How Often Can A Person File Bankruptcy In Oklahoma
find out more How Often Can A Person File Bankruptcy In Oklahoma
Discover A couple of Critical Particulars When scouting for A Bankruptcy Law firm
If you are considering getting a bankruptcy lawyer, you have to be sure of a couple of things which means you are aware that you cash in on a good choice. In the end, you ought not leave your funds at the disposal of just any individual. Understand a number of particulars that you need to consider when searching for your firm which deals with your scenario.
You need to 1st determine whether this topic will be the just one handled by the legal professional. You need a consultant, certainly not somebody who dabbles within a bit of almost everything. And that means you will want to look for the bankruptcy attorney in particular, not somebody who in addition bargains a good deal together with divorce, criminal, or even levy laws. You may be shocked how many legal professionals tend to handle all types of situations. Though it may be wonderful to be able to get advice on several themes at just a single firm, it’s always best to find a expert because they can execute a good job on the bankruptcy circumstance, not simply a good okay task about numerous cases for the similar individual. You will discover this specific fine detail on-line since most authorized sites refer to that training regions your attorneys are familiar with.
How Often Can A Person File Bankruptcy In OklahomaHow Often Can A Person File Bankruptcy In Oklahoma
Your First Bankruptcy Ended With A Chapter 7 Discharge
If you received a chapter 7 discharge, you must wait 8 years before you can receive another chapter 7 discharge. You can, however, receive a chapter 13 discharge after waiting 4 years. The waiting period is measured from the day you filed the previous chapter 7 petition to the date you file the new petition. If you file too soon, you will not be granted a discharge, so it is important to calculate the waiting period correctly.
Whats The Difference Between Chapter 7 And Chapter 13 Bankruptcy
The major difference is time Chapter 7 takes 4-6 months Chapter 13 takes 3-5 years and money. You can have most, or all your unsecured debt discharged in Chapter 7 bankruptcy. In Chapter 13, some of your debt is forgiven, but only if you meet the conditions approved by the trustee and bankruptcy judge.
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How Do I File For Bankruptcy In Oklahoma
Filing for bankruptcy is a complex process that requires the attention of a skilled Chapter 7 attorney.
First, we want to ensure that filing for Chapter 7 bankruptcy is the right solution for your financial problems. This is a big decision that can lead to relief from debt and collection attempts should you make the decision in your best interest.
Chapter 7 bankruptcy may be right for you if:
- You have had your wages garnished
- You are being harassed by creditors regularly
- You have received aforeclosureor repossession warning
- You struggle to make your payments each month
If this is you, filing for bankruptcy may be your best option. Be sure to enlist the help ofour trusted bankruptcy attorneys in Oklahoma.
Do you have overwhelming debt? Filing for Chapter 7 may be your answer.Contact our Chapter 7 bankruptcy attorney online or call our Edmond law office today at!
Filing Under Different Chapters: The Order Matters
Here are the waiting periods when a second bankruptcy case is a different chapter than the one you received your first discharge in.
Chapter 13 before Chapter 7
- If the court granted your first discharge under Chapter 13 bankruptcy, you’d need to wait six years before filing for a Chapter 7 discharge. You won’t have to wait that long however, if you paid unsecured creditors in full in the Chapter 13 case, or if you paid at least 70% of the claims, the plan was proposed in good faith and was represented your best effort.
Chapter 7 before Chapter 13
- If the court granted your first discharge under Chapter 7, you’d have to wait four years from the Chapter 7 filing date before filing a Chapter 13 case.
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What Is Bankruptcy Protection In Oklahoma
Bankruptcy courts in Oklahoma issue bankruptcy protection to stop all judgments, appeals, and repossession efforts by creditors during bankruptcy cases. The court order protects debtors from losing properties or assets while filing for bankruptcy. It also prevents utility companies from disconnecting the water, gas, or electricity supply for a specific period. In addition, bankruptcy protection prevents landlords from taking eviction actions against debtors filing for bankruptcy.
How Much Does It Cost To File Bankruptcy
In addition to the law firm bankruptcy attorney fee, which will be based on your personal circumstances, you will also need to pay the court filing fee and take 2 online courses . The court filing fee for Chapter 7 is currently $335.00 and the court filing fee for Chapter 13 is currently $310.00. The court may allow you to pay this filing fee in installments if you cannot pay all at once.
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Western District Of Michigan Requirements
The Western District of Michigan is divided into five divisions: Grand Rapids, Marquette, Kalamazoo, Lansing and Traverse City. Here, again, you can contact the court clerk to determine which division you will need to file in. The Western District also requires specific local forms in addition to the federal forms, including a separate Schedule C for a joint case, the Mailing Matrix, and an Asset Protection Report.
