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 […]
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 […]
When filing bankruptcy, certain mistakes may jeopardize your ability to eliminate all or most of your debt. In some cases, these mistakes may even deprive you of the chance to receive any discharge at all. An experienced bankruptcy attorney can help protect your interests throughout the bankruptcy process and help you avoid these seven common Chapter […]
You are an honest debtor but for various reasons have lost control over your finances and are behind in your car payments. You have decided that filing Chapter 7 bankruptcy today is the best option for a better life tomorrow. However, you need your car for work and you are concerned that if you lose […]
As a bankruptcy attorney, I’m glad that so many Oklahomans see the folly of delving into a complex process without professional advice or experience. I think an attorney’s skilled counsel provides bankruptcy filers a greater level of personal confidence and financial security during a time when they are struggling with not only debt, but the emotional and social impact of insurmountable debt. Yet, I know that in spite of my warning, there will still be those of you determined to file Chapter 7 pro se. For my Oklahoma neighbors who may consider filing Chapter 7 bankruptcy without an attorney, here’s an overview of the steps you’ll need to go through if you file Chapter 7 bankruptcy.
A creditor with a four-person family in Oklahoma with a family income of more than about $63,069 annually must complete the means test to qualify for Chapter 7. The means test allows some high-income debtors to file Chapter 7 when faced with certain expenses.
For anyone who has ever had the misfortune of trying to survive under the heavy weight of a garnishment, you know just how debilitating it can be. This problem that I see all too often in my line of work as a bankruptcy attorney in Oklahoma City Oklahoma prompts this post. Obviously, the best way […]
Most people when filing bankruptcy have some debt secured by assets that they would like to keep. For instance, they might have a house with a mortgage or a car with a car payment. In these circumstances (assuming there is a bankruptcy exemption to cover the assets, which there normally is) the chapter 7 filer […]
A common question I get from clients at the Debt Line Law Office, is, “What should I do about that Petition I was just served with from a creditor.” Below is the general outline of the advice I give. The Summons will tell you the time that you have to file an Answer or […]
Bankruptcy documents are cumbersome and complicated. Then again, so are your finances if you are seriously considering filing bankruptcy. It is no wonder that, in the flurry of preparing and getting your bankruptcy attorney all the information to file your case there will be an inevitable omission or two or even three. The fact is […]
The State of Oklahoma has very good exemptions compared to other states. Exemptions define the property that a person filing for bankruptcy in Oklahoma can keep and still discharge their debts. One such exemption is that the debtors in bankruptcy can exempt up to $7,500 of equity in a vehicle. This means you can keep […]
Bankruptcy is generally considered to be a last option. But trying too hard to avoid bankruptcy can hurt you. I signed up a client yesterday who had been going through financial problems for months. He wanted to avoid bankruptcy and thought he could get through the debt problems on his own. I believe that people […]