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

  
  


• 
  

  Most retirement, pension and ERISA qualified benefit plans

  
  


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  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!

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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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