Local Bankruptcy Lawyers Explain Your Options And Exemptions
In most cases, all it takes is one catastrophic event or one turn of bad luck to take you from financially stable to drowning in unmanageable debt. Perhaps you suffered an injury or illness that left you with crushing medical debts. Maybe you lost your job or made an investment that failed to pay off. Whatever the reason, if you are struggling with overwhelming debt, then filing for bankruptcy may be a viable option to help you reclaim control of your finances. Despite the stigma sometimes associated with bankruptcy, this process can help you end creditor harassment, save your house from foreclosure and discharge certain debts that you cannot repay. The details of the process will depend on your circumstances and the type of consumer bankruptcy you choose to file. However, the end goal is still the same: eliminate your debts and give yourself a fresh start financially.
There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. Although either can relieve you of unwanted debts, they work very differently. An experienced Oklahoma bankruptcy lawyer can offer you advice on which choice is best for your unique situation, and may be able to offer you bankruptcy alternatives as well. Below, local attorneys explain the basics of both types of bankruptcy and list the exemptions you may be able to use in your case.
Reasons To Switch Your Bankruptcy Filing From The Previous Chapter
The type of bankruptcy you file will change your repayment plan, the amount of unsecured debts you owe, and the amount of time the bankruptcy stays on your record. It may make sense to file for a different bankruptcy than you used in your previous case.
A bankruptcy attorney can help you understand the best debt relief options for you. An attorney can’t change the time limits between filing dates, but they can help you decide if switching your Chapter is a smart idea. They can also help you prepare to file as soon as the date is available to you.
You can apply one of these strategies to your second bankruptcy filing:
- Switching from Chapter 7 to Chapter 13: If you pay off unsecured debts during Chapter 7, you can file a Chapter 13 to create a repayment plan to pay off tax debt or other debts that were not discharged during the Chapter 7 filing.
- Switching from Chapter 13 to Chapter 7: If you pay back 100% of unsecured debt to creditors, the six-year waiting period can be waived. In some cases, you only need to pay back 70% of unsecured debt. The first bankruptcy case needs to be in good faith in order to file for Chapter 7.
- Repeating Chapter 13 bankruptcy filing: Some people may repeat Chapter 13 filing to manage student loans or tax debts repayment. These debts cannot be discharged, so they must eventually be paid in full.
Will I Have To Go To Court
Everyone who files for bankruptcy must appear at what is called a Meeting of Creditors in the federal courthouse conducted by the bankruptcy trustee . The trustee will verify your identity by looking at your official state-issued ID and your Social Security card. You are placed under oath to testify about the accuracy of the information in your bankruptcy documents. Most of our clients only have to appear at this meeting and never have to appear in front of a judge.
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Can One Spouse File For Bankruptcy But Not The Other
Yes. If one spouse files and the other does not, the one who does not file may be responsible for the debts. This is something that requires careful thought and analysis. For example, if one spouse is only obligated on a small amount of debt, it may make sense for that spouse to not file for bankruptcy so that spouse might have better or even good credit regardless of what the filing spouse does.
Q: What Is The Difference Between Chapter 7 And Chapter 13
A:A Chapter 7 bankruptcy enables you to discharge unsecured debts such as most credit card debts and medical bills as well as any unsecured loans. In some limited cases, you can discharge past taxes. You will be able to keep property that is exempt such as household furniture, clothing, and most retirement funds. Oklahoma also has an unlimited homestead exemption. For other items like automobiles, you can keep one car with equity up to $7,500.00. A Chapter 13 is a reorganization in which you and your attorney come up with a plan that must be approved by the trustee to pay back your creditors within five years. You can keep all of your property but you must have a steady income that is sufficient to pay your creditors and to satisfy the trustee.In a Chapter 13, you make one monthly payment to the trustee who pays your creditors in order of priority with unsecured creditors at the bottom. At the conclusion of the repayment period, which is 36 or 60 months, any unpaid debt owed to unsecured creditors may be discharged.Our bankruptcy lawyers can advise you on whether filing for bankruptcy is in your best interests and which chapter to file under.
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Get More Details Answers To Your Questions And Free Advice
So many aspect of Oklahoma bankruptcy are dependent upon your specific situation. We know this. That is why we offer a complimentary consultation. We will answer all of your questions and let you know whether bankruptcy is indeed a good option and the next steps given your circumstances. Call to set up a free meeting. You can also reach us via our website contact email, and we will be in touch.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Federal Bankruptcy Laws Require You To Go Through Debt Counseling
There are many steps you must go through to complete a Chapter 13 bankruptcy. It is more complicated and a much longer process than a Chapter 7 bankruptcy. However, for both types of bankruptcy, you must also complete debt counseling.
