Bankruptcy Attorneys in Oklahoma Discuss The Meeting of The Creditors

Meeting of the Creditors and Filing Bankruptcy

Right after a person files for bankruptcy, the court does several things.  It issues a case number, which identifies your bankruptcy, it notifies your creditors by mail that you have filed, it assigns a bankruptcy trustee to your case, and it schedules a hearing called the “First Meeting of the Creditors.”  That meeting of the creditors, often referred to as a “341 hearing” after the section of the bankruptcy code that creates it, is often a source of worry and tension for debtors unfamiliar with the bankruptcy process.  Fortunately, for the vast majority of consumer debtors filing Chapter 7 bankruptcy, the 341 hearing is a simple and relatively painless process that doesn’t need to be a source of concern.

The 341 hearing has three purposes.  First, it is, as its full name implies, the first chance for all the creditors to have a meeting with the debtor.  To many, that sounds like they will be questioned by all the people to whom they owe money, but for Chapter 7 debtors, this is practically never the case.  Rarely, a creditor unfamiliar with the process may appear at the meeting, or a secured creditor (like one holding a mortgage or auto loan) may appear to ask a specific question, but even those appearances are fleetingly rare.

The second purpose is for the appointed trustee to meet with the debtor and the debtor’s attorney.  The trustee is an attorney appointed by the court to handle the day to day dealings of bankruptcies that don’t require the attention of either the Bankruptcy Judge, or the Federal Bankruptcy Trustee, who generally oversees Chapter 13 cases.   In a Chapter 7, the trustee’s job is to determine if there is any non-exempt property that must be turned over to the bankruptcy court for sale and distribution to the creditors.  He or she makes this determination after reviewing the debtor’s petition and after meeting with the debtor.

The process of that meeting of the creditors is fairly simple.  The debtor and his or her attorney arrive at the designated meeting site, usually a conference room at the bankruptcy court.  They wait to be called by the trustee, who may take them into a private room, or just to a table at one end of the conference room.  In some jurisdictions, the trustee may even call more than one debtor at a time and conduct the meetings in groups.  The trustee will place the debtor under oath, and ask to see the debtor’s driver’s license and social security card.  It is very important that the debtor bring those two documents to the meeting, as the trustee will be forced to halt and reschedule if they are not present.  After confirming the debtor’s identity, and that the social security number matches the one on the petition, the trustee will ask the debtor if he or she was provided with information about bankruptcy, if he or she read the bankruptcy documents, if he or she signed them, and if the documents are an accurate representation of the debtor’s property and creditors.

In some cases, the trustee may have questions concerning taxes, real estate, or personal property.  The trustee may address these questions to the debtor’s attorney or directly to the debtor.  Occasionally, the trustee may ask the attorney to provide further information after the hearing, such as a tax return filed late, or ask for clarification about property or creditors.  Once the trustee has asked the necessary questions, he will dismiss the debtor, ending the meeting.  The entire process usually takes just a few minutes.  It is entirely possible that the debtor will spend more time waiting to be called than actually in the meeting.  After the meeting, the debtor’s attorney may remind him or her to bring any additional documents necessary, or if the debtor education course has not been completed, to finish it and send the certificate to the attorney for filing.  The 341 hearing may sound intimidating, but in reality, it is a quick and simple procedure on the road to financial stability through bankruptcy and the bankruptcy process in Oklahoma.

 

Bankruptcy Attorneys in Oklahoma Discuss The Meeting of The Creditors

http://tulsabankruptcylawyers.net/bankruptcy-attorneys-in-oklahoma-discuss-the-meeting-of-the-creditors/

Tulsa Lawyer Provides Oklahoma Bankruptcy Information

Some Oklahoma Bankruptcy Information and What is Protected in Bankruptcy

One of the features of filing for bankruptcy in Oklahoma is to protect your assets, i.e., your income, your home and your property, from creditors to whom you owe money. Oklahoma bankruptcy law allows certain assets to be exempt from seizure up to certain amounts. Below is a brief description of the bankruptcy exemptions that effect almost everyone. If you are experiencing difficulty in paying your bills every month, and need more Oklahoma bankruptcy information you should consult an experienced Oklahoma bankruptcy attorney from South Tulsa Bankruptcy Law Office.

The first and most important asset that is exempt from creditors in Oklahoma when you file for bankruptcy is your home. The Homestead Exemption makes real property or manufactured home of unlimited value protected from creditors provided the property does not exceed 1 acre in a city, town, or village, or 160 acres elsewhere.

