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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/is-a-kids-college-fund-in-bankruptcy-exempt-from-the-creditors/

Is A Kids College Fund In Bankruptcy Exempt From The Creditors

A college fund In bankruptcy often times is exempt from the bankruptcy court and creditors. As parents many of us have struggled to make sure we set aside money in a college fund for our kids. With the ridiculous cost of college its important to plan for our children’s future. Although the government offers some aid for college students the bulk of the money owes for tuition falls on the students. A properly established college fund in bankruptcy is exempt from the creditors and the court in Oklahoma.

If you are facing the difficult decision to file bankruptcy, you’ll have dozens of questions about how it works, what you can keep, and how it could affect your future. But one part of your future you want to be sure is protected is your children’s future. If you’ve begun saving for your children’s college, you’ll want to ensure you can protect their future college fund before filing chapter 7 bankruptcy.

Where Is The Money Kept?

You might be able to keep your children’s college fund money if you hold this money in a specific account. Most parents decide to use a 529 account to save for their children’s education. Here in Oklahoma, the Oklahoma 529 College Savings Plan is also called the OCSP, and you can begin your enrollment online. The state operates the OSCP.

To set up a 529 account as a parent, you will be the account’s owner. This means that the money in the account is yours until your children turn eighteen. Many parents assume that because the money is theirs, they can lose it to bankruptcy. However, that is not the case. When setting up the 529 accounts, you must provide a beneficiary for the account. Your child will be the beneficiary of the account.

What Happens To The Money?

Under the federal bankruptcy code, exemptions exclude 529 plans from being an asset bankruptcy proceedings can seize. Under Chapter 7 and Chapter 13 bankruptcy proceedings, the 529 plan protects your children’s money.

The money in the 529 accounts must be for your child or children. If you set the account up for yourself, your grandkids, or another child in your life, the money will not be protected through bankruptcy proceedings. In this case, your creditors can claim the money and use it to pay off your debts.

How Much Is Protected?

Although some money in a 529 plan can be exempt from bankruptcy proceedings, it does not mean you can transfer all of your remaining assets into the account to prevent creditors from liquidating it during the bankruptcy. Any recent transfers into the account can be penalized. The federal bankruptcy code also only protects a specific amount of money in your 529 plan.

In a 529 plan, you will only be able to keep up to $6,225 per beneficiary safe from seizure. The money must also have been in the account for at least one year to be exempt from seizure. These extra protections are designed to prevent individuals from abusing the 529 accounts.

Our Tulsa Attorneys Protect Your Child’s Future

If you or a loved one are considering bankruptcy, the attorneys at South Tulsa Bankruptcy Lawyers can help you understand the rules and process. We can assist you through the difficult time you’re experiencing. Our Tulsa, Oklahoma attorneys are experienced in bankruptcy proceedings and ready to help you determine how to best handle your current situation while protecting your child’s future. Call (918) 739-8984 today to schedule your appointment or contact us online.

https://tulsabankruptcylawyers.net/is-a-kids-college-fund-in-bankruptcy-exempt-from-the-creditors/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/tulsa-bankruptcy-caused-by-the-pandemic/

Tulsa Bankruptcy Caused by The Pandemic

Bankruptcy Caused by The Pandemic is rising at a dizzying rate. Top companies in our State are facing bankruptcy situations because of this terrible pandemic that has been ongoing for almost a year now. Slow digital transition and poor financial management has, in particular, affected certain retailers. There have been several cases of some brick and mortar retailers not being able to pay their rent and forced to file bankruptcy.

Bankruptcy and The Retail Sector in Oklahoma

Retail (32%), food service (7%), oil and gas (30%), and travel and tourism (7%) are the sectors with the most liquidation and insolvency filings as per data collected by the leading data and analytics company, GlobalData.

Food service and retail companies have faced insolvency and bankruptcy because of their procrastination in regards to going digital. Tourism and oil and gas experienced waning consumer interest and demand. Retail companies, such as J. Crew and J.C. Penney have suffered greatly because of the pandemic stemming from the Wuhan virus.

The situation is even worse for retail chains in Tulsa that couldn’t make the transition to digital sales quickly enough. The shuttering of brick and mortar stores have driven some chains to the point of insolvency – more so in lock down states which is not the case for Oklahoma. In May 2020, J.C. Penney had to file for bankruptcy because of their ultra-low consumer demand and piling debt.

The Oil Sector and Oklahoma Bankruptcy Cases

The oil and gas sector, many companies within this sector, are on the verge of liquidation and bankruptcy filing. There is a steep depreciation in the demand for oil that has caused prices to hit rock bottom. Such low prices have driven companies, such as Chesapeake Energy and Whiting Petroleum Corp. (Oklahoma City), to file for bankruptcy.

Some Pizza Hut’s, NPC International, and some Wendy’s franchisee have also filed for bankruptcy in the food service sector. Starbucks, McDonald’s, and the Whopper selling Burger King quickly adapted to changing consumer demands just like they did when confronting high minimum wage laws in other states. In addition, many small restaurant chains have experienced a significant decline in consumer volume.

LATAM Airlines recently filed for bankruptcy protection under Chapter 11 in the United States. Virgin Atlantic ratified Chapter 15 bankruptcy protection to shield its assets from creditors in the United States.

Between June and August 2020, liquidation, bankruptcy, and insolvency saw a 250% rise in all company filings.

Don’t Hesitate to Discuss Bankruptcy Options

Thousands of dollars are spent by Oklahoma residents in settling their debts. Unfortunately, in most cases the debt management program is unsuccessful, and people still end up facing bankruptcy. You are not alone if you are facing difficulty paying your bills.

Many Americans, along with people all over the world, in the pandemic era are living paycheck, or unemployment check, to paycheck where a single missed paycheck could bring them to bankruptcy or foreclosure. Nobody wants to file for bankruptcy. But, a lot of hardworking and good people end up filing for one.