Within the six months before you file a Chapter 13, you must complete a federally approved credit counseling session. This must be done before you can file.
After you file for bankruptcy, but before you can be discharged, you must complete a personal financial management course. You may also see this called a pre-discharge debtor education or debt management course.
The purpose of these courses is to educate you regarding finances and debt, help you better manage your money, and help you avoid acquiring too much debt in the future. Call an Arkansas Chapter 13 bankruptcy lawyer located in Fayetteville to learn more about this required debt counseling.
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What Are The Benefits Of Filing A Chapter 7 Bankruptcy In Oklahoma
Individuals or entities filing for Chapter 7 bankruptcy in Oklahoma may enjoy the following benefits:
- A Chapter 7 bankruptcy has a high success rate, unlike other types of bankruptcy
- It takes three to four months for the bankruptcy court to discharge all debts in a Chapter 7 bankruptcy
- In addition, a Chapter 7 bankruptcy discharges unsecured debts like credit card loans and medical bills
- The state bankruptcy exemption laws also exempt certain assets from liquidation.
- All wages and income earned after the bankruptcy case belong to the debtor. In other words, debtors do not have to repay unsecured debts after the bankruptcy petition.
Do I Lose My Home If I File Bankruptcy
This depends on many factors including whether or not you are in foreclosure and if you filed for Chapter 7 or Chapter 13 bankruptcy. Typically, if you are current on your mortgage and filed Chapter 7, you can keep your home if you continue to timely make mortgage payments. If you filed a Chapter 13 and can present a feasible Chapter 13 plan that the judge confirms, you can also keep your home.
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Do I Lose My Social Security Or Retirement Accounts If I File Bankruptcy
Generally, no. Here are the main differences:
- Retirement accounts that are ERISA-qualified are not considered property of a bankruptcy estate, are not taken into consideration as non-assets or lost to the trustee.
- Social Security benefits are protected from assignment or garnishment for debts in bankruptcy. Once paid, the benefits continue to be protected only as long as they can be identified as Social Security benefits. For example, Social Security benefits are identifiable and generally protected. Conversely, if Social Security benefits are mixed or commingled with other funds, they may be lost.
Here, the expertise of an experienced bankruptcy attorney is invaluable.
What Are The Oklahoma Bankruptcy Exemptions
When you file for Chapter 7 bankruptcy, Oklahoma bankruptcy law allows you to exempt certain assets from liquidation. This means that you can keep a certain amount of property and money the bankruptcy trustee cannot liquidate it to pay your debts. The Oklahoma bankruptcy exemptions include:
Homestead. Real property or manufactured home to unlimited value may claim $5000 on 1 acre in city, town or village, or 160 acres elsewhere
- Funeral benefits prepaid & placed in trust.
- Group life policy or proceeds.
- Limited stock insurance benefits.
- 2 bridles & 2 saddles.
- Burial plots.
- 100 chickens, 10 hogs, 5 cows & calves under 6 months, 20 sheep forage for livestock to last 1 year .
- Clothing to $4000.
- Workers compensation .
Tools of Trade. Husbandry implements to farm homestead, tools, books & apparatus to $5000 total.
Wages. 75% of wages earned in 90 days before filing bankruptcy bankruptcy judge may allow more if you show hardship.
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What Is A Reaffirmation Agreement
The process of renewing your obligation to pay a debt is called reaffirmation or reaffirming. Reaffirming a debt is voluntary and is not required by the law. You may voluntarily repay any debt instead of signing a reaffirmation agreement, but there may be other reasons that you will want to reaffirm a specific debt, such as a vehicle loan. For example, if you owe money on your primary automobile but are delinquent and want to keep the automobile, you may want to reaffirm the debt to make the lender happy and allow you to retain the automobile provided you pay the debt.
Dealing With Your Car
Your car is an asset in your Oklahoma bankruptcy case. This means you have to list it on your Schedule A/B. This is true even if you think that the car isn’t really worth much, as it’s ultimately up to the trustee to find the answer to that question.
If you have a car loan you are still making payments on, you should find out if you have any equity. If your car is owned free and clear, or if you have equity, then as long as its value is less than the allowed exemption, nothing changes.
A lot of people filing Chapter 7 in Oklahoma still have a loan when their case is filed. If thatâs you, rest assured there is a way of dealing with your car that works for your situation. If you don’t want the car, or can’t easily make the monthly payments, you can surrender the vehicle. If you want to keep it, youâll have to find a way to pay for it. One way is to enter into a reaffirmation agreement that, in effect, pulls the loan out of the pool of discharged debts, and keep everything as it was before your case was filed. Another way is to get rid of the loan by paying the bank for the current fair market value of the vehicle. This process of redemption is especially beneficial if the loan balance is much greater than the value of the motor vehicle.
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