Secondly, under the Oklahoma Personal Property Exemption, you can keep your motor vehicle up to an equity of $7500, however your motor vehicle will not be protected if you have pledged it as security when you took out your auto loan. It is important to have an attorney analyze the terms of your car loan to see where you stand because even if you did pledge your car as security, there still may be other options to save it.

As far as keeping your income goes, Oklahoma Wage Garnishment Laws allow you to keep 75% of the wages that you have earned in the 90 days previous to filing for bankruptcy. This amount could be increased by a judge if you can clearly show that you have suffered a hardship.

But the most important benefit of all to you in filing for bankruptcy will be the sense of once again being in control of your finances and being able to immediately start to move forward in pursuit of your financial goals. As an experienced Oklahoma bankruptcy attorney, I can put your mind at ease that you will be able to keep most of your income, transportation, and assets. You will once again be free from creditor’s calls, wage garnishment, foreclosure and repossessions.

For a free consultation and additional Oklahoma bankruptcy information call us today. You can stop garnishments, creditor calls and the constant pressure you fell by not being able to pay you bills.

Tulsa Lawyer Provides Oklahoma Bankruptcy Information

http://tulsabankruptcylawyers.net/tulsa-lawyer-provides-oklahoma-bankruptcy-information/

Oklahoma Bankruptcy Process

The Tulsa Oklahoma Bankruptcy Process

Free Bankruptcy Information

Our firm has the expertise to guide you every step of the way to make sure every form is filled out properly and your file is thoroughly organized and presented to the court in a professional manner. Once we have decided that bankruptcy is the proper course of action for you to take given your individual circumstances, the process begins by gathering certain records. The records you need to pull together so that we can move the Oklahoma bankruptcy process forward:

 Records We Need in The Oklahoma Bankruptcy Process

1. Federal and state tax returns for the last two years

2. Income records (your pay stubs) for the last six months

3. Bank account statements for the last six months, including brokerage and pension accounts

4. The Title for your car or cars.

5. A current credit report

6. A written list of the property you own such as furniture, jewelry, tools, collections, and vehicles.

7. A certificate of completion for the first of two on-line bankruptcy education courses.

To summarize steps 1-7 and their relation to the Oklahoma bankruptcy process, you should have the client copy of both your state and federal income taxes in your income tax file. We will make copies of these and all of your records for your bankruptcy court file and return the originals to you. Income records are simply your pay stubs from your pay checks for the last six months. If you have not kept them, we can request duplicates from your company. If you no longer work for your company, we will write to them on our legal stationary explaining that the company should produce these records for us expeditiously. We will also need all of your bank account statements for the last six months, plus any brokerage account statements and pension account statements. We will need the Title to your car and any payment booklets you are using to pay off a car loan. We need a current credit report. There are a few web sites on-line that we can request and receive your current credit report in a matter of minutes and for under fifty dollars. Take a moment and go through your home room by room and list everything you own. Assign an estimated value to each item as if you were to sell the item today. Finally, you need to take a course on-line that will educate you as to the ins and outs of the bankruptcy process. We have a couple of courses that we endorse and will provide you with the URLs when you have finished the first six steps listed above.

If you have kept even marginally complete records, it should be very easy for you to come up with these documents and they should take you less than an a couple of hours to produce. When we have these papers, we can file your bankruptcy and you will be automatically granted a stay which means that for a period of time, nobody can call to harass you with collection threats and nobody can repossess your listed properties. You are now under bankruptcy protection.

After we have filed your bankruptcy case, you will need to take the second one-hour online bankruptcy education class and obtain a certificate.

The final step is to attend a meeting called a 341 hearing. We will set up the meeting and will tell you where. At the meeting, we will meet with your creditors and answer the questions they have for us. Do not be afraid of the bankruptcy process. We will take it one step at a time and we will be right there with you to advise you what to say and what to do down to the smallest detail. If you are contemplating filing for bankruptcy protection give us a call today.

