Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer
To get the best possible outcome in your bankruptcy case, you will need to set expectations for yourself and also understand your attorneys expectations of you.
If youre ready to file, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible.
To receive your free initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.
On Top Of The Filing Fees You’ll Also Have To Pay An Attorney
When talking to potential clients on the phone about the cost of filing a bankruptcy i will often explain to them it’s like walking into a doctor’s office and telling them. We understand that you have enough to deal with in getting prepared to file, therefore we do not put the current court cost for filing a chapter 7 bankruptcy case is $306.00. You probably know that attorney fees make up the majority of the. Additionally, filing for bankruptcy can result in significant costs to your overall credit. Filing fees and other miscellaneous costs required to file a bankruptcy petition typically range from $300 to $400. Most of the cases filed in the u.s., about 71%, are chapter 7 cases. An attorney can assist with the process of filing for bankruptcy. In 2017 the number of personal individuals or couples in oklahoma, who claim bankruptcy, will elect to file under chapter 13 or chapter most of the time, it is usually in one’s best interest to work with a bankruptcy attorney. How much does a bankruptcy attorney charge? You can expect to pay about $240 for a basic filing, but considerably more if you plan. On top of the filing fees, you’ll also have to pay an attorney. Find out how much it will cost to file for chapter 7 bankruptcy. Filing for bankruptcy doesn’t spouses filing together in oklahoma can double the exemption amount for any property in which most people who file a bankruptcy case must complete a session with a credit counseling service.
Oklahoma Bankruptcy Exemptions And Law
By Bret Thurman, J.D. | Reviewed by Joseph Fawbush, Esq. | Last updated April 23, 2021
In Oklahoma, many debt collectors do not need court orders to seize your house, garnish your wages, and take other adverse action. Some recent Supreme Court decisions have given debt collectors even more power in this area. Therefore, if you are behind on payments, you never get a chance to tell your side of the story, at least in most cases.
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Keeping Your Automobile In Bankruptcy:
If you own a vehicle and dont owe money on it you can keep it. The law is clear, each debtor filing for bankruptcy is entitled to a motor vehicle exemption for a value up to $8,000.00. This means that if a married couple, filling jointly, files under Chapter Seven , each party may have one vehicle, so long as each vehicles value does not exceed $8,000.00. Th value of the car is generally what its wholesale value is.
What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy In Oklahoma
A Chapter 7 bankruptcy differs from a Chapter 13 bankruptcy petition in terms of eligibility, outcome, and repayment plans. For example, debtors filing a Chapter 7 bankruptcy may lose all non-exempt properties to liquidation. In contrast, a Chapter 13 bankruptcy enables debtors to repay most debts over a certain period.
There is no minimum debt requirement before filing for Chapter 7 bankruptcy in Oklahoma. However, debtors filing a Chapter 13 bankruptcy must owe secured or unsecured debts above $1,257,850 or $419,275, respectively.
Filing a Chapter 7 bankruptcy enables debtors to discharge unsecured debts within three to four months. In addition, debtors also get to retain all their earnings after filing a Chapter 7 bankruptcy. However, debtors in a Chapter 13 bankruptcy may repay all unsecured debts within three to five years. Hence, debtors may not have sufficient disposable income during the repayment period
In a Chapter 7 bankruptcy, the court appoints a bankruptcy trustee to oversee the sale of the debtors assets and distribute the sales proceeds to creditors. Alternatively, debtors filing a Chapter 13 bankruptcy remain in control of their assets and are responsible for creating a repayment plan.
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How To Pay For Your Bankruptcy
Filing for bankruptcy will cost you even though youre in no position to pay. Yes, in perhaps the ultimate Catch-22, youll need money to let your creditors know you dont have any.
Though covering the cost of bankruptcy might not be the largest problem on your agenda, it is an issue. Most bankruptcy petitions require some form of legal help, and the more complicated the filing, the more help youll need. That means hiring a lawyer, and unless you know one who works for free, it will require money.
Legal fees are the biggest headache, but not the only one. Youll also have to pay court costs and a fee for mandatory credit counseling. The combined bill could run into the thousands of dollars, so before you load up your briefcase and head for the courthouse, you need to know what you need to do, how much it will cost and where youll find the money.
If youre unable to borrow enough money from family or friends to pay a lawyer, other options exist:
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Affordable Bankruptcy Attorneys In Tulsa Oklahoma
Chapter 7 Bankruptcy Attorney Flat Fees are as low as $999.00.
There is no extra charge for reaffirmations, extra creditors or judgments
Bankruptcy Lawyer Fees Should be as Affordable as Possible Because You Are Already Facing a Financial Cliff. We Keep Our Costs Down so We Can Help You Back On The Road to Recovery Quickly. We offer the Best Bankruptcy Lawyer Services Available at an Affordable Bankruptcy Cost.
