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How To File Bankruptcy In Oklahoma

S In An Oklahoma Bankruptcy

Filing Bankruptcy in Oklahoma City with Atkins & Markoff

We all know that seeing the forest helps us recognize the trees, so it’s probably a good time to consider the significant steps you’ll take during your bankruptcy journey. Think of this checklist as a roadmap of sorts, but you can also use it to track your progress. The good news? You’ve already made headway on the first two items!

What Is Chapter 12 Bankruptcy

Chapter 12 of the Bankruptcy Code is similar to Chapter 13 in structure, but it offers additional benefits to farmers, ranchers and fishermen in certain circumstances, beyond those available to ordinary wage earners. Chapter 12 is applicable only to family farmers or family fishermen with regular annual income. Chapter 12 enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Under Chapter 12, debtors propose a repayment plan to make installments to creditors over three to five years that the judge may approve subject to a number of conditions like feasibility.

Who Files For Bankruptcy

The typical bankruptcy filer is a person already in fragile economic circumstances, often with large amounts of credit card debt, who then suddenly gets hit by hard lucklike job loss, injury, divorce, or uninsured medical expensesleading to unmanageable payments and insurmountable penalties.

Bankruptcy is designed to help people like this, who need help making a clean breakto get a fresh start on life, rather than struggling under the crushing burden of unpayable debt.

Read Also: How Many Bankruptcies Has Donald Trump Filed

Chapter 7 Bankruptcy Attorney Oklahoma City Ok

Chapter 7, Bankruptcy, is the most common type of personal Bankruptcy. It is the type of Bankruptcy most people are familiar with. The process starts with you providing the attorney records such as

  • The past two years of filed federal and state tax returns
  • All of the paychecks records that you received during the most recent six calendar months from the month of filing. These records must contain the gross amount of your checks and the itemized deductions for health insurance, taxes, etc.
  • All bank statements of any accounts that are in your name or affiliated with for the past six months
  • Car titles in affiliation with your name
  • A current credit report found on various websites for free or a nominal charge. I can access all three bureaus for you for a fee of $35.00.
  • A list of all property you own. Be very specific and detailed when listing your items and includes furniture, jewelry, guns, vehicles, etc.
  • A bankruptcy education certificate. You can get a bankruptcy education certificate from numerous websites for a small fee. The classes usually take less than an hour and cost around $25.00.
  • That seems like a lot of stuff, and it is. The good news is that once you provide these to me, the hard part is over. I use these documents to prepare your bankruptcy forms, and once I finish, you sign and voila! No more creditor harassment. Thats because once you sign and I file your case forms, the automatic stay kicks in.

    Can I Get Free Bankruptcy Forms

    How to File Bankruptcy in Oklahoma

    Yes! All official federal and local bankruptcy forms are available free of charge. You can find the links you need by visiting our bankruptcy forms page.

    If you want copies of bankruptcy forms with plain-language instruction and tips for filling them out, you might want to use a good self-help book like How to File for Chapter 7 Bankruptcy or Chapter 13: Keep Your Property and Repay Your Debts Over Time, both published by Nolo.

    Recommended Reading: How To Get Out Of Bankruptcy Chapter 13 Early

    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.

    Chapter 13 Bankruptcy Oklahoma

    Chapter 13 bankruptcy Oklahoma is a payment plan bankruptcy where your debts are reorganized via the bankruptcy court, often in a 3 or 5-year payment plan. One of the most important questions is determining your monthly plan payment. Once you have a sense of your plan payment, you compare that payment to your current monthly obligations to see whether you may afford Chapter 13 bankruptcy. Debt settlement is often an alternative to a Chapter 13 bankruptcy. For a deep dive on Chapter 13 bankruptcy, you may want to check out the article titled Chapter 13 Oklahoma

    Also Check: Did Dave Ramsey File Bankruptcy

    Navigating Your Bankruptcy Case

    Bankruptcy is an unusual area because it’s essentially a qualification process. The laws provide instructions for completing a 50- to 60-page bankruptcy petition, and because all rules apply in every case, you can’t skip a step.

    One way to keep track of your research is to use the bankruptcy forms as an outline. You’ll find links to the exemption-related bankruptcy forms and other exemption resources in the chart below. You can also look at the list of Chapter 7 and 13 bankruptcy forms to see where this topic fits in the bankruptcy scheme. And this handy bankruptcy document checklist will help you gather the things you’ll need to complete the petition.

    Bankruptcy Exemption Information

    What Does The Trustee Do In A Chapter 7 Case

    Should You File Bankruptcy During Your Divorce In Oklahoma?

    Bankruptcy Code § 323 states that the trustee is the representative of the “bankruptcy estate”, with the capacity to sue and be sued.