 

Oklahoma Bankruptcy Process

http://tulsabankruptcylawyers.net/oklahoma-bankruptcy-process/

Finding The Best Oklahoma Bankruptcy Attorney For You

Tulsa Oklahoma Bankruptcy Attorney Discuss’s What to Look for in a Bankruptcy Lawyer

Chapter 7 Bankruptcy Attorneys in Tulsa

Selecting your Tulsa Oklahoma bankruptcy attorney is an important task that can make a significant difference in the success of your bankruptcy case. You will spend considerable time working with your bankruptcy attorney, particularly if you see a Chapter 13 bankruptcy, and need to find someone you trust. A big part of finding the right attorney is first knowing what to look for. With this in mind, the following is a guide to finding the right Tulsa Oklahoma bankruptcy attorney:

Before Scheduling the Appointment

Whether you elect to search online, pour over the yellow pages, call attorneys referred to you by friends, or obtain names from the Oklahoma bar association referral service, here are some things to look for in an attorney:

Experienced Tulsa Oklahoma Bankruptcy Attorney

You should look for an experienced bankruptcy attorney. Years of experience are not the only, nor necessarily the best, indicator of this. Ask your potential attorney how many bankruptcy cases he or she has handled and what types. If your attorney has completed almost exclusively Chapter 7 cases and not Chapter 13, he or she may not be right for you. On the other hand, if the attorney performs mostly Chapter 13 bankruptcies and few Chapter 7 cases this could also be a red flag. You do not want to be pushed in the direction of one type of bankruptcy over the other. You need a fair and honest assessment of your finances and a reasoned opinion as to which type of bankruptcy will most benefit you based upon this assessment.

Competence

It can be difficult to determine competence. An attorney can perform many bankruptcy cases, but not do a great job on any. On the other hand, an attorney can be fresh out of law school without much experience, but with significant mentoring and knowledge, and be extremely competent. One of the best ways to judge competence is asking for referrals from former clients as these clients have seen the attorney at work and can provide an accurate opinion as to the attorney’s skill in the field.

Reasonable Fees

Find out what the attorney will charge to take a Chapter 7 or Chapter 13 case early on. Cheaper is not necessarily better. You do not want an attorney that handles mass cases and will not offer individualized attention. At the same time, the highest fees do not necessarily correlate to the best representation.

The First Meeting with Your Tulsa Oklahoma Bankruptcy Attorney

During the first consultation, there are several things you should assess:

Availability

You should get a feel for how available the attorney is before retaining his or her firm. Ask the attorney how often he or she is there to take client calls or how quickly communication is returned.

Communication with Your Bankruptcy Attorney

Ask your potential attorney how he or she communicates with clients. Is it through email, phone, or otherwise? How often does the attorney generally get in touch with the client?

Personality

You need to feel comfortable with your attorney. Determine whether your personalities are a match and you want to work for a significant amount of time with the attorney

South Tulsa Bankruptcy Lawyers: Experienced Tulsa Oklahoma Bankruptcy Attorney

If you are in significant debt, struggling to pay your bills, dodging creditor phone calls, or facing foreclosure, bankruptcy might be the right method for emerging from your debt to a fresh financial future. Bankruptcy is a serious decision, but one that offers significant relief for many individuals struggling with unmanageable debt. At South Tulsa Bankruptcy Law Office, our Tulsa Bankruptcy Attorneys offer experienced, compassionate representation to our clients who seek Chapter 7 or Chapter 13 bankruptcy. We will evaluate your financial picture to determine whether bankruptcy is the right answer for you. Call the bankruptcy attorneys at South Tulsa Bankruptcy Lawyers today at 918-739-8984 to schedule your free consultation.

Finding The Best Oklahoma Bankruptcy Attorney For You

http://tulsabankruptcylawyers.net/finding-the-best-tulsa-oklahoma-bankruptcy-attorney-for-you/

Tulsa Oklahoma Foreclosure and Bankruptcy Attorneys

Tulsa Bankruptcy Attorneys Explore Foreclosure

Bankruptcy Lawyers in Tulsa Oklahoma

Falling behind on your mortgage payments then receiving notice of an impending foreclosure is one of the most frightening things anyone can experience.  For many families, their home is a loved sanctuary and losing it would be devastating.  Some families have considerable equity in their homes and do not want to lose this.  Foreclosure is one of the main reasons people file for Chapter 13 bankruptcy.  When loan modifications fail and short sales are not the right answer, a Chapter 13 bankruptcy will generally succeed.  In a Chapter 13 bankruptcy, your lender will be forced to accept late mortgage payments that will be included in the three to five year repayment plan that you create and the court approves.  Once you have completed the repayment plan, your lender cannot re-initiate the foreclosure action.  In short, you can save your home from foreclosure through Chapter 13 bankruptcy. Call our Tulsa Oklahoma Foreclosure and bankruptcy attorneys for a free consultation.

How Chapter 13 Bankruptcy Stops Tulsa Foreclosure

When you file for Chapter 13 bankruptcy, you will benefit from a federal law that prevents creditors from continuing any collection efforts.  This includes the continuation of foreclosure proceedings.  Accordingly, if your home is set to be foreclosed on Wednesday and you file on Tuesday, the foreclosure would not proceed.  This halting action is specified in Section 362 of the U.S. Bankruptcy Code.  If you are facing foreclosure, consult with a bankruptcy attorney to find out more information on halting the proceedings with Chapter 13.

