Tulsa Chapter 7 Bankruptcy

Tulsa Chapter 7 Bankruptcy Requirements Using the Means Test

Chapter 7 bankruptcy is one of the most attractive forms of bankruptcy because it allows for the complete discharge of most unsecured debts. Many liken a Tulsa Chapter 7 bankruptcy to starting fresh with a clean slate. However, in order to be able to be eligible for a Chapter 7 bankruptcy, you must have an income below the federal mandated threshold. In order to calculate eligibility, the bankruptcy judge will use the means test. If you fail the means test, you will not be permitted to proceed with your Chapter 7 petition. Instead, you should explore other options, such as a Chapter 13 bankruptcy, which is targeted more towards debtors who have high incomes but struggle to pay their bills.

The means test uses a special formula that considers a number of factors, including income, assets, expenses, and debts. It is not a simple income level threshold. As such, by using the skills and expertise of a bankruptcy attorney, you may be able to structure your assets to not only become eligible for Chapter 7 but also protect the property that is most valuable to you from your creditors.

The means test is not designed to weed out people who are poor. Rather, the means test weeds out people who are able to pay their debts. If you are wealthy but have astronomical expenses, you may be unable to pay your debts. If your monthly income is below your state median income level for the state of Oklahoma and your specific household size, you have established prima facie eligibility. You can file for Chapter 7 without any further calculations in the means test.

If your monthly income is over the median, you may still qualify. The means test will first calculate your monthly income. This is known as your current monthly income (CMI). To calculate your CMI, the means test will take the average of your monthly income for the past 6 months. The following are all included in your monthly income:

 

• Wages, tips, overtime pay, commissions, bonuses


• Investment income such as interest or dividends


• Rental property income


• Retirement income


• Pension income


• Net income from your personal business


• Child support


• Alimony


• Worker’s compensation


• Unemployment


• Social Security payments


• Disability payments


• Annuities

The means test will then calculate your monthly expenses. The means test will subtract your average monthly expenses from your average monthly income. The result is your disposable income. Disposable income can be used to pay your debts. If your disposable income is too high, you will likely be able to pay some or all of your debts and thus won’t be eligible for Chapter 7.

An online means calculator can help you do a quick means test. However, it is best to consult with a bankruptcy attorney to ensure you are including all eligible income and expenses.

Tulsa Chapter 7 Bankruptcy Consultation

If you are eligible for Tulsa Chapter 7 bankruptcy according to the means test, you may proceed with your filing. You will be required to undergo credit counseling prior to filing, and if your credit counselor drafts a debt management plan, you must include that as part of your filing. However, just because you are eligible does not mean that Chapter 7 bankruptcy is the right course of action for you. The Oklahoma bankruptcy court in a Chapter 7 proceeding may demand that you liquidate your assets to satisfy creditors before receiving the benefit of a discharge. In addition, Chapter 7 bankruptcy will remain on your credit report for 8 years. Only a bankruptcy attorney can properly counsel you on your options and advise you on your best course of action.

Tulsa Chapter 7 Bankruptcy

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Judgement Liens Oklahoma Bankruptcy

Forgiving Judgement Liens Oklahoma Bankruptcy

For many people considering filing for bankruptcy, the catalyst is being sued by a creditor.  For creditors who have exhausted all other collection options, filing and winning a lawsuit gives them powerful tools to use against the debtor as a “judgment creditor”.  The two most widely used, and most concerning for debtors, are garnishment and judgment liens. Judgement liens and Oklahoma bankruptcy go hand in hand. Many times judgement liens are what causes the bankruptcy and the bankruptcy will discharge most if not all judgement liens.

Garnishments come in two forms:  bank garnishments and wage garnishments.  A bank garnishment occurs when a judgment creditor takes funds directly from the debtor’s bank accounts.  If a judgment creditor believes that the debtor has funds with a particular bank, be it in checking, savings, or some other type of account, the judgment creditor will send a request to the bank to confirm whether or not those funds exist.  The bank is required to comply with this request and answer truthfully.  If funds do exist, the creditor can then take from those funds until they are exhausted, or the judgment is satisfied.  The only silver lining for a debtor is that these requests are singular events.  The judgment creditor must make a new request every time they wish to seek funds from a bank account in this manner.

That is not the case with wage garnishments.  If a judgment creditor knows that the debtor is employed, the creditor can use a similar type of request as with a bank garnishment, only this one is directed at the debtor’s employer.  This “request” is actually an order from the court directed at the employer to withhold a portion of the debtor’s net pay, up to 25%, and pay it directly to the creditor each pay period until the judgment is satisfied.  The employer must comply with the order and must set aside the funds specified by the court.  Furthermore, this is ongoing.  The creditor is not required to file a new garnishment with every paycheck, though they would be required to file one with a new employer if the debtor switched jobs.

The other tool that judgment creditors get access to is a judgment lien.  A judgment lien is a fall back measure that can insure the creditor is eventually paid, even if they cannot effect a wage or bank garnishment.  If the judgment creditor determines that the debtor owns real estate, be it a home, business, or empty plot of land, they can file their judgment with the appropriate county land records office.  By filing their judgment, the creditor “clouds the title”.  What that means is that the property cannot be sold to another buyer without first satisfying the judgment, as a real estate transaction can’t occur without clear title.   That way, even if the creditor cannot collect through garnishments, they can still collect when the property is eventually sold.

These collection methods can sound drastic and unfair to debtors.  Fortunately, there is a solution for most of them in bankruptcy.  As for garnishments, filing bankruptcy cuts off all future garnishment attempts.  That cut off is permanent for any debt that is dischargeable, though it should be noted that for a non-dischargeable debt, the cut off only lasts during the pendency of the bankruptcy, usually about 90 days.  This applies to both wage and bank garnishments.  Filing, however, does not force the creditor to return money garnished before the bankruptcy was filed.  Those funds were legally collected and are rightfully the property of the creditor.  Thus, it is important to file as quickly as possible when faced with a potential garnishment situation happens (ideally, before the lawsuit is even filed).

Judgment liens can be dealt with in bankruptcy as well, assuming the debt is dischargeable, but it requires an additional process.  While the bankruptcy may discharge the debt underlying the lien, it does not, on its own, remove the lien.  For that to take place, a “motion to avoid lien” must be filed.  The most critical step in filing a motion to avoid lien is determining that one needs to be filed in the first place.  Therefore, it is strongly advised that any potential bankruptcy candidate who owns real estate contacts their county land records office to check whether any liens (other than an authorized lien, like a mortgage) have been placed against the property.  By knowing that a motion to avoid lien needs to be filed during the initial bankruptcy proceedings, debtors can save a great deal of time and money by avoiding having to reopen the bankruptcy years later to remove the lien before sale of the property.

Lawsuits can be a scary prospect for potential Oklahoma bankruptcy candidates, but they don’t have to be.  With smart, fast action and good planning, the consequences of a creditor’s lawsuit can be avoided in bankruptcy.

Judgement Liens Oklahoma Bankruptcy; Free Consultation

If you are considering filing a bankruptcy and need a free consultation regarding judgement liens Oklahoma bankruptcy call us today. Call 918-739-8984

Judgement Liens Oklahoma Bankruptcy

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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

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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

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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

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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

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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

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