The majority of people filing for bankruptcy have tried to settle their debts to the best of their capacity. However, they don’t have any other place to turn except take the final step of liquidation. However, you don’t need to be embarrassed or hesitant to talk about bankruptcy.

Consult with a Seasoned Bankruptcy Attorney in Tulsa

Bankruptcy caused by the pandemic is on the rise. The team at South Tulsa Bankruptcy Lawyers is here to help you determine whether bankruptcy is the right choice for you. We understand individual cases and recommend particular forms that best suit a client’s needs. We understand it is not easy to choose to file for bankruptcy. This is why as your Oklahoma bankruptcy attorney we will do everything in our power to make the situation less overwhelming, confusing, and daunting. Give us a call today at 918- 739-8984 or use our online form to schedule a free case evaluation.

https://tulsabankruptcylawyers.net/tulsa-bankruptcy-caused-by-the-pandemic/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/can-i-use-my-credit-card-to-pay-for-bankruptcy-in-oklahoma/

Can I Use my Credit Card To Pay For Bankruptcy in Oklahoma

Using your credit card to pay for bankruptcy in Oklahoma can cause you more problems then you think. Many people, to no fault of their own, find themselves struggling with mounds of debt. Debts such as credit card bills, medical bills, signature loans, and other mounting indebtedness can have people looking for some relief. If you find yourself in that situation, bankruptcy may be right for you. Oklahoma Bankruptcy allows you to take control of your situation and gives you a fresh financial start. However those considering bankruptcy will also have to consider how to pay the expenses associated with bankruptcy attorney.

Costs Associated with Bankruptcy

When you hire a Tulsa bankruptcy attorney to file a Chapter 7 bankruptcy you should be prepared to pay the following expenses:

· The Attorney fee charged by your lawyer for advising you and preparing the pleadings in your case to be filed with the court.

· The filing fees paid directly to the court,

· Pre-filing credit counseling,

· The fee for a Credit Report, and

· Post-filing credit counseling.

With the exception of the post-filing credit counseling these expenses must be paid in full before the bankruptcy can be filed. Some attorneys allow their clients to pay the attorney fee in installments as long as they are paid in full before the bankruptcy is filed.

Paying Attorney Fees In Installments

For people who cannot afford the full attorney fee all at once, some attorneys allow clients to pay their attorneys’ fees in installments. Once a Chapter 7 or chapter 13 is filed an automatic stay is triggered which prohibits collection efforts of any kind. Therefore if an attorney fee remains uncollected it will ultimately be discharged in the bankruptcy. People have asked if they can use their credit card to pay their bankruptcy attorney.

Can I Use My Credit Card to Pay My Bankruptcy Lawyer?

Generally speaking Bankruptcy law prohibits attorneys from advising their clients to incur debt on the eve of a bankruptcy filing. This includes charging services on a credit card or taking out cash advances. So for those of you wondering if you can pay with a credit card. The answer is no. But, on the other hand you can use a friends or family members credit card to pay for your bankruptcy if they agree to help you. Some attorneys, however, will also accept debit cards because those amounts come directly from your checking account. There is nothing in the bankruptcy code that prohibits your friends and family from funding your legal services with a credit card of their own.

Bankruptcy Attorneys In Your Corner.

Our Tulsa bankruptcy lawyers are in it for you. We have filed thousands of chapter 7 and chapter 13 bankruptcy cases throughout the Sate. In the vasy majority of cases our clients have received a fresh start and have moved on with their life happy and debt free. Call today and get a free consultation

https://tulsabankruptcylawyers.net/can-i-use-my-credit-card-to-pay-for-bankruptcy-in-oklahoma/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/can-you-file-oklahoma-bankruptcy-on-a-cannabis-dispensary/

Can You File Oklahoma Bankruptcy on a Cannabis Dispensary

Oklahoma Bankruptcy on a Cannabis Dispensary is controlled by Federal Law. Businesses have been hit particularly hard due to Covid-19.  This problem is particularly painful for Oklahoma medical cannabis dispensaries because they are not able to take advantage of federal assistance since marijuana is illegal under federal law. Even worse, medical marijuana dispensaries likely cannot file bankruptcy protection in Oklahoma. Here’s more on the conundrum.

What Are Medical Marijuana Dispensaries?

On June 26, 2018, Oklahoma voters approved Oklahoma State Question 788 (SQ 788), known as the Medical Marijuana Legalization Initiative. Essentially, Oklahomans supported the measure to legalize the use, possession and cultivation of marijuana for medical purposes. As of August 24, 2018, people have been allowed to apply for licenses with Oklahoma Medical Marijuana Authority (OMMA). Notably, OMMA has issued thousands of medical marijuana dispensary licenses which enable Oklahoma businesses to sell flower, concentrates, edibles and more to patients and caregivers in the state. As of year-end 2020, Oklahoma boasts one of the largest medical marijuana dispensary markets.

Oklahoma Bankruptcy on a Cannabis Dispensary Not Yet Available

Particularly, while Oklahoma has made medical marijuana legal, the federal government has not. Critically, federal law controls bankruptcies in the United States. When a business experiences unmanageable debts, they often file for bankruptcy protection as a last resort. This enables them to potentially eliminate debts through a discharge in bankruptcy. So, because the federal government has not made marijuana legal, Oklahoma bankruptcy on a cannabis dispensary is not eligible for bankruptcy.

Fortunately, the U.S. House of Representatives just passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) which removes marijuana from the list of federally prohibited controlled substances. This landmark legislation, which has been received in the Senate on December 7, 2020, could change the protections that are available to medical marijuana dispensaries. Authored by Congressman Jerry Nadler (D-NY), this bill seeks to accomplish federal legalization through a few specific means including:

Decriminalizing marijuana at the federal level by removing the substance from the list of scheduled substances under the Controlled Substances Act

Allowing states to set their own policy on marijuana

Requiring federal courts to expunge prior convictions

Available Options To A Financially Burdened Cannabis Dispensary

If you own a medical marijuana dispensary, then although bankruptcy is not a current option, other alternatives to it might still be on the table. First and foremost, assuming the debt is valid, you could privately arrange or workout unresolved debts with creditors before they file suit. If you arrange a workout, then you might be able to avoid a lawsuit, and you could negotiate a resolution that works for everyone.

