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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