Oklahoma Bankruptcy and Personal Injury Settlements

Oklahoma Bankruptcy and Personal Injury Settlements

One of the leading causes of bankruptcy in the United States is medical debt.  A sudden illness can dump thousands of dollars in medical bills on an unsuspecting family, ruining even carefully planned finances.  For others, being involved in a car accident or sustaining some other kind of personal injury can lead to a  nightmare of hospital bills, insurance claims, and lawsuits.  Though most people today have car and health insurance, it can take months to settle with an insurance company or the responsible party and even longer for a full lawsuit.  In the meantime, medical bills not covered by insurance can pile up, not to mention all the financial problems caused by missed work or simply being unable to attend to the responsibilities of life.

The question often asked by potential bankruptcy clients in an injury situation is “How does my Oklahoma bankruptcy and personal injury settlements get impacted when I file bankruptcy?”  This is an important question, as the money could be thousands of dollars.  The answer is that Oklahoma bankruptcy law provides relief for debtors in these unfortunate circumstances in the form of an exemption. Bankruptcy Exemptions are provisions in the bankruptcy laws which allow a debtor to keep certain kinds of property.  Exempt property cannot be taken by the trustee and used to pay off creditors.  Commonly used exemptions include the homestead exemption, which covers a debtor’s home, vehicle exemptions, and retirement savings exemptions.  For personal injury victims, the Oklahoma laws specify that a debtor may exempt his interest in a claim for personal bodily injury, death, or workers’ compensation claim up to $50,000.  This protection includes both claims that have yet to be settled, adjudicated, or paid, and claims that have been paid out before the bankruptcy is filed.

For those claims that have been paid out before the bankruptcy filing, however, special precautions must be taken.  Only money that can be identified as specifically coming from the settlement or judgment can be exempted.  The best way to identify the money is keep it separate from other assets by keeping it in its own separate bank account.  That way, when preparing the bankruptcy, the attorney can note that the account is exempted, and can account for all the funds in it.  If the money is mixed with other bank accounts or assets that aren’t exempt, it could be taken by the trustee.

It is also important to note what the exemption does not cover.  While it covers the claim for injury or death up to $50,000, it does not cover funds in excess of $50,000.  So, if a debtor has a claim for $75,000, $25,000 would be subject to seizure by the trustee to pay creditors.  It also does not cover awards for exemplary or punitive damage.  Suppose, rather than settling, the previous debtor won a judgment of $75,000, with $25,000 for their injury, and $50,000 in punitive damages.  The debtor would only be able to exempt the $25,000.  While the personal injury exemption is not perfect, it does provide a measure of protection for those who find themselves in dire financial circumstances while waiting for a settlement or judgment.

Contact a Bankruptcy Lawyer in Tulsa, Oklahoma

If you are interested in more information on Oklahoma bankruptcy call us today. We will set up a free consultation and discuss bankruptcy options with you. Call 918-739-8984

Oklahoma Bankruptcy and Personal Injury Settlements

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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

http://tulsabankruptcylawyers.net/small-business-bankruptcy-tulsa-oklahoma/

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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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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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

http://tulsabankruptcylawyers.net/small-business-bankruptcy-tulsa-oklahoma/

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

http://tulsabankruptcylawyers.net/chapter-13-bankruptcy-attorneys/