under Chapter 13.

After you have educated yourself about the bankruptcy options that are available to small business owners, it is time to do the more difficult work of deciding whether it is time to file for bankruptcy. A good way to begin this process is to spend some time thinking about your business, and about what direction you would like to go with it. Then, write down your personal and business goals. With those goals in mind, take a look at your current financial situation. You can do that by making a list of your business assets and their current values, and a list of your business creditors and the amount of debt that you owe to each one. Most importantly, take your time. A small business bankruptcy can be very helpful to a struggling business owner, if it is undertaken after careful thought and contemplation.

Free Bankruptcy Information

If you find that you have questions while you are thinking through whether to file for a small business bankruptcy, a knowledgeable Oklahoma Bankruptcy Attorney can help. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options. Please contact us at South Tulsa Bankruptcy Lawyers or fill out our online form today!

Small Business Bankruptcy Tulsa Ok

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What Property Can I Keep When I File Bankruptcy

What Property Can I Keep When I file Bankruptcy Tulsa

 Obtaining a bankruptcy Discharge While Keeping Your Property

Many people who stand to experience a significant benefit by filing Chapter 7 bankruptcy elect not to do so because they are afraid they will lose their family home, cherished family heirlooms and other property. Most of their property may have taken a lifetime of labor to acquire.  This misconception is understandable because Chapter 7 Bankruptcy is commonly referred to as “Liquidation Bankruptcy.”  Therefore the question for most people filing bankruptcy is What property can I keep when I file bankruptcy

In theory, a debtor liquidates his or her assets to pay off some portion of his or her unsecured debts, and liability for the bulk of this debt is permanently extinguished.  As a practical matter, most Chapter 7 bankruptcies fall into the category referred to as “No Asset” Chapter 7 Bankruptcy.  This term does not mean that these bankruptcy filers have no assets but rather that they have no assets that cannot be excluded from the reach of creditors through use of the bankruptcy exemption system.  The National Association of Bankruptcy Trustees who oversee the bankruptcy process report that approximately ninety percent of Chapter 7 Bankruptcies involve no exempt assets.  This means that debtors keep ALL of their property in these bankruptcies with the exception of any secured property like financed vehicles that the debtor elects to surrender.

In other words, the exemption system is a powerful tool for Oklahoma debtors because it allows filers to avoid unsecured debts that cannot be repaid while also being allowed to keep essentially all of the debtor’s property.  Our skilled Oklahoma bankruptcy attorneys at the Kania Law Office analyze our client’s portfolio of assets to determine the most effective use of bankruptcy exemptions to facilitate our clients in keeping most or all of their property.  We may even engage in pre-bankruptcy planning so that we can advise clients on how to lawfully convert non-exempt assets into those that fall under an exemption without running afoul of bankruptcy rules against fraudulent transfers.

The exemption system is particularly effective in Oklahoma because debtors can use federal bankruptcy exemptions as well as exemptions available under Oklahoma’s own exemption system.  Exemptions protect certain assets from creditors in their entirety whereas other property is protected up to a certain maximum value.  The exemption only needs to cover the equity in an asset.  This means that motor vehicle that is valued at $8,000 with an outstanding loan of $6,500 is fully exempt if $1,500 of an applicable exemption is used to protect the vehicle.

Some of the most valuable and/or commonly used exemptions under the Kentucky exemption system include:

Real property or manufactured home (no limit on value of equity)

• 
  

  Certain insurance benefits

  
  


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  Most retirement, pension and ERISA qualified benefit plans

  
  


• 
  

  Asset of a business partnership

  
  


• 
  

  Motor vehicles up to $7,500

  
  


• 
  

  Clothes items up to $4,000

  
  


• 
  

  Furniture

  
  


• 
  

  Certain public benefits

  
  


• 
  

  Trade tools

  
  


• 
  

  75 percent of wages earned within ninety day prior to filing bankruptcy (judge may allow more)

  
  

Because this is simply a small sampling of assets that may be protected through use of a bankruptcy exemption, the best option is to consult with an experienced Tulsa Bankruptcy Attorney to determine if you have assets that cannot be protected by a bankruptcy exemption.  If a couple is married both partners can generally claim a full set of exemptions (with some exceptions).