Also, you could enter into an assignment for the benefit of creditors which is where you assign assets to a third party before winding up. A more invasive and controversial measure is a receivership which is where a creditor petitions the court for a third party to take control of your dispensary. In those cases, while you lose managerial control – you still might be permitted by the court to effect sales of the company’s assets. If you are able to control that process, you might ultimately owe less debts.

Hiring An Attorney To Help Resolve Your Financial Dilemma

The attorneys at South Tulsa Bankruptcy Law Office have extensive experience with bankruptcy and bankruptcy alternatives for individuals and businesses. We will carefully review your situation, risk exposure and goals. We are well versed on crafting strategies to fit your financial needs, taking into account all viable options. For a free consultation, reach out to South Tulsa Bankruptcy Law Office today by calling (918) 739-8984 or by contacting us online.

https://tulsabankruptcylawyers.net/can-you-file-oklahoma-bankruptcy-on-a-cannabis-dispensary/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/chapter-7-bankruptcy-in-oklahoma/

Chapter 7 Bankruptcy in Oklahoma

Chapter 7 Bankruptcy in Oklahoma is the most popular form filed in our state. With record breaking employment brought on by Covid-19, Americans are having a harder time than ever before with making ends meet. Some individuals are accumulating potentially unmanageable debt loads, leaving little to no room for a resolution other than filing for bankruptcy.

In the United States, there are a few different types of bankruptcies, some of which may or may not apply to you. Chapter 7 bankruptcy is known as a straight or liquidation bankruptcy that could enable you to completely rid yourself of your unmanageable debts. Here’s more on how this works, and what you could do to determine what is best for your financial situation.

Chapter 7 Bankruptcy Is About Giving You A Fresh Start

Chapter 7 bankruptcy in Oklahoma is about giving you a fresh start through the discharge (elimination) of certain of your debts. Bankruptcy seeks to discharge all of your debt through the sale or liquidation of your assets. Individuals, partnerships, and corporations are all eligible for this type of bankruptcy.

Notably, a Chapter 7 bankruptcy case does not involve any repayment plan. Rather, the Bankruptcy Code calls for someone who is known as a bankruptcy trustee to gather and sell some or all of your assets and then pay the proceeds to those who you are indebted to (your creditors), with certain of your creditors having a greater priority than others for repayment.

With this type of bankruptcy, you get to keep certain property such as your clothing, a car and other household goods (your exempt property). Although the filing of a petition under Chapter 7 could result in the loss of some of your property that you hold near and dear, a good portion of people who file Chapter 7 keep almost all of their personal property and assets.

Eligible For Chapter 7?

Whether you have a small or large amount of debt, or whether you are solvent or insolvent, you could be entitled to Chapter 7 bankruptcy. However, eligibility for Chapter 7 is based on a few different factors. If your current monthly income is above the state median, the court applies a means test to determine if you are eligible. This test takes into account your income to determine if Chapter 7 would be improper (presumptively abusive).

More specifically, abuse is presumed if your current monthly income over the past 5 years (net of certain allowable expenses) exceeds either (a) $12,850 or (b) 25% of your nonpriority unsecured debt as long as the amount is no less than $7,700. Notably, you could overcome this presumption by showing that you have special circumstances which justify adjustments of currently monthly income or additional expenses. Unless you overcome the presumption of abuse, then your case will typically get dismissed or it might get converted to a Chapter 13 bankruptcy which involves a plan for you to repay all or a portion of your debts.

The Chapter 7 Process

First, you file a petition with the United States Bankruptcy Court either in the area where you live, where your business is organized, or where the principal place of business or assets is located. In Oklahoma, this could be the Eastern District of Oklahoma, the Western District of Oklahoma or the Northern District of Oklahoma. Be prepared to file:

schedules of your assets and liabilities, including information about your property and your creditors

schedules of your current income and expenses (food, clothing, shelter, taxes, utilities, transportation, etc.)

a statement of your financial affairs along with your tax returns

a schedule of your executory contracts and unexpired leases

Also, if you are filing for Chapter 7 bankruptcy in Oklahoma for yourself (not your business), and you mainly have consumer debts, then you have to provide additional documents including a certificate of credit counseling; a copy of any debt repayment plan; statement of net income and anticipated expenses after filing; evidence of any payments that you receive from your employer within 60 days prior to filing; and a record of anything that you own in a state or federally qualified education or tuition account.

As for court costs, you’ll be charged a $245.00 case filing fee, a $75.00 administrative fee, and a $15.00 trustee surcharge. However, it may be possible for you to avoid this fee if your income falls below 150% of the poverty level and it is not possible for you to pay in installments.

Once you file, the case is assigned to a bankruptcy trustee. The role of the trustee is to administer your case and to liquidate your nonexempt assets. The trustee accomplishes this by selling your property if it is free and clear of liens. Note that the majority of individual Chapter 7 cases involve little or no assets. In those situations, the trustee will normally file with the court a “no asset” report, and there will be no distribution to unsecured creditors.

Discharge In Bankruptcy

A discharge relieves individual debtors from personal liability for most debts. It also prohibits the creditors who are owed those debts from initiating legal actions to collect against you. Chapter 7 discharge has multiple exceptions, so it’s important for you to discuss your situation with an experienced bankruptcy attorney before filing to learn more about what debts may or may not be discharged.