    The trustee’s duties and obligations are defined by the Bankruptcy Code imposes upon a trustee:

    • Section 704 defines the statutory duties of the trustee in a Chapter 7 bankruptcy case and, under § 704, the primary duty of the trustee is toreduce to money the property of the estate for which such trustee serves” that is: to “liquidate” the assets and distribute the proceeds to your creditors. bankruptcy is different than it is in a Chapter 13 bankruptcy.
    • Other relevant duties include insuring that the debtor performs his or her intention as specified in § 521 ,
    • investigate the financial affairs of the debtor ,
    • and “if advisable, oppose the discharge of the debtor.”

    Recommended Reading: How Many Bankruptcies Has Donald Trump Filed

    Do I Need A Lawyer To File For Bankruptcy

    You’re not legally required to use a lawyer to file for bankruptcy. Whether you’re a good candidate for handling your own bankruptcy depends on the complexity of your financial situation and your willingness to take the time to learn the rules of bankruptcy. If you’re not the type of person that is willing to carefully read a lot of information and follow instructions to the letteror if your situation has you feeling too overwhelmed to do sothen self-help is probably not for you.

    Evaluating your financial situation. If you owe only unsecured debtlike credit card charges or medical billsyou may well be able to file for bankruptcy on your own. But you must also consider are the amount and type of property you own. If you own your home, have substantial retirement savings, or other substantial assets, you may want to consult a lawyer to make sure your property is not at risk.

    A good way to approach the decision of whether to hire a lawyer is to buy Nolo’s book How to File for Chapter 7 Bankruptcy. It will give you a good idea of what issues may arise when you file, and flags specific situations when a lawyer’s help is called for. It will also give you a good sense of whether the complexity of the filing process is something you’ll want to take on alone.

    Finding a lawyer. For more information about finding a qualified bankruptcy lawyer near you, see the Lawyers section of this website.

    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.

    Also Check: Do Married Couples Have To File Bankruptcy Together

    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.

    Should I Do A Short Sale Or Bankruptcy In Oklahoma

    Can I Keep My House if I File Bankruptcy in Oklahoma?

    Short Sale or Bankruptcy in Oklahoma is a dilemma people have when theyre are facing foreclosure and other overwhelming debts. A short sale gives struggling homeowners a chance to avoid foreclosure by surrendering their homes for less than they owe on the mortgage. Sometimes Lenders approve short sales and agree to forgive the mortgage balance remaining after the short sale

    Also Check: Can You Get A Personal Loan After Bankruptcy

    How Chapter 7 Bankruptcy Works In Oklahoma

    For most people, the goal of Chapter 7 bankruptcy is to wipe out as much debt as possible. In legal terms, this is called having your debts discharged.

    In exchange for your bankruptcy discharge, you must be willing to turn over any of your property that is not exempt under bankruptcy law. The bankruptcy trustee in charge of your case will liquidate the property to pay as much as possible to your creditors thats why Chapter 7 is often called liquidation bankruptcy.

    This article covers:

    • debts you owe under a divorce or separation agreement
    • fines, penalties, or criminal restitution payments, and
    • any debts related fraud youve committed or injuries youve caused.

    In addition, you often cant discharge debts that are secured by a particular piece of property. For example, if you have a car loan, the lender may be able to repossess your car. If you have a home loan and cant show that your home is exempt under bankruptcy law, the lender may have the right to foreclose your mortgage.

    Mandatory Debtor Education Debt Management Course

    $0 to $75

    As if you don’t have enough hoops to jump through, when you’ve completed all the other parts of your bankruptcy, you still don’t get that magic piece of paper called the “discharge” until you complete a course in debt management.

    This is yet another requirement motivated by Congress’s frequently mistaken assumption that people who file for bankruptcy wouldn’t be broke if they weren’t so careless with their money. Chances are, you really are brokeand not because you’re irresponsibleso you should see if you qualify for free or reduced rates.

    More Information

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    Chapter 7 Bankruptcy Exemptions In Oklahoma

    In Chapter 7, you discharge most or all of your unsecured debt by giving up all non-exempt property.

    A few examples of the types of debt which are discharged include:

    • Certain loans
    • Utility bills

    Exempt property typically includes your home, any necessary furniture, clothing, and any benefits you are receiving from the government.

    Common exemptions in Chapter 7 Bankruptcy in Oklahoma include:

    • Homestead – One acre if you live in a village, town, or city, or up to 160 acres otherwise
    • Motor vehicle – Up to $7500 in equity
    • Personal property – Includes books, clothing, college savings, food and seed for crops, guns, prescribed health aids, household items, livestock, and burial plots, among others
    • Wages – Up to 75% of those earned in the 90 days before filing for bankruptcy
    • Pensions – Includes retirement accounts and IRAs as well as job specific pensions for firefighters, teachers, police officers, and other public employees
    • Public benefits – Includes unemployment and worker’s compensation, social security, and public assistance, among others

    Other exemptions exist for alimony and child support, trade tools, settlement for personal injury, and more.