If you have questions about whether particular assets can be protected in a Chapter 7 or you have other concerns about the bankruptcy process, our experienced Tulsa Bankruptcy Lawyers can answer your questions and analyze the best debt solution for your individual situation.  Our Oklahoma Bankruptcy Attorneys offer a free initial consultation so that we can answer your questions, evaluate your needs and explain your options.  We invite you to contact us at South Tulsa Bankruptcy 918-739-8984 or fill out the ask a bankruptcy attorney form today!

What Property Can I Keep When I File Bankruptcy

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Filing Bankruptcy and Finding a Bankruptcy Attorney

How to Select an Oklahoma Bankruptcy Attorney When Deciding To File Bankruptcy

Many people who are overwhelmed by debt and fighting off aggressive creditor collection tactics have never even spoken to a lawyer.  When debtors lack familiarity with the legal process, they can be understandably hesitant to consider bankruptcy as an option to reduce a crushing debt load, protect their family home from creditors and reclaim control of their financial future.  With the right Oklahoma bankruptcy attorney guiding you through the process, bankruptcy often provides an efficient and effective remedy for serious financial hardships.  Since hiring an Oklahoma Bankruptcy Attorney is not something with which people have experience, we have provided some suggestions for selecting a bankruptcy attorney in Oklahoma if Filing a bankruptcy is for you

Narrow Focus or Specialization: Bankruptcy is a discrete area of practice that is based on the Federal Bankruptcy Code, bankruptcy court rules and past decisions and other sources.  Bankruptcy attorneys who represent consumer debtors in Chapter 7 and Chapter 13 on a regular basis will be familiar with the specific laws, regulation and court rules that can impact your rights and remedies.  When filing bankruptcy Tulsa Attorneys who regularly represent clients in the bankruptcy process might be more familiar with subtle complications that can prove important.

Avoid Non-Attorney Document Preparation Services: Sometimes businesses that are not run by an attorney will offer bankruptcy document preparation.  The phrase “caveat emptor” (buyer beware) always applies in such situations because bankruptcy involves a lot more than completing the bankruptcy forms.  The first step is to analyze your situation to determine if a bankruptcy even makes sense given your financial situation.  If debtors do not have enough of the types of debt that can be eliminated in a Chapter 7 bankruptcy, for example, it might be the case that bankruptcy is not their best option.  Further, bankruptcy attorneys analyze a debtor’s assets to identify property that might be left unprotected against creditor claims and devise strategies to avoid loss of critical assets during the bankruptcy process.  While attorneys are evaluated before being licensed to practice law and regulated to ensure both competence and ethical standards, there is no assurance that the owner of a non-attorney document service will possess the experience, training and expertise to give you sound legal advice.

Beware of Illusory Attorneys: While most bankruptcy law firms employ qualified staff members, including paralegals, secretaries and others, your attorney is the one who will analyze your situation, make recommendations and represent you in front of the bankruptcy trustee or judge.  Consumers are advised to be cautious if they are never given an opportunity to consult with or even meet the bankruptcy attorney who is supposedly handling their Chapter 7 or Chapter 13. Always avoid internet bankruptcy referral services. If you cant speak to your bankruptcy lawyer when you call the number found on the internet, move along. Truth is a bankruptcy referral service sends your financial information to a number of attorneys or sells the information to other services.

Seek an Appropriate Comfort Level: While there are many qualified bankruptcy attorneys in Tulsa, each is unique in their personality, demeanor and approach.  While competence in terms of the number of bankruptcies a firm files is an important criteria when evaluating the experience of a bankruptcy attorney, you also need to choose someone with whom you feel comfortable.  The bankruptcy process will generally take a few months or even longer if you file a Chapter 13 payment plan so you need to select an attorney and law firm you want to work with during your bankruptcy process.

