The idea of a chapter seven, also known as a liquidation bankruptcy, is that you liquidate your non-exempt assets into monies to be paid to your creditors so that any debt leftover is discharged, wiped away.
Oklahoma Attorney Edward Kelley answers a question he gets asked often as a Bankruptcy Attorney. Do I Qualify For a Chapter 7 Bankruptcy In Oklahoma? For starters, there’s an income cutoff. In addition, you can’t have filed for a bankruptcy in the last eight years.
Oklahoma Attorney Edward Kelley explains what bankruptcy does to your credit. The first thing you need to understand is your credit score is based primarily on a couple of factors. What is your payment history? What is your debt-to-income ratio?
Around 25% of our clients have tried use debt consolidation and it was found that the companies did not negotiate a settlement that they could afford. In many cases, they were almost unable to stop the auto-draft from the debt consolidation companies.
Can I get rid of all of my debt? No. Student loans and child support are not forgiven or dis-chargeable. Although, if your taxes are three years old, they can be discharged. Remember that’s three years from when they’re filed.
Oklahoma Attorney Edward Kelley’s last video in the Bankruptcy And Divorce Series. A lot of divorces have been caused by financial difficulties, lack of money and debt piled up. If it’s over you could greatly benefit from Bankruptcy.
In the state of Oklahoma, common law marriages are recognized. You can file as a married couple if you meet the requirements for common law marriage.
Alimony is not going to be dischargeable under any normal circumstances. If you’re awarded alimony, particularly support alimony, you are not going to be able to get out of that.
A bankruptcy does not impair a District Court divorce decree. However, a bankruptcy does discharge the ability of any creditor to collect.
Oklahoma Attorney Edward Kelley discusses how bankruptcy can be used as a planning tool for divorce. Relationship fails often under the pressures of money, mounting debt. Neither partner has any resources to take care of the debt the couple is facing. Bankruptcy can be a solution to your problem.
Many people have terrible stories of losing their home to foreclosure. Once the bank gets going, they will stop at nothing until they have your house back. Then they will auction it off and offer nothing then charge you personally for the difference. Chapter 13 is your best weapon to stop that.
Should you file for Bankruptcy? Oklahoma City Attorney Edward Kelley answers that question for you.
Chapter 13 bankruptcy is a debt-restructuring plan in which you create a plan that specifies how you are going to repay your creditors. This is in contrast to Chapter 7 bankruptcy, under which you can receive a complete discharge of your debt, but you may lose non-exempt assets in the process. Basically, Chapter 13 bankruptcy […]
The key feature of Chapter 11 bankruptcy is the debt reorganization plan, which can allow you to reduce the principal value of certain secured debts and convert some secured debt to unsecured debt. For example, if you own residential real estate and you owe $3 million in mortgages on these properties, but the properties are […]
Chapter 13 is basically a debt repayment plan approved by a federal bankruptcy court and administered by a court-appointed bankruptcy trustee. Each bankruptcy case is different, but the following information is a general summary of what you can expect under Chapter 13 bankruptcy in Oklahoma.
At the 341 meeting, you will be questioned regarding your financial position, while under oath and under the penalty of perjury. Your bankruptcy trustee, who will be appointed by the court to work in a fiduciary capacity on your behalf, will present these questions to you. Your bankruptcy attorney may accompany you to the 341 […]
If it has become apparent that you should file Chapter 7 bankruptcy, or you begin planning to do so, you may be wondering what to expect while you are waiting to have your finances analyzed and your debt eliminated. Here is a glimpse into what your life will look like during Chapter 7 bankruptcy. When […]
Bankruptcy is not to be taken lightly; it is a serious undertaking with significant benefits for those who use it wisely. Filing bankruptcy can help you keep your home and relieve yourself of overwhelming debt. However, along with these benefits come some serious responsibilities. Your bankruptcy petition and financial statements need to be filed accurately, […]
When filing Chapter 7 bankruptcy, certain common mistakes can needlessly cost you money. Furthermore, some mistakes are illegal and they can prevent you from being able to eliminate your debts through bankruptcy. Here are seven of the most common mistakes made when filing chapter 7 Bankruptcy: Leaving creditors off of your bankruptcy petition. When you […]
Fairness under the law often leads to disappointed debtors who were unaware of the limitations of filing bankruptcy. In order to help you avoid unrealistic expectations, and to accomplish as much as the law allows, here are five things you need to know before filing bankruptcy. 1. What is the means test? Basically, the means […]