You Will Meet With and Your Case Will Be Managed and Prepared by an Attorney with Over 26 years of Experience. Your Bankruptcy Lawyer will Meet You at Court and Represent You Until Discharge. Your Attorney is Available Evenings and Weekends by Email and Telephone to better serve you!
You Might Think You Can Not Afford to Hire an Attorney. Bankruptcy Law is Very Complex and There are Many Risks in Representing Yourself! Bankruptcy Rules and Procedures are different than other Courts. Bankrutcy Law is Administered by Federal District Bankruptcy Courts not State Courts. Bankruptcy Attorneys have to be admitted to these Federal Bankruptcy District Courts. In order to File a Bankruptcy Case The U.S. Bankruptcy Code, The Federal Rules of Procedure and the Local Rules of the District Court Must Be Followed.
We offer 1/2 hour Free Consultation in person or by telephone. We offer Virtual Bankruptcy Services where you can submit and review documents electronically!
- $1399 The total amount paid to Robinson Law Offices for chapter 7
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How Are My Creditors Notified That I Have Filed For Bankruptcy
Shortly after you file, the bankruptcy court notifies, by mail, all creditors advising them of:
The exact information in the notice may be slightly different depending on the chapter filed or where the debtor filed.
How Do You Qualify For Bankruptcy In Oklahoma
In Oklahoma, all individuals and entities, such as partnerships, corporations, fishers, farmers, and sole proprietorships, can qualify for bankruptcy. To file for bankruptcy in Oklahoma, debtors must be eligible for the minimum financial requirement of that particular type of bankruptcy. Heres an instance: the 11 U.S.C. § 109 qualifies debtors to file a Chapter 13 bankruptcy if their unsecured and secured debts are less than $394,725 and $1,184,200, respectively. In addition, the Chapter 7 section of the bankruptcy code only allows debtors with income levels less than the states median to apply. In contrast, only fishers and farmers qualify for Chapter 12 bankruptcy in Oklahoma. Furthermore, state laws require fishers and farmers to owe at least $1,924,550 and $4,153,150 in debts, respectively.
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How Oklahoma’s Bankruptcy Exemptions Work
You can protect property covered by an exemption regardless of whether you file for Chapter 7 or 13. But each chapter treats nonexempt propertythings not covered by an exemptiondifferently.
- In Chapter 7 bankruptcy, the bankruptcy trustee sells nonexempt property and distributes the proceeds to creditors.
- In Chapter 13 bankruptcy, you keep everything you own. However, you must pay the value of the nonexempt property equity in your repayment plan, or your disposable income, whichever is more.
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With a Free Consultation, we can begin to help you, your family, or your small business on the most effective path to financial recovery. We offer competent and caring AffordableLawyersfor Bankruptcy without the unpleasant surprises that less-experienced bankruptcy attorneys may cause.Feel free to browse our legal blog and review archived articles about bankruptcy and other legal issues that our clients frequently ask us about. We work very hard to make this as affordable for you as possible while still running a business because we care about you!
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Do You Meet The Income Limits For Chapter 7 Bankrutpcy
What Is Chapter 11 Bankruptcy
Chapter 11 of the Bankruptcy Code permits reorganization of the debtors debts and assets and is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most often used by corporate entities. In contrast, Chapter 7 governs a liquidation bankruptcy, although liquidation can occur under Chapter 11, while Chapter 13 provides a reorganization process for the majority of private individuals.
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Where And How To File For Bankruptcy In Oklahoma
Debtors may file for bankruptcy at the office of the clerk of the bankruptcy court. The clerk of the courts are located at:
Oklahoma Eastern Bankruptcy Court
215 Dean A. McGee AvenueOklahoma City, OK 73102Phone: 609-5700
Persons filing for Chapter 7, 11, 12, or 13 bankruptcy must start with a credit counseling course at any of the states approved centers. Taking a credit counseling course enables debtors to select the right type of bankruptcy. In addition, bankruptcy courts require debtors to submit a credit counseling certificate alongside the required documents to the clerk of the bankruptcy courts.
In addition to this, debtors filing for a Chapter 7 or 13 bankruptcy must take the means test to determine their eligibility. The means test calculates the debtors sources of income and compares it against the states median income for the debtors household size. Thus, the mean test utilizes income, such as rental income, pensions and benefits, unemployment income, business income, and earnings from other household members.