If you are interested in Filing Bankruptcy Our affordable Oklahoma Bankruptcy Attorneys offer a free initial consultation so that we can answer your debt questions, evaluate your needs and explain your options.  The Bankruptcy professionals at South Tulsa Bankruptcy Lawyers invite you to contact us at (918) 739-8984 or fill out this form today!

Filing Bankruptcy and Finding a Bankruptcy Attorney

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Chapter 13 Bankruptcy Attorneys

Tulsa Chapter 13 Bankruptcy Attorneys

The bankruptcy attorneys at South Tulsa Bankruptcy Law Office have helped several Oklahomans utilize chapter 13 bankruptcy debt relief solutions to provide them with a fresh financial start. When you retain a debt relief attorney from Tulsa Bankruptcy Law Office, he or she will work diligently to help you eradicate your debts while preserving your lifestyle. Call (918)739-8984 or fill out this form to speak with a bankruptcy attorney today.

Chapter 13 Bankruptcy Debt Relief

Under Oklahoma State and federal law, unsecured and secured debts can be discharged under chapter 13 bankruptcy.

Unsecured debts are debts that are not linked to property. Such debts may consist of the following: medical bills. credit card debts, utility bills, collection agency accounts, student loans (only in a limited circumstances), business debts, tax penalties and unpaid taxes, unsecured loans, most judgments, and balances on repossessed property.

Secured debts are debts that are linked to property in which you own (collateral property). Thus, if you default on a loan, a creditor can seize the collateral property. Such debts may consist of the following: home mortgage, car loans, store charges which contain a security agreement, and personal loans from finance companies in which you pledged personal property or real property in order to secure the loan.

Oklahoma Chapter 13 Eligibility Criteria

There are several steps you must take to properly have your debts discharged under chapter 13 bankruptcy in Oklahoma. During your initial consultation with our bankruptcy attorney, the attorney will determine whether you are eligible for the discharge of your debts under chapter 13 bankruptcy.

First, the bankruptcy attorney will ask you whether or not you have filed for chapter 13 within the past 2 years. If you have, you will have to wait until this time period elapses.

If you have yet to file chapter 13, our attorney will then determine whether or not you meet the monetary threshold to file for bankruptcy relief. In Oklahoma, you are eligible to file for chapter 13 relief as long as your unsecured debts are less than $360,475 and secured debts are less than $1,081,400.

It your debts meet this monetary threshold, you will have to take the “means test” to see if you have enough disposable income for a chapter 13 repayment plan.

The chapter 13 Bankruptcy means test requires you to calculate your current monthly disposable income. If your monthly disposable income is less than Oklahoma’s monthly median income for your specific family size, then your repayment plan will be for a 3 year period. If your monthly disposable income is greater than the median monthly income in Oklahoma, then your repayment plan will be for a 5 year period.

Prior to your bankruptcy petition being filed, you will have to attend a credit counseling course. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, all consumers who file for chapter 13 must take a credit counseling course within six months BEFORE filing a petition.

You must take a course that is approved by the Department of Justice U.S. Trustee Program. You can take the course online, by phone, or in person. The course will review your current financial situation, alternate debt relief options besides bankruptcy, and a personal budget plan. Upon completing the course, a Certificate of Completion will be presented to you which must be filed with your bankruptcy petition.

Oklahoma Chapter 13 Bankruptcy Process

Upon determining that you qualify to file for chapter 13 bankruptcy in Oklahoma, our attorney will begin to prepare your bankruptcy petition.

Our attorney will collect all of your financial information relevant to your petition such as a credit report, monthly bill statements, and bank account statements. Once your petition is filed, an automatic stay will be enacted. The automatic stay protects you from creditors collecting pre-existing debts from you. It also prohibits creditor harassment, wage garnishments, and possible foreclosure during your declaration of bankruptcy.

Filing for chapter 13 bankruptcy will temporarily postpone the foreclosure process. It will provide you with more time to pay any mortgage arrears owed before your home is foreclosed on. You will lose your home if you fail to make your required mortgage payments that come due after the chapter 13 filing.