In most cases, unless a party in interest files a complaint objecting to the discharge or a motion to extend the time to object, the bankruptcy court will issue a discharge approximately 60 to 90 days after the date set for the meeting of creditors. This mandatory meeting, which is where you are placed under oath and questioned by the trustee and your creditors, takes place approximately 21 to 40 days after filing your petition.

Although rare, situations in which you might be denied a discharge include the court finding that you did not produce adequate financial records or books; you did not sufficiently explain your loss of assets; you committed perjury; you failed to abide by a court order; you fraudulently concealed, transferred or destroyed property that would have been part of the bankruptcy estate; or you did not take your instructional course relating to financial management.

Tulsa Bankruptcy Attorneys

If you are dealing with an unmanageable debt situation and are contemplating bankruptcy, you should consult with a bankruptcy attorney. South Tulsa Bankruptcy Lawyers Law Office has helped countless clients with bankruptcy-related matters. Our goal is to obtain the best results for our clients and to provide quality services at a reasonable cost. Get in touch with South Tulsa Bankruptcy by calling (918) 739-8984 or by contacting us online.

https://tulsabankruptcylawyers.net/chapter-7-bankruptcy-in-oklahoma/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/cars-in-bankruptcy/

Cars in Bankruptcy

What happens to cars in bankruptcy can be a scary thing. Most people simply do not know what to expect when they file bankruptcy. One of many reasons that people file bankruptcy in the first place is that they’ve had a repossession. Another reason may be that they’ve been buried in a car that doesn’t run anymore or that other debt has them unable to make a car payment. One of the primary things people want to know is what happens to their cars when they file bankruptcy in Tulsa. The answer to the question is that it depends on what kind of bankruptcy you file.

Surrender The Car

When you file chapter 7 you have the right to surrender your car in bankruptcy and to stop making the monthly payments.  You will be relieved of your obligation under the original note when you receive your discharge in the case. Unfortunately it does mean you have to give up your transportation.  This might be more acceptable if you have more than one car and are simply looking to be relieved of some of your obligations.

Do Nothing And Keep Paying

Another option you have is you can do nothing, keep your cars in Bankruptcy and continue making your monthly payments. You will get to keep your car but your payment history will not be reported to the credit bureaus. If you are confident you will engage in good credit practices and you do not owe more than what the vehicle is worth, you may decide to reaffirm your original debt.

Reaffirm Your Original Loan

Reaffirming your original loan means you will enter another agreement with your original creditor.  You usually have to agree to pay the amount you owe at the same interest rate. Here you keep your car and make the monthly payments defined in your reaffirmation agreement. The bankruptcy court has to approve your reaffirmation agreement. If your reaffirmation agreement is approved and you make the agreed upon payments you will gain some positive credit history. However, if you owe much more than what the vehicle is worth, it may benefit you to seek a redemption order.

Redeem Your Vehicle

Redemption is when you purchase your vehicle from the original creditor for the fair market value of your car. Some lenders will agree to loan you the fair market value or the redemption value of your car.  Once you obtain pre-approval for your car redemption, the lawyers at South Tulsa Bankruptcy Lawyers will file a motion with the bankruptcy court on your behalf.  If the motion is granted, your original creditor will be required to accept the fair market value as full payment.

Trustee Can Sell Your Vehicle

Probably the worst case scenario is the trustee assigned to your case compels you to sell your car.  In Oklahoma, every debtor in bankruptcy is entitled to a $7500 exemption for their car. However in some cases the debtor’s car is worth much more than the $7500.  For example, If your car is worth $17,500 and you do not owe anything on the car, the trustee can claim the difference between the fair market value and your exemption or $7500.00  The trustee will then use the funds to pay back your creditors.

Bankruptcy Law Firm Near You

Filing bankruptcy can be scary. People fear that the worst is going to happen. They may also feel like they’ve got very few options. This is simply untrue. You can file either a chapter 7 or a chapter 13 bankruptcy. In both cases you have options for your vehicles and for your other assets. Call our Tulsa bankruptcy and get a free consultation.

https://tulsabankruptcylawyers.net/cars-in-bankruptcy/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/filing-a-proof-of-claim-in-bankruptcy/

Filing a Proof of Claim in Bankruptcy

Filing a Proof of Claim in Bankruptcy is something creditors do in a bankruptcy. During troubling times more and more people and organizations are turn to bankruptcy. Generally speaking people either file bankruptcy under Chapter 7 or Chapter 13.  In either case, the person filing the bankruptcy has to list all of their creditors. This could include you if you’re owed money.  This may mean, you’re never getting paid.  However if you follow some simple steps you may still collect your debt.  The foundation rule is to get paid in any bankruptcy you must file a Proof of Claim in the Oklahoma Bankruptcy Court.

Creditors File Proofs of Claims

When someone owes you money and they file a Chapter 7 bankruptcy they are looking to discharge what they owe. A Discharge is a court order that relieves them of the obligation to pay. But before they receive a discharge a debtor must disclose all assets and debts.  This is to insure the debtor cannot pay his creditors.  The bankruptcy court will appoint a trustee. The trustee’s job includes examining all of the debtor’s disclosures to determine whether there are enough assets to pay creditors. The trustee will only consider paying creditors whom have filed a Proof of Claim.

Filing a Proof of Claim does not mean you’ll be automatically paid.  However, a Proof of Claim constitutes prima facie evidence of the validity and amount of your claim. The Proof of Claim informs the trustee in the case about your claim. To satisfy the court, the Proof of Claim must include the debtor’s name, the case number, creditors name, mailing address, amount owed, the basis for the claim and whether the claim is secured by collateral, priority or unsecured. There is generally a form available on the Court’s website. Once all the claims are filed secured and priority claims are paid first. Then unsecured creditors are paid if there are enough assets to cover the claims. But the basic rule applies; if you do not file a Proof of Claim you will not get paid.