In Oklahoma, debtors may file for bankruptcy with or without the help of a legal practitioner. Debtors filing without the aid of lawyers are referred to as Pro Se petitioners, and they must file the following documents at the bankruptcy court:
- Statement of Financial Affairs for Individuals
Debtors must submit the above-listed documents alongside their voluntary petition or within two weeks after filing a petition.
Work With An Experienced Oklahoma Tax Attorney
There are many different types of bankruptcies, only some of which will alleviate tax debt altogether. An attorney can help you weigh the pros and cons of having a bankruptcy stay on your credit history for a number of years versus seeking alternative solutions for handling your tax debt. The Oklahoma tax attorneys at Travis W. Watkins Tax Resolution & Accounting Firm are backed by years of experience and have handled cases for hundreds of clients.
Our firm is committed to providing a high level of service. We reply promptly to your calls, so dial 817-0090 today.
We are 100% dedicated to resolving IRS issues and offer a range of packages and services that are tailored to our clients’ needs. Our founding attorney, Travis Watkins, is known for his experience in this field and has written several books and been featured on many news networks for his insight and advice.
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Oklahoma Legal Aid Organizations
If you canât afford a lawyer for your Chapter 7 bankruptcy, you don’t have to hire one. But, if youâre not quite comfortable going through the process without a bankruptcy lawyer, look into the Oklahoma legal aid organizations near you. These nonprofits provide free legal assistance to qualifying individuals and families on a wide-ranging number of cases, including Oklahoma bankruptcy cases.
If One Files For Bankruptcy Is A Co
Yes. In Chapter 7, the creditor can require the co-signor to make payments on a loan once the principal has filed bankruptcy if payments are delinquent. This makes it extremely important when considering whether to co-sign a loan: Be ready, and able, to pay the loan in the event that the principal signor defaults.
Conversely, if a Chapter 13 is filed, the law imposes a co-debtor stay much like the automatic stay against actions to collect the debt from a co-signer until that co-debtor stay is lifted. Moreover, if the debtor proposes a Chapter 13 plan that pays the debt in full, that co-debtor stay will normally remain in place and the non-filing co-debtor not bothered.
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What Are The Downsides Of Filing A Bankruptcy In Oklahoma
Persons and entities filing for bankruptcy in Oklahoma may experience disadvantages, such as a negative remark on their credit score for several years after the filing date. This may make it more difficult for affected persons to obtain loans from credit facilities. Debtors also face stigma when searching for places to rent or lease. Other downsides of filing a bankruptcy in Oklahoma may include:
- Debtors filing a Chapter 7 bankruptcy may lose non-exempt properties via liquidation. In addition, debtors with much equity in their homes may lose it during a Chapter 7 bankruptcy.
- In some bankruptcies, co-signers to a debtors loans are liable to repay part of the debt. However, co-signers may apply for bankruptcy protection to avoid paying the debtors loans
- Filing for bankruptcy often causes psychological or mental distress, mainly when the debtors assets are liquidated to pay off creditors
- In Chapter 11 or 13 bankruptcy, debtors may repay all debts over a three to five year period. Therefore, they are unable to maximize their future earnings during the repayment period.
Although filing bankruptcy comes with serious side effects, bankruptcy offers the following benefits:
What Is Necessary To File For Bankruptcy
Three things are always required. These are:
If you retain a bankruptcy lawyer to assist you, that lawyer will guide you through everything that is required.
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Can A Bankruptcy Be Expunged In Oklahoma
In Oklahoma, bankruptcy case files are not retained for more than 15 years. Most of the case files from 1970 to 1995 have been expunged or destroyed according to 44 USC § 3303
The court keeps all bankruptcy records for fifteen years, but interested parties can file a motion to expunge or redact specific bankruptcy information.
The judge considers the motion and has the authority to approve or refuse it. He sends a copy of the motion to parties involved in the case and gives a 60-day ultimatum for objections. If there are no objections, the judge considers if the expungement is against the public interest.
Oklahoma Bankruptcy Means Test
Not everyone is able to file a Chapter 7 bankruptcy in Oklahoma. Only people whose household income is less than the applicable income limits automatically pass the Oklahoma means test for bankruptcy. If you make more than the median income, youâll have to complete the full means test analysis to determine if you can file a Chapter 7.
Data on Median income levels for Oklahoma
Oklahoma Median Income Standards for Means Test for Cases Filed On or After May 1,2021 |
|---|
| Household Size |
| $6,717.50 |
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Who Can File A Chapter 11 Bankruptcy In Oklahoma
Persons and entities, excluding commodity brokers and stockbrokers, can file a Chapter 11 bankruptcy at the bankruptcy court serving their region. Under the Bankruptcy Code, debtors are eligible for Chapter 11 bankruptcy if their secured and unsecured debt does not exceed $1,000,000 and $300,000, respectively.