Once The Chapter 13 Bankruptcy is Filed, Whats Next

After your petition is filed, you will be appointed to a bankruptcy trustee that will oversee your case. The trustee’s main goal is to ensure your creditors are paid as much as possible prior to the discharge of your debts.

Your trustee will administer a “341 Meeting of Creditors” in which the trustee will ask you a variety of questions pertaining to your assets and debts. The trustee may take possession of non-exempt assets you own and sell them to pay your creditors.

After your creditor’s meeting, you, the chapter 13 trustee, and your creditors will come to court for a hearing regarding your repayment plan. You will be required to submit a repayment plan to the Bankruptcy Court for approval.

Once your plan is approved, you will make fixed payments to the bankruptcy trustee over a designated period of time. The trustee will distribute the payment to your creditors according to your plan. Your debts will be discharged upon the completion of all payments under your plan.

Contact Oklahoma Chapter 7 Bankruptcy Attorney

For more information on whether or not you should file for chapter 13 in Oklahoma, contact our law office. Call (918)739-8984 or fill out this form to speak with a bankruptcy attorney today.

Chapter 13 Bankruptcy Attorneys

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Payday Loans and Bankruptcy - South Tulsa Bankruptcy Lawyers

 

Payday Loans and Bankruptcy

If you have taken out payday loans and you are going to file a chapter 7 or a chapter 13 bankruptcy in Oklahoma chances are good that you will be able to discharge them in bankruptcy. The key to successfully discharging a payday loan is that you haven’t taken out the loan in anticipation of not paying it back by filing a bankruptcy.

Objecting To the Bankruptcy Discharge;

For this to happen the payday loan company will have to file an adversary proceeding. In this proceeding the payday loan company will have to show that you took out this loan without having the intent to repay it. Depending on when the loan was taken out determines if the payday loan company will succeed in stopping your from discharging the payday loan. If you have taken out a payday loan its best that you wait 90 days after taking out the loan. This is because most debts that you acquire within 90 days of filing bankruptcy may be scrutinized by the trustee in your bankruptcy case. In the event that you have taken out the loan within 90 days of filing bankruptcy you may still be able to discharge the debt. If you, like many others, took the payday loan to pay off the interest on a prior debt the debt the debt was incurred may be attributed to the original loan date.

What if I Wrote Them a Post Dated Check;

Many payday loan companies require you to write them a postdated check as security for them giving you the loan. Although they can do this, holding your check doesn’that you can’t file and still discharge the debt secured by the postdated check. Once you file the check is no longer theirs to cash but beware.Cashing the check once the payday loan company has been givin notice of the bankruptcy filing is a violation of the automatic stay. The automatic stay forbids anyone from attempting to collect on a debt once the case is filed. Once the bankruptcy is filed cashing the check would be attempting to collect this debt. Truth be told, for you to get your money back your bankruptcy attorney will have to file an adversary proceeding against the payday loan company. In this proceeding there is a good chance that the loan company will be required to repay you but this is time consuming. To save time I advise many of my clients to stop payment on the check once we file or to simply shut the account down and reopen another checking account.

Paryday Loan Harrassment, Call a Bankruptcy Attorney

If you are drowning in debt and consider filing a bankruptcy South Tulsa Bankruptcy Law Office can help. Our Tulsa bankruptcy law attorneys have helped thousands of people find their way through oppressive debt and get a new financial start on your financial life. Call today and get a free bankruptcy consultation

Payday Loans and Bankruptcy - South Tulsa Bankruptcy Lawyers

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Divorce and Bankruptcy Information Tulsa Oklahoma

About Bankruptcy and Divorce

You probably know at least one person who has filed for bankruptcy in Oklahoma shortly after they were divorced. Post-divorce bankruptcies are common, and for good reason. It costs more to live by yourself than it does to live with someone else, so when a person who had previously shared expenses with a spouse tries to stretch their income to pay for a place to live, utilities, groceries, and everything else that they need, their finances can quickly become stretched to the breaking point.