Filings Objections to The Proof Of Claim

A Proof of Claim is recognized as valid if there are no objections filed. Anyone that may be negatively impacted by the claim can file an objection. If an objection to your Proof of Claim is filed with the Bankruptcy Court, the person objecting must prove to the court that the claim is invalid and should not be paid.  Typically the objecting party will be the trustee, another creditor, or the debtor themselves.

Bankruptcy Attorneys Near You

Whether you’re a person filing bankruptcy or a creditor in the bankruptcy listing all of the creditors is important. If you don’t list the creditor you might not be able to get the debt forgiven. If you’re owed money and you don’t file a proof of claim you may not get paid any money if there’s any to get. Regardless of which party you are if you need information involving bankruptcy law we can help. Free case evaluation with an Oklahoma attorney at 918.739.8984

https://tulsabankruptcylawyers.net/filing-a-proof-of-claim-in-bankruptcy/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/coronavirus-impact-on-oklahoma-bankruptcy-courts/

Coronavirus Impact on Oklahoma Bankruptcy Courts

Coronavirus Impact on Oklahoma Bankruptcy has changed the way bankruptcy lawyers and courts do business throughout the State. With mounting positive tests and increased death rates the State is grappling with how it protects its citizens and how the courts process bankruptcy filings. With the onslaught of the virus the need for bankruptcy lawyers and the bankruptcy courts in Oklahoma to do its part in stemming the virus is paramount.

Meeting With Your Local Bankruptcy Attorney

With the need to limit personal contacts most attorneys are meeting with their bankruptcy clients in a more controlled environment. This means that office visits are still being done but with more of a focus on Covid-19 awareness. Towards this end we are trying to keep client meeting spread out so that the number of people in our office at any one time is reduced. Additionally our bankruptcy attorneys are doing more intakes over the phone or by email. Chapter 7 and 13 bankruptcy signings are all being done in our Tulsa office just as in the past.

Bankruptcy Court in Muskogee

Cases filed in the Eastern District Bankruptcy Court are heard in Muskogee. This is fairly new as Eastern District cases were formally heard in Okmulgee County. Nonetheless, the only reason we go to court in a bankruptcy cases is for the 341 meeting. Each bankruptcy Trustee is handling things a little different but its all a veneration of the same thing. Most cases are being done over the phone. You’re either coming to our office and having the meeting telephonic ally or you dial in from home.

Bankruptcy Court in Tulsa

Cases filed in the Northern District Bankruptcy Court take place in Tulsa. The Court is located on South Boulder Ave and the meetings are held as always in the basement conference room. Just like the bankruptcy courts in Oklahoma City and Muskogee the trustees are practicing Covid-19 safe practices. This means that your 341 meetings are being held by telephone or in some cases by written questions.

Bankruptcy Attorneys Near You

If you’ve been laid off or furloughed due to the recent virus it may be taking its tole on you. From reduced hours at work to potential medical claims bankruptcy may be the answer to your financial problems. Call or come in to our office for a free bankruptcy consultation.

https://tulsabankruptcylawyers.net/coronavirus-impact-on-oklahoma-bankruptcy-courts/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/bankruptcy-in-oklahoma-during-the-coronavirus/

Bankruptcy in Oklahoma During The Coronavirus

Bankruptcy in Oklahoma during the coronavirus pandemic is proceeding just as before the virus started. The difference is that the number of filings is expected to grow. As the number of virus cases in Oklahoma increases so does the economic strain that many of our businesses and people are facing. The department of labor predicts that the number of unemployment claims in the State could double and triple. The impact this is having on our State is placing many people in economic distress unlike anything we’ve seen before. If you’re facing financial problems bankruptcy may be for you.

Covid-19 Impact on Businesses

As the virus spreads the local and federal governments require more and more businesses to shut their doors and send their employees home. How a business whethers the storm really depends on what industry it’s in. If you’re a business owner and your business is a local restaurant or bar the pain is obvious. On the other hand if you’re in an industry that sees increased demand in this kind of crises the story is different.

For those businesses that are forced to shutter their doors bankruptcy may be a solution. When you file the creditors are stayed from all collection activity against you. This is part of the bankruptcy code and is called the automatic stay. Other provisions in the Oklahoma bankruptcy code will also offer you relief.

Coronavirus and Consumer Bankruptcy

Consumers begin to feel the financial difficulty associated with the virus first. Once you get sent home from work the checks stop. Although your checks stop the bills do not. Rent or mortgage payments are your first concerns and this doesn’t even consider car payments and food. Additionally, as the virus spreads and more people fall ill we may have mounting medical bills that go unpaid.

Bankruptcy Options and Coronavirus

If you’re going through any financial problems whether related to the virus or not bankruptcy can help you. A chapter 7 bankruptcy gives you a fresh financial start by forgiving 100% of the debt. This includes credit card debt medical bills, repossessions, forecloses together with most other types of unsecured debt. To file a chapter 7 you have to qualify. To qualify you must make under a certain amount of money each month. Another requirement is that you cant have filed chapter 7 in the last 8 years. In the event you don’t qualify for a chapter 7 you may qualify for a chapter 13. The primary difference between the two is that a chapter 13 is for those people whose income is to high for a chapter 7.

Tulsa Bankruptcy Lawyers Near You

If you live in Oklahoma and you’re suffering from the recent financial downturn we can help you. Bankruptcy in Oklahoma during the coronavirus is increasing as the virus spreads. Whether it’s a chapter 7 or a chapter 13 you can get help. Our bankruptcy attorneys file cases in every part of the State and have filed nearly 2000 cases with nearly 100% of those cases ending in a discharge of your debt.

https://tulsabankruptcylawyers.net/bankruptcy-in-oklahoma-during-the-coronavirus/

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New Post has been published on South Tulsa Bankruptcy Lawyers

New Post has been published on https://tulsabankruptcylawyers.net/credit-score-after-filing-oklahoma-bankruptcy/

Credit Score After Filing Oklahoma Bankruptcy

Your Credit Score After Filing Oklahoma Bankruptcy is impacted in many ways that you might not have expected. Those who are considering bankruptcy will often worry that their credit score will never recover or that they won’t be able to have a good credit score ever again. The reality is, however, that rebuilding credit is not as difficult as it seems. Creditors will offer loans, credit cards, and other services to those who have filed for Chapter 7 bankruptcy in the past, which means it is possible to rebuild and improve the credit score.