How Chapter 13 Bankruptcy Can Save Your Tulsa Home from Foreclosure

There is a common misconception among most people that you will lose your home if you declare bankruptcy.  In Chapter 7 bankruptcy, this statement is often accurate.  If you default on your mortgage and file for Chapter 7 bankruptcy, while the foreclosure will initially be halted, it will generally be able to continue.  This is because Chapter 7 bankruptcy does not provide debtors with a chance to repay their mortgage arrears.  After a Chapter 7 bankruptcy is completed, the mortgage will still be in default and the lender will still be able to look to the secured asset, the home, for repayment.

In a Chapter 13 bankruptcy, however, debtors are able to repay their mortgage arrears in a three to five year repayment plan.  The repayment plan is developed by the debtor and his or her attorney, then approved by the creditors and the court.  After the mortgage holder receives the late mortgage payments through the three to five year repayment plan, the debtor is no longer in default of the mortgage and the lender cannot re-initiate foreclosure proceedings.  The debtor can continue paying off the mortgage as scheduled and is free to enjoy their home while building equity in it.

Anyone facing foreclosure should consult with our Tulsa Oklahoma bankruptcy and Foreclosure attorneys as soon as possible to explore your rights and legal options.

Midtown Tulsa Bankruptcy Law Office: Experienced Tulsa Oklahoma Foreclosure and Bankruptcy Attorneys

If you are facing foreclosure on your home, the Tulsa Bankruptcy Attorneys at Midtown Tulsa Bankruptcy Law Office can help.  We are experienced in the unique field of Chapter 13 bankruptcy and can evaluate whether this is a viable option to save your home from foreclosure and set you on the path to financial well being.  When you come into our office, we will evaluate your debts as well as your overall financial picture, including assets and income, to provide an accurate picture of your bankruptcy options.  We will never push you towards bankruptcy and will always explain the full range of your rights.  Call the bankruptcy attorneys at Midtown Tulsa Bankruptcy Law Office today at 918-739-8984 to schedule your free consultation.

Tulsa Oklahoma Foreclosure and Bankruptcy Attorneys

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

When Its Time To Call A Tulsa Bankruptcy Attorney

When Its Time to Call a Tulsa Bankruptcy Attorney

South Tulsa Bankruptcy Lawyers

It can be hard to determine when its time to call a Tulsa bankruptcy attorney.  Many people have lived with some degree of debt for years.  It is not always easy to reach the decision that the debt has become unmanageable.  Some signs that you tell you its time to call a Tulsa bankruptcy attorney include:

Creditors are Harassing You

Do you have creditors calling your house?  Are lenders threatening to foreclose on your car or home?  If so, it is probably time for you to schedule an appointment with a bankruptcy attorney to at least assess your possibilities.  Filing for bankruptcy will halt all bill collectors and the debt collection process.  All calls must stop and foreclosures cannot continue.  This is an indication of when its time to call a Tulsa bankruptcy attorney and live free from the hassle and stress of collection calls while you proceed with the bankruptcy.

Making Only Minimum Credit Card Payments

Even if you have not reached the point of continued collections, you may wish to consider bankruptcy if you are only making minimum credit card payments.  Look at the interest rates on your bills and calculate how long it will take you to pay off those debts.  If the answer is a long time, you might want to consider bankruptcy.  Paying only the minimum balance on credit cards will ensure that you pay several times the amount that you initially owed.  All of that money spent on interest payments could have gone towards essentials such as medical insurance, investments, and your mortgage.

Medical Debt and Bankruptcy

Our current healthcare system results in millions of Americans incurring tremendous medical debts each year.  If you have amassed considerable medical debt and cannot reasonably pay off these debts, a bankruptcy attorney may be able to assist you.  Medical debt is typically unsecured and can be eliminated through a Chapter 7 bankruptcy. With your medical debt discharged, you can start rebuilding your financial life.

Foreclosure

If you are facing foreclosure and do not want to lose your home, a bankruptcy attorney can explain to you the option of filing for Chapter 13 bankruptcy.  Chapter 13 bankruptcy will involve the creation of a court approved repayment plan that can include past mortgage arrears.  You can stop the foreclosure of your home through Chapter 13 bankruptcy and continue to live in it for years to come.