Divorce and Bankruptcy Information

An interesting thing happens, though, if the events of divorce and bankruptcy switch places in time. When a couple who are considering divorce and who are having financial difficulty file for bankruptcy before they part ways, they get more out of their bankruptcy than they would if they filed separately after their divorce. If you and your spouse are thinking about divorce, you may want to talk about whether filing for bankruptcy first might be beneficial for both of you. Even if the two of you do not agree about much of anything, you may be able to agree that you both want to get as much out of your divorce as you possibly can, and that a bankruptcy could help you to accomplish that.

Reasons To File Bankruptcy Before Divorce

One good reason to file for bankruptcy before filing for divorce is that often, one or both parties in a troubled marriage wonder whether the marriage might be able to be salvaged. Financial problems create a great deal of tension between spouses, and are blamed for many divorces. Filing for bankruptcy together provides an opportunity to relieve the stress that you are experiencing due to financial problems. It also provides a unique opportunity to practice relationship skills like working together and communicating openly and honestly. If you and your spouse would like to try one last time to work things out, working through a bankruptcy as a team could give both your relationship and your finances a fresh start.

If you are certain that you want to file for divorce, you and your spouse may still want to file for bankruptcy while you are still married. If you are able to discharge some of your debts during the bankruptcy proceedings, there will be fewer joint debts to be allocated as part of the property settlement in your divorce. Also, debts that are ordered to be paid by one spouse as part of a property settlement in a divorce may not be dischargeable in a post-divorce bankruptcy.

Another good reason to file for bankruptcy prior to your divorce is that you will likely end up with more property to divide amongst yourselves during your divorce. The bankruptcy exemptions sometimes allow for more property to be exempted by a married couple than they would allow to be exempted by two single people filing for bankruptcy separately.

If you and your spouse are headed towards divorce and you are having financial troubles, a pre-divorce bankruptcy could enable both of you to be in a better financial position even after your divorce. If you are undecided about whether to file for divorce, going through a bankruptcy together can help you to work through issues that affect both your marriage and your finances. To learn more about how divorce and bankruptcy affect each other, schedule a consultation with a knowledgeable Tulsa Oklahoma Bankruptcy Attorney. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options.  We invite you to contact us at South Tulsa Bankruptcy Office at (918) 739-8984 or fill out our online form today!

Divorce and Bankruptcy Information Tulsa Oklahoma

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How To File A Successful Tulsa Oklahoma Bankruptcy

How to Set Yourself Up For a Successful Tulsa Oklahoma Bankruptcy

The months and perhaps even years that precede a bankruptcy filing in Oklahoma are usually rather difficult times. As finances become more and more unstable, stress continues to pile up along with the bills. The feeling of running out of options can be overwhelming, as can coming to the realization that bankruptcy is a necessary next step if you want to regain control of your seemingly hopeless financial situation. Because the period of time that precedes a bankruptcy filing is often so tenuous, people sometimes make financial decisions that seem like good ideas at the time, but later turn out to be problematic.

Your financial choices in the three to six months prior to your bankruptcy will have an effect on whether your Tulsa bankruptcy filing will be successful. The following are common examples of financial decisions which could have a negative impact on your bankruptcy proceedings, so avoid them at all costs. If you are considering filing for bankruptcy and also, making financial decisions that you do not see listed below, ask an Oklahoma bankruptcy attorney whether they could have an effect on your bankruptcy proceedings.

Common Mistakes People Make Before Filing Bankruptcy

One common mistake that people make before filing for bankruptcy is cashing their retirement plans in order to pay down their debts. It is easy to see why people do this, because if enough debt can be paid down or eliminated, then bankruptcy could be avoided. Unfortunately, cashing in a retirement account in order to avoid bankruptcy compromises your future financial security. If you can avoid bankruptcy by using some other way to pay down or eliminate some of your debts, then do that. If not, leave your retirement account intact and file for bankruptcy. It is likely that you will be able to keep your retirement account, because most types of retirement accounts are exempt from liquidation during the bankruptcy proceedings.

If you are planning to file for bankruptcy, it is important that you not open up any new credit accounts, including home equity lines of credit and second mortgages. If a creditor can show that you incurred a debt knowing that you would not be able to pay it, you will not be able to discharge it. Along the same lines, if you use your existing credit accounts in the months prior to bankruptcy, be careful what you buy. Charges for luxury goods and balance transfers are not likely to be discharged if those charges were made shortly before filing for bankruptcy.