What Happens to Debt During Bankruptcy?

During bankruptcy, debts will either be paid down or paid off depending on the type of bankruptcy filed. Some debts, however, will not be removed through bankruptcy. This includes student loans, child support, alimony, debts for civil court cases, and fines or penalties owed to the government. If the debt is covered by the bankruptcy, it will be completed when the bankruptcy is finished. This means the filer won’t have to worry about paying anything further towards the discharged debts when the bankruptcy is done.

How is a Credit Score Impacted by Bankruptcy

A bankruptcy generally stays on the filer’s credit report for 10 years. This sounds a lot worse than it actually is. Though it is possible for lenders to see the bankruptcy, the effectiveness of the bankruptcy does wear off over time. It can impact the filer’s credit score significantly in the first year after completing the bankruptcy, but it starts to have less of an impact as time goes on. This means it’s possible to start rebuilding credit quickly.

How to Start Rebuilding Credit Today

Your credit score after filing Oklahoma bankruptcy can be repaired quicker than you think. Many people worry that no one will lend them money or give them a credit card after they file for bankruptcy. Most people who file, however, are surprised that it’s easier than they thought to start rebuilding credit. Once the bankruptcy is finished, the debts owed are gone, so your debt to income ratio is greatly reduced. Plus, it’s only possible to file for bankruptcy once every eight years, so creditors are often more likely to lend you money realizing that you cant file again for some time.

Those who do file for bankruptcy can start applying for new credit as soon as they would like. It is a good idea to first set up an emergency fund to pay any debts in case of job loss or illness, so they don’t end up having to file for bankruptcy again in the future. Once they have an emergency fund, they can start rebuilding credit by obtaining a secured credit card, co-signing on a loan with a qualified co-applicant, or by becoming an authorized user on an account. It is important to make sure all creditors are reporting the timely payments to the credit bureaus to ensure it is helping rebuild their credit.

If you’re considering filing for bankruptcy, there’s no need to worry about your ability to rebuild your credit in the future. A consultation with a lawyer can help you learn more about the specifics for your situation as well as to understand what can happen after the bankruptcy is finished.

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Oklahoma Chapter 7 Bankruptcy Information

Understanding bankruptcy begins with a healthy dose of Oklahoma chapter 7 bankruptcy information. This starts by understanding that you’re not alone in your financial woes. In fact, our Tulsa bankruptcy lawyers have filed nearly 2000 bankruptcy cases and the number is still growing. The United States Bankruptcy Court for the Eastern District of Oklahoma processed 1422 bankruptcy filings between January and November of 2019. Of these, 1269–or nearly 90 percent–were submitted pursuant to Chapter 7 of the federal Bankruptcy Code.

Although 2019 statistics are not yet available for Oklahoma’s Western District, the Northern District amassed roughly proportional numbers. Oklahomans file for Chapter 7 bankruptcy at rates far exceeding those typical of the other forms defined under federal law.

Even the second-most common type of bankruptcy in Oklahoma, that described in Chapter 13, only accounts for around 10 percent as many filings as Chapter 7. Chapter 7 bankruptcy is a distinctive form of the process that quite often ends up being the most suitable of all for particular debtors.

Wiping The Slate Clean With a Chapter 7

People considering bankruptcy typically end up choosing between Chapter 7 and Chapter 13. There’s several other forms of bankruptcy described under federal law, but two of these are aimed at municipalities and foreign entities, respectively, making them irrelevant to individual Oklahomans.

While Oklahomans do sometimes file for Chapter 11 bankruptcy, this form of the process is normally best suited to businesses and those few people with particularly complex personal financial situations. That leaves most Oklahoma residents who consider bankruptcy choosing between the Chapter 7 and Chapter 13 forms.

Chapter 7 wins out so often because it is the most definitive and simplest form of bankruptcy relief available to individuals. While a successful Chapter 7 filing “may result in the loss of non-exempt property,” it can also allow for the elimination of most or all of the petitioner’s debts at a single stroke.

Qualifying for Chapter 7 Bankruptcy

Naturally enough, there are fairly strict requirements that debtors must satisfy in order to qualify for this form of bankruptcy. The most significant of these concern income levels, with debtors needing to fall into at least one of two groups to be considered eligible for Chapter 7.

Oklahomans with income over the preceding six months that falls below the state’s median will normally be deemed qualified under the Chapter 7 means test. Others whose disposable income totals less than a certain amount can qualify, as well.

Chapter 7 Exceptions, Exemptions, and Other Issues

Evidence of relevant fraud and other types of malfeasance can still render a debtor ineligible for Chapter 7 bankruptcy even after passing the means test. As many know, student loans cannot normally be discharged under any form of personal bankruptcy, although there are some exceptions.

While some kinds of assets are normally open to liquidation under Chapter 7 bankruptcy, there are plenty of well-defined exceptions. Unlike some other states, Oklahoma maintains its own list of potentially exempt property and does not allow debtors to opt into the federal system.

Title 31 of Oklahoma’s statutes, though, provides for the protection from liquidation under Chapter 7 bankruptcy of many primary residences, personal vehicles, and other potentially valuable types of property. Personal property that is not deemed exempt will normally be sold off by a bankruptcy trustee so the proceeds can be distributed among creditors.

While filing for Chapter 7 bankruptcy therefore always has to be considered a significant step, it can also be a particularly productive one. That is why so many financially distressed Oklahomans opt for this form of bankruptcy every year.