    Collect Your Oklahoma Bankruptcy Documents

    Do You Need A Lawyer For Bankruptcy In Oklahoma?

    There are a number of documents youâll need to collect when preparing to file your Oklahoma bankruptcy. Some of them, like your most recent income tax return and your recent pay stubs are needed under bankruptcy law. Others are helpful to make sure that youâre not forgetting anything when youâre filling out your forms.

    You may think that you have the information in your head and don’t need to look anything up, but it’s not that simple. Remember, you will be signing the bankruptcy forms under oath and penalty of perjury, so “accidentally forgetting” information can have serious consequences.

    To make sure your list of debts and debt collectors is as complete as possible, get a copy of your credit report from each one of the three reporting agencies. Youâll also need a full 6 months of paycheck stubs to complete themeans test calculation and your bank statements will come in useful when tracking your monthly expenses and putting together a budget for life after bankruptcy.

    Also Check: How Many Bankruptcies Has Donald Trump Filed

    Do I Have To Get Credit Counseling Before I File For Bankruptcy

    Yes. Before you file for bankruptcy, you must take a brief credit counseling class and get a certificate proving that you have done so. If you are planning to file jointly with your spouse, you can both attend the same counseling session, but each of you must get a separate certificate. You can usually take a class online or over the phone.

    The counseling class usually costs around $50 to $75 or less. However, federal bankruptcy law states that credit counseling agencies must provide credit counseling services without regard to a clients ability to pay and must disclose the possibility of a fee waiver or fee reduction before beginning the counseling session.

    Many critics of federal bankruptcy law see the credit counseling requirement as a bureaucratic obstacle for already-desperate debtors. Perhaps so. But try to make the most of your 90-minute session by getting as much free information as you can. You may be able to use it as a way to get a second opinion about your financial situation, and to gauge whether bankruptcy is, indeed, the right choice for your situation.

    For more information, see the the from the U.S. Department of Justice. When you’re ready to sign up for a counseling class, you can use this list of court-approved credit counselors.

    Once you’ve filed, you’ll need to take another online class — a “Debtor Education” class — before you can receive your final order discharging your debts.

    Can I Keep My House In Bankruptcy

    Oklahoma has one of the best homestead exemptions in the United States. Generally, filers of Chapter 7 or Chapter 13 bankruptcy keep their homes. If your primary residence is in a city, town, or village, and sits on one acre or less, the exemption for the equity in your home is unlimited as long as less than 25 percent of the home is used for business purposes. If your property is not in a city, town, or village and is on less than 160 acres of land, the exemption for the equity in your home is unlimited as long as less than 25 percent of the home is used for business purposes. There are also limits that require you to have lived in Oklahoma for a specified period of time to claim the exemption. If this applies to you, it can be discussed during the initial consultation.

    Read Also: Renting After Bankruptcy Discharge

    How To File Chapter 7 Bankruptcy In Oklahoma Without An Attorney

    The vast majority of bankruptcy filers in Oklahoma rely on the services of a bankruptcy attorney to pilot their filing through the maze of legal requirements. In the two bankruptcy courts serving the eastern parts of Oklahoma last year, more than 98 percent of all bankruptcy filers relied on the representation of an Oklahoma bankruptcy attorney.

    Yet, its still possible to file Chapter 7 bankruptcy in Oklahoma without an attorney. The practice is somewhat more common in Western District of Oklahoma Bankruptcy Court. Further West, filing for bankruptcy without an attorney or pro se is even more common. Nearly one in 10 Colorado bankruptcy cases in the governments fiscal year 2011 were filed without a lawyer. Pro se bankruptcy filings are most prevalent in central California. One in four bankruptcy filings there were filed without an attorneys representation.

    Those who file bankruptcy without an attorney often rely on various free online bankruptcy forms, do-it-yourself bankruptcy kits or bankruptcy paralegal services. Do-it-yourself bankruptcy kits may include references to U.S. bankruptcy laws, but they cant provide legal advice. Nor can a paralegal offer legal advice.

    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, heres an overview of the steps youll need to go through if you file Chapter 7 bankruptcy.

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    In recent years, more and more Americans have found themselves weighed down by significant debt. Struggling to pay bills and living expenses, dodging harassing phone calls, and losing sleep over financial worries drives many individuals to consider bankruptcy. However, some people discover they are unable to file for Chapter 7 bankruptcy. This is because they dont qualify under the strict

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