Some people borrow money from family and friends prior to filing for bankruptcy. If you have borrowed money from a friend or family member, you must let them know that while you do intend to repay your debt to them, you are unable to do so until after your bankruptcy proceedings are complete. If you make any payments to friends or family members in the twelve months prior to filing for bankruptcy, the bankruptcy court will reclaim that money from them and use it to pay your creditors. If you are tempted to honor debts to friends and family members by giving them some of your assets instead of paying them, don’t do it. Just like payments, the items can be reclaimed, and the bankruptcy court can sell them in order to pay your creditors.

You can set yourself up for a successful Oklahoma bankruptcy by making well-reasoned financial choices prior to filing for bankruptcy. If you have questions about how specific financial decisions could affect your bankruptcy, a knowledgeable Oklahoma Bankruptcy Attorney can help. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options.  We invite you to contact us at South Tulsa Bankruptcy Lawyers or fill out our online form today!

How To File A Successful Tulsa Oklahoma Bankruptcy

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Oklahoma Bankruptcy Myths

Don’t Let Bankruptcy Myths Stop You From Taking Charge of Your Finances

If you are considering filing for bankruptcy in Tulsa, Oklahoma, you may find that you are reluctant to make a commitment to doing so. If you feel this way, it may be useful for you to take a closer look at the reasons why you are holding back. Take the time to sit down and think about it, and make a list of the reasons why you think that you should not file for bankruptcy. Once you have your list, it is time to examine those reasons and determine whether they are valid concerns or thoughts which are based on a misunderstanding of what bankruptcy is actually all about.

Understanding Oklahoma Bankruptcy Myths.

Bankruptcy is a topic that is often misunderstood. The public perception of bankruptcy is largely negative, and it is something that people are often afraid to discuss. Interestingly enough, people who have actually been through a bankruptcy usually feel positively about their experience and about the impact that it has had on their ability to move their financial situation in a more positive direction. Since there is such a big difference between the way that many people who have not been through a bankruptcy perceive it and the way that people who have personally experienced bankruptcy feel about it, it is important that you do your own research about whether such an action is right for you.

Truth About Bankruptcy

Separating myth from fact is an important part of learning about bankruptcy. There are a few common misconceptions about bankruptcy which deter many people from even giving the idea of filing for bankruptcy serious thought. One of these bankruptcy myths is that only people who are irresponsible or who want to escape their financial obligations file for bankruptcy. This is simply not true, because many bankruptcies result from the financial fallout which is caused by an unexpected event like a major illness, job loss, divorce, or natural disaster. The truth is that all kinds of people file for bankruptcy, including people who had money set aside to deal with financial emergencies.

Another thing which holds people back from filing for bankruptcy is the mistaken belief that bankruptcy permanently destroys your credit. The truth of the matter is that many people who go through bankruptcy are able to rebuild their credit and end up with better credit than they had during the period of financial difficulty that they had prior to their bankruptcy. Your financial behavior is a bigger determining factor for your credit score than whether or not you have filed for bankruptcy. In other words, if you go through bankruptcy and then develop good financial habits, your credit will bounce back. On the other hand, if you go through a bankruptcy and then make poor financial decisions, your credit will suffer.

A third misconception about bankruptcy is that it is a “free pass” which will make all of your debts and financial troubles disappear. While many debts may be discharged during your bankruptcy, there are some debts that you cannot get rid of. Also, you may not file for bankruptcy again for a specific period of time after your bankruptcy is completed. Financial troubles can reappear quickly after a bankruptcy if you do not take care to manage your money carefully.

Call Tulsa Bankruptcy Lawyers.

Talking to an experienced Oklahoma Bankruptcy Attorney is a great way to learn more about whether filing for bankruptcy is right for you. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options. We invite you to contact us at Tulsa Bankruptcy Lawyers (918)739-8984 or fill out our online form today!