Free Oklahoma Chapter 7 Bankruptcy Information

Deciding when its time to file bankruptcy requires a healthy dose of Oklahoma Chapter 7 bankruptcy information. This isn’t hard to find when you know who to call. The attorneys at South Tulsa Bankruptcy Lawyers provide help to people and businesses through out the State and want to talk with you. Get a free consultation and get the facts you need to wipe out your debt.   

https://tulsabankruptcylawyers.net/oklahoma-chapter-7-bankruptcy-information/

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Mayes County Bankruptcy Lawyers

The Mayes County Bankruptcy Lawyers at South Tulsa bankruptcy understand how to deal with debt collectors. If you’re facing hard times with bad debt we understand the position that you’re in. People find themselves in financial trouble for all kinds of reasons. Some reasons involve unforeseen medical problems that put you out of work. Other problems involve repossessions and foreclosures or payday loans that end up in a garnishment. One of the questions people have about bankruptcy is how often you can file. If this is you read on. Otherwise read through our law blog and discover bankruptcy information that’s interesting to you.

How Often Can I File Bankruptcy in Oklahoma

If you’ve filed bankruptcy before you can file again. How long you have to wait depends on which chapter of bankruptcy you’ve filed before. If you’ve filed a chapter 7 its easy. You have to wait 8 years before you can file again. The time you have to wait runs from the date your prior cases was filed not the date it was discharged. This is to your advantage because from the time a case is file until it closes is usually about 90 days. If

If on the other-hand your prior bankruptcy was a chapter 13 the rules are a little different. If the prior chapter 13 paid out 100% to your creditors you can file within twelve months of the case closing. If your repayment plan was less than 100% the time you have to wait is two years. If the prior bankruptcy is a chapter 7 you have to wait four years to file a chapter 13.

Mayes County Bankruptcy Lawyers Near You

The Mayes County Bankruptcy Lawyers at South Tulsa Bankruptcy are here to help you. When your facing financial problems you don’t have to go it alone. Our Oklahoma bankruptcy attorneys file cases throughout the State. Over the past 20 years we’ve filed nearly two thousand cases. We love bankruptcy and would love to help you with yours.

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Bankruptcy Rules in Tulsa Okla

Bankruptcy Rules in Tulsa Okla depend on which Federal Bankruptcy Court in Oklahoma that your case is filed in. What a lot of people don’t really know is that the bankruptcy rules in Oklahoma are some of the most favorable in the United States. If you’re suffering from debt that you can’t pay back and you’re lucky enough to live in Oklahoma we can help.

Chapter 7 Bankruptcy Rules

Bankruptcy Rules in Tulsa Okla for filing chapter 7 are the same regardless of what County you live in. The thing about a chapter 7 is that it’s perhaps the best bankruptcy you can file. The reason its the best is that it literally wipes out most of your debt. Its hard to believe but chapter 7 bankruptcy gives you a fresh financial start. The thing about a chapter 7 is that the rules to qualify are set in stone. This means that if you don’t qualify there’s very little room to change that. Some of the rules are as follows:

Your yearly earnings must be below a certain amount.

There is a time limit between filing chapter 7 cases

You must live in Oklahoma when you file and you must have been here for six months prior to filing.

Together with your bankruptcy lawyer determine what property is exempt.

Pay a filing fee together with any attorney fee due

Take a real simple on line credit counseling from a court approved credit counselor.

List all of your creditors including the account numbers and mailing address.

Bankruptcy Rules For Chapter 13

Chapter 13 Bankruptcy Rules in Tulsa Oklahoma are different than they are for a chapter 7. Chapter 13 bankruptcy rules focus on the amount of money you make per year. The rules in Oklahoma for chapter 13 also focus on what kind of property and debt that you owe. The vast majority of people file a chapter 13 because they make to much money for a chapter 7. Another big reason to file a chapter 13 is for those home owners that are behind on their home mortgage payments. If you’re facing a foreclosure on a home chapter 13 bankruptcy rules will help save your home. Some of the rules for chapter 13 are as follows:

Must have sufficient yearly earnings to make a plan payment.

Must make a chapter 13 plan including payments to creditors.

Must determine the amount of the payment and how much each creditor will receive if anything.

Decide what priority debt each creditor has

Gather proofs of claims from creditors.

Oklahoma Bankruptcy Attorneys Near You

If you find yourself behind on bills, facing garnishments or foreclosure we will help you. With twenty years of experience helping people all over Oklahoma file bankruptcy we know what to do. Chapter 13 or chapter 7 we do them both. Call today and get a free consultation with a bankruptcy attorney near you.

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Affordable Bankruptcy in Tulsa OK

Sometimes affordable bankruptcy in Tulsa OK seems difficult to find. Its frustrating given that many bankruptcy law firms charge out of this world fees to file. Many people think bankruptcy is less affordable then it really is. Still more think they cant even afford to file. The truth is that affordable bankruptcy in Tulsa Ok is just around the corner. The attorneys at South Tulsa Bankruptcy Lawyers have provided cheap bankruptcy in Oklahoma for twenty years.When you file as many cases as we do its easy to keep your prices affordable.

How Much Does Oklahoma Bankruptcy Cost

The first cost you’ve got to consider when filing bankruptcy is the filing fee. The amount of the filing fee you’ve got to pay depends on which chapter of bankruptcy you file. Regardless of the County in Oklahoma you file in the filing fee is the same.

*Chapter 11 bankruptcy filing fee $1700.00

 *Chapter 7 bankruptcy filing fee $335.00

*Chapter 13 bankruptcy filing fee $310.00

How Much is The Attorney Fee

Because of the number of bankruptcy cases we file each year we’re able to keep our attorney fees low. Our attorneys file chapter 7 and chapter 13 cases on a flat rate that includes filing fee, attorney, fees, reaffirmation agreement fees and all other administrative fee. The reason we can offer some of the lowest prices in the industry is that our attorneys not only file bankruptcy cases but also practice other areas of the law. This lets us leverage our attorneys fee across our other legal practice ares.