Underwater Mortgage

If you have two mortgages and your home is valued at less than the amount you owe on your first mortgage, you should consult with a bankruptcy attorney.  Chapter 13 bankruptcy would allow you to strip off the second mortgage.  Once you complete the repayment plan and your debts have been discharged, you would owe just the first mortgage.

Borrowing from your Retirement Account

If you find yourself borrowing from your retirement account to pay back debts, it may be a sign of financial trouble.  You will need your retirement fund to take care of yourself and your family in the future.  It is important to protect these assets and bankruptcy is one way to do so.  Accordingly, if you are or are contemplating borrowing from retirement to pay back debts, consult with a bankruptcy attorney as soon as possible.

When Its Time To Call a Tulsa Bankruptcy Attorney  Call South Tulsa Bankruptcy Lawyers

If you are struggling under oppressive debt, the Tulsa Bankruptcy Attorneys at South Tulsa Bankruptcy Lawyers can help.  We will evaluate your debts as well as your overall financial picture, including assets and income, to determine whether bankruptcy is an appropriate option for you.  We will never push you towards bankruptcy and will always explain the full range of your rights.  We handle Chapter 7 and Chapter 13 bankruptcies.  Call the bankruptcy attorneys at South Tulsa Bankruptcy Lawyers today at 918-739-8984 to schedule your free consultation.

 

When Its Time To Call A Tulsa Bankruptcy Attorney

http://tulsabankruptcylawyers.net/when-its-time-to-call-a-tulsa-bankruptcy-attorney/

Protecting Your Home in an Oklahoma Bankruptcy

Protecting Your Home in an Oklahoma Bankruptcy

Our clients often ask “How they can protect their home when filing for bankruptcy in Oklahoma?” Despite many myths regarding bankruptcy and the relinquishing of property, you will likely be able to keep your home. Contact our attorneys for a consultation regarding your legal options. Read on to learn more about how you can protect your home when filing for bankruptcy and how our attorneys can help you.

Chapter 7 as a Means of Protecting Your Home in an Oklahoma Bankruptcy

Our experienced attorney will review your assets and debts and let you know if you are at risk of losing your home upon filing for bankruptcy. When you file for chapter 7 bankruptcy, an automatic stay will be enacted. The automatic stay prevents creditors from taking any collection action against you. An automatic stay will stop the foreclosure process. Once you file and if your house payments are current you will be given the option of either keeping the house and continuing to pay on your mortgage or signing a reaffirmation agreement. Both options will allow you to keep you home but you must continue to make payments on the home.

Homestead Exemption as a Way of Protecting Your Home in an Oklahoma Bankruptcy

Oklahoma’s homestead exemption law allows homeowners to exempt the entire value of their real property (example – single family home or mobile home) covered under the exemption. This means your house can be protected through a homestead exemption when you file for bankruptcy. The exemption only applies to property used as a principal residence.  The property must be located within a city or town, not exceed 1 acre, and used for residential purposes. If you are behind on your mortgage, the homestead exemption will not help you.

Chapter 13 Bankruptcy Home Protection

Chapter 13 bankruptcy allows you to protect your home by entering into a repayment plan with your debtors. Similar to chapter 7, once you file for chapter 13 bankruptcy, an automatic stay will be enacted. The amount of the arrearage that is owed to your home lender is made part of the chapter 13 bankruptcy plan. This means that you will be given 3 to 5 years to catch this arrearage amount up and not lose your home.

Refinance Your Home

If you are current on your mortgage, and have equity in your home that you seek to protect from declaring bankruptcy, you can look to refinance your home.  By refinancing your home, your mortgage interest rate can be lowered allowing your mortgage payment to be more affordable. You will likely be required to pay closing costs on your refinanced loan.

Seek a Short Sale

If paying your mortgage has become a financial burden, contact our attorneys for a consultation about short selling your property. A short sale will allow you to sell your house for less than the amount you owe the mortgage company. The mortgage company must agree to the short sale. This makes a short sale a complex transaction. If the property is sold for an unapproved amount, you will be on the hook for the remaining balance owed to your lender.

Obtain a Loan Modification

You can request a loan modification from your lender in order to obtain a more affordable mortgage payment. There are federal, state, and lender-specific loan medication programs available for borrowers.

Hire Our Oklahoma Bankruptcy Attorneys

Our bankruptcy attorneys can provide you with legal guidance on protecting your home in an Oklahoma bankruptcy. We invite you to contact us for a consultation.  We can help you obtain financial freedom.

Protecting Your Home in an Oklahoma Bankruptcy

http://tulsabankruptcylawyers.net/protecting-your-home-in-an-oklahoma-bankruptcy/