Oklahoma Bankruptcy Myths

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Small Business Bankruptcy Tulsa Ok

Bankruptcy Basics for Small Business Owners in Tulsa Oklahoma

Starting a business takes incredible courage and a lot of hard work. Keeping a business going takes even more hard work, dedication, and also a bit of luck. Sometimes, businesses that have excellent potential are unable to bring in enough money to stay afloat. Undoubtedly, it can be hard for a small business owner who has spent so much time, effort, and creative energy on their company to consider filing for bankruptcy. However, it is important that small business owners understand all their bankruptcy options, which may help them determine whether such an action is right is the right path to take.

Which Business Bankruptcy do I File

Most small business owners will be able to choose between three bankruptcy filing options. The first option is for business owners who wish to close up shop. Sole proprietors, partners in general partnerships, and even some corporations and LLC’s can file for bankruptcy under Chapter 7. Chapter 7 bankruptcies are liquidation bankruptcies, where non-exempt assets are sold in order to pay creditors, and eligible debts are discharged.

Small business owners who wish to stay in business may be able to choose between filing for bankruptcy under Chapter 11 and filing for bankruptcy under Chapter 13. Chapter 11 bankruptcy is an option for sole proprietorships, corporations, LLCs, partnerships, and other business entities. In a Chapter 11 bankruptcy, the business owner creates a plan for reorganizing their finances and proposes it to the bankruptcy court. Depending upon what is most important for your business, your proposed plan could include things like selling off assets and equipment that you do not need, keeping equipment and assets that your business needs for its continued operation, discharging debts, and renegotiating the terms of secured debts on items that you want to keep. Once your plan is approved, you will spend the next few years conducting your business according to its terms. If you abide by the terms of your reorganization plan for the specified time period, debts that you proposed to discharge will be discharged.

If you are a sole proprietor, you may be able to file for bankruptcy under Chapter 13, the individual reorganization chapter, by filing a bankruptcy petition on your own behalf. The reorganization plan that you propose to the court in a Chapter 13 bankruptcy could include some of the same things as a Chapter 11 bankruptcy, such as keeping necessary business equipment, selling unneeded assets and equipment, renegotiating debts, and discharging other debts. Chapter 13 bankruptcies cost less than Chapter 11 bankruptcies, and they take less time. However, Chapter 13 bankruptcies are not as flexible as Chapter 11 bankruptcies, and there are debt limits which could affect your eligibility to file under Chapter 13.

After you have educated yourself about the bankruptcy options that are available to small business owners, it is time to do the more difficult work of deciding whether it is time to file for bankruptcy. A good way to begin this process is to spend some time thinking about your business, and about what direction you would like to go with it. Then, write down your personal and business goals. With those goals in mind, take a look at your current financial situation. You can do that by making a list of your business assets and their current values, and a list of your business creditors and the amount of debt that you owe to each one. Most importantly, take your time. A small business bankruptcy can be very helpful to a struggling business owner, if it is undertaken after careful thought and contemplation.

Free Bankruptcy Information

If you find that you have questions while you are thinking through whether to file for a small business bankruptcy, a knowledgeable Oklahoma Bankruptcy Attorney can help. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options. Please contact us at South Tulsa Bankruptcy Lawyers or fill out our online form today!

Small Business Bankruptcy Tulsa Ok

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Chapter 13 Bankruptcy Attorneys

Tulsa Chapter 13 Bankruptcy Attorneys

The bankruptcy attorneys at South Tulsa Bankruptcy Law Office have helped several Oklahomans utilize chapter 13 bankruptcy debt relief solutions to provide them with a fresh financial start. When you retain a debt relief attorney from Tulsa Bankruptcy Law Office, he or she will work diligently to help you eradicate your debts while preserving your lifestyle. Call (918)739-8984 or fill out this form to speak with a bankruptcy attorney today.

Chapter 13 Bankruptcy Debt Relief

Under Oklahoma State and federal law, unsecured and secured debts can be discharged under chapter 13 bankruptcy.