Affordable Bankruptcy in Tulsa OK Near You

If you’re considering a bankruptcy we offer Affordable Bankruptcy in Tulsa OK and throughout the State. Our attorneys file both chapter 7 and chapter 13 bankruptcy in all the Oklahoma counties. If you’re facing financial problems you don’t have to go through it along. Contact one of our bankruptcy lawyers and get a free consultation

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Cherokee County Ok Bankruptcy Attorneys

Our Cherokee County Ok Bankruptcy Attorneys can help you get out of debt and do it fast. If you’ve got an amount of debt that’s not possible to pay off we can help. People who live under a cloud of debt understand the pressure. Regardless of what you do or what you earn the pressure of debt continues. It doesn’t matter what time of day or who you’re with the thought of being sued and garnished hangs over yo/u. Our bankruptcy attorneys have filed thousands of bankruptcy cases so you don’t have anything to worry about. If its a chapter 7 bankruptcy or a chapter 13 we have the experience you need.

If you live in Tahlequah or Cherokee County Ok when you file bankruptcy your case is taken care of in the Eastern District Bankruptcy Court. This isn’t a problem for you because our Cherokee County Ok Bankruptcy Attorneys have been there countless times. People who file bankruptcy have lots of questions for our attorneys. They can range from what bankruptcy do I file to when do I file. If you’ve got a question about bankruptcy call us today. If you’ve got a question about keeping your car in a bankruptcy read on.

Keep Your Car in Bankruptcy

When you file a bankruptcy you have choices. One choice is do I file a chapter 7 or a chapter 13 bankruptcy. Regardless of the one you file you can keep your car when you file. Although you can keep it there are certain limitations. One limitation is that if you owe money on it you must continue paying for it. All you do is sign a contract with the lender. The contract is called a reaffirmation agreement. The contract promises that you’ll continue making your payments after the bankruptcy is filed. In exchange for this promise and your continued payments you keep the car. In the case that your car is paid off that’s okay too. So long as the car is worth less than the limit set in chapter 7 its yours without any problems.

Cherokee County Ok Bankruptcy Attorneys Near You

If you’re in financial trouble there’s hope. Don’t hang your head down and live with the pressure. A chapter 7 or a chapter 13 bankruptcy will get you past the financial problem that you have. Call and get a free and confidential consultation today. 

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Rogers County Bankruptcy Lawyers

The Rogers County Bankruptcy Lawyers at South Tulsa bankruptcy lawyers law office help people throughout Oklahoma file bankruptcy. If you live in Rogers County and need to file bankruptcy the case is filed in Tulsa. Its a northern district federal bankruptcy case. The Court is located in Tulsa on South Boulder Ave. The Court that you file in is important even though you only have to go to Court once and its for about five minutes. If you’re tired of crushing debt levels a bankruptcy is a fine solution. With filing bankruptcy comes lots of questions. That’s okay because answering questions is what we do. This article discusses only one of the many questions we answer. If it applies to you read on. Otherwise give us a call for a free consultation.

Do I Have To File Bankruptcy With My Spouse

If you’re considering filing bankruptcy and your married you can file separate if you want. Maybe one of you has good credit and you want to preserve it. Or maybe there’s some other reason its okay to file separate. It doesn’t cost anymore or any less to file one of you or two of you. Even though you can file separate both your incomes is used to calculate your yearly income. As you have read in our blog family income is important because it determines what chapter you can file.

Another concern you is the kind of debt you have. Certain debt that’s acquired while married is the responsibility of both of you. This is mainly limited to medical bills. If one of you acquires a medical debt while you’re married both of you are responsible.

Rogers County Bankruptcy Lawyers Near You

If you live in Rogers County and need to file bankruptcy give us a call. It doesn’t matter if its a chapter 7 or a chapter 13 bankruptcy we can do it. With over two thousand Oklahoma bankruptcy cases filed you’ve got nothing to worry about. You wont lose your car and you wont lose you house.

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Is My Debt Forgiven in Bankruptcy

The debt forgiven in an Oklahoma bankruptcy depends on what chapter of bankruptcy you file. In Oklahoma, the most popular chapters of bankruptcy are the chapter 7 and the chapter 13 bankruptcy. The chapter 7 is called the fresh start bankruptcy. Its called the fresh start because it eliminates most of your debt. On the other hand, a chapter 13 bankruptcy only eliminates certain unsecured debt under certain circumstances.

Oklahoma Chapter 7

As far as debt forgiven in bankruptcy, chapter 7 is your best option. A chapter 7 forgives most of your unsecured debt. This includes debt like credit cards, repossessions, medical bills, foreclosures, payday loans and garnishments.

Qualify For Chapter 7

Although the majority of your unsecured debt forgiven in bankruptcy, you must qualify. To qualify for a chapter 7 the following conditions must be met:

You cant have filed a chapter 7 in the last 8 years.

You have to must pass the financial means test.

You must live in the State of Oklahoma for a certain amount of time.

There are some additional requirements that you must meet but those stated above are the biggest requirements. Assuming that you qualify the chapter 7 is the cheapest, easiest and the most comprehensive Oklahoma bankruptcy available to you.

Oklahoma Chapter 13 Bankruptcy

Debt forgiven in bankruptcy is different when you file a chapter 13. Unlike a chapter 7 that forgives most unsecured debt, a chapter 13 reorganizes the debt. In a chapter 13 the first debt that gets paid is your secured debt. Secured debt is a debt that is secured by an asset. An example of this kind of debt is your home mortgage, car or some other collateral given in exchange for the loan. After all of your secured debt is paid the Bankruptcy Court will pay a percentage of whats remaining to the unsecured creditors. How much they get paid depends on how much money, if any, is left in your disposable income. This payment gets paid for 60 months and after that, what remains, is forgiven in the bankruptcy

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