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/

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

http://tulsabankruptcylawyers.net/what-property-can-i-keep-when-i-file-bankruptcy/

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

http://tulsabankruptcylawyers.net/filing-bankruptcy-in-tulsa-oklahoma/

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

http://tulsabankruptcylawyers.net/payday-loans-bankruptcy-south-tulsa-bankruptcy-lawyers/

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

http://tulsabankruptcylawyers.net/how-to-file-a-successful-tulsa-oklahoma-bankruptc/

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/