Unsecured debts are debts that are not linked to property. Such debts may consist of the following: medical bills. credit card debts, utility bills, collection agency accounts, student loans (only in a limited circumstances), business debts, tax penalties and unpaid taxes, unsecured loans, most judgments, and balances on repossessed property.

Secured debts are debts that are linked to property in which you own (collateral property). Thus, if you default on a loan, a creditor can seize the collateral property. Such debts may consist of the following: home mortgage, car loans, store charges which contain a security agreement, and personal loans from finance companies in which you pledged personal property or real property in order to secure the loan.

Oklahoma Chapter 13 Eligibility Criteria

There are several steps you must take to properly have your debts discharged under chapter 13 bankruptcy in Oklahoma. During your initial consultation with our bankruptcy attorney, the attorney will determine whether you are eligible for the discharge of your debts under chapter 13 bankruptcy.

First, the bankruptcy attorney will ask you whether or not you have filed for chapter 13 within the past 2 years. If you have, you will have to wait until this time period elapses.

If you have yet to file chapter 13, our attorney will then determine whether or not you meet the monetary threshold to file for bankruptcy relief. In Oklahoma, you are eligible to file for chapter 13 relief as long as your unsecured debts are less than $360,475 and secured debts are less than $1,081,400.

It your debts meet this monetary threshold, you will have to take the “means test” to see if you have enough disposable income for a chapter 13 repayment plan.

The chapter 13 Bankruptcy means test requires you to calculate your current monthly disposable income. If your monthly disposable income is less than Oklahoma’s monthly median income for your specific family size, then your repayment plan will be for a 3 year period. If your monthly disposable income is greater than the median monthly income in Oklahoma, then your repayment plan will be for a 5 year period.

Prior to your bankruptcy petition being filed, you will have to attend a credit counseling course. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, all consumers who file for chapter 13 must take a credit counseling course within six months BEFORE filing a petition.

You must take a course that is approved by the Department of Justice U.S. Trustee Program. You can take the course online, by phone, or in person. The course will review your current financial situation, alternate debt relief options besides bankruptcy, and a personal budget plan. Upon completing the course, a Certificate of Completion will be presented to you which must be filed with your bankruptcy petition.

Oklahoma Chapter 13 Bankruptcy Process

Upon determining that you qualify to file for chapter 13 bankruptcy in Oklahoma, our attorney will begin to prepare your bankruptcy petition.

Our attorney will collect all of your financial information relevant to your petition such as a credit report, monthly bill statements, and bank account statements. Once your petition is filed, an automatic stay will be enacted. The automatic stay protects you from creditors collecting pre-existing debts from you. It also prohibits creditor harassment, wage garnishments, and possible foreclosure during your declaration of bankruptcy.

Filing for chapter 13 bankruptcy will temporarily postpone the foreclosure process. It will provide you with more time to pay any mortgage arrears owed before your home is foreclosed on. You will lose your home if you fail to make your required mortgage payments that come due after the chapter 13 filing.

Once The Chapter 13 Bankruptcy is Filed, Whats Next

After your petition is filed, you will be appointed to a bankruptcy trustee that will oversee your case. The trustee’s main goal is to ensure your creditors are paid as much as possible prior to the discharge of your debts.

Your trustee will administer a “341 Meeting of Creditors” in which the trustee will ask you a variety of questions pertaining to your assets and debts. The trustee may take possession of non-exempt assets you own and sell them to pay your creditors.

After your creditor’s meeting, you, the chapter 13 trustee, and your creditors will come to court for a hearing regarding your repayment plan. You will be required to submit a repayment plan to the Bankruptcy Court for approval.

Once your plan is approved, you will make fixed payments to the bankruptcy trustee over a designated period of time. The trustee will distribute the payment to your creditors according to your plan. Your debts will be discharged upon the completion of all payments under your plan.

Contact Oklahoma Chapter 7 Bankruptcy Attorney

For more information on whether or not you should file for chapter 13 in Oklahoma, contact our law office. Call (918)739-8984 or fill out this form to speak with a bankruptcy attorney today.

Chapter 13 Bankruptcy Attorneys

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