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Are you having problems with debt? If so call the Tulsa Bankruptcy Lawyers at the Kania Law Office. If so, you should consider the debt relief afforded by federal bankruptcy laws and help from a Tulsa Oklahoma Bankruptcy Lawyer . You may find that bankruptcy provides a fresh start by allowing you to reduce, restructure, or eliminate debt while still retaining most or all of your assets. The Tulsa Oklahoma Bankruptcy lawyers at the Kania Law Office can assist you in the following areas. Chapter 7 Bankruptcy Protection in Oklahoma Chapter 7 bankruptcy or "Fresh Start Bankruptcy" is the most popular form of bankruptcy in Oklahoma because it allows the debtor to wipe the slate clean of most if not all debts and start over. This chapter is available to individuals, couples, corporations and partnerships. Discharge normally occurs quickly after the chapter seven bankruptcy petition is filed. Exempt assets will remain in the possession of the debtor and in the case of the debtor's home or car the asset is protected so long as the debtor continues to make payments. For a complete list of exempt assets contact one of our Tulsa Oklahoma Bankruptcy Attorneys. Non-exempt assets will go under the care of a trustee who liquidates them to satisfy creditors, in order of their secured interests. Any wages a debtor earns is off limits to creditors who had a vested interest on the date of filing. Once the Oklahoma Bankruptcy is filed, collection efforts by most creditors is stayed. This means that upon the filing and before the Bankruptcy actually closes, creditor calls will stop and lawsuits which related to the debts will be stayed or put on hold.. Chapter 7 is generally used by those people who lack sufficient income to cover outstanding debts after taking care of basic necessities, and who have no hope of ever repaying their creditors. There are certain obligations that are not dischargeable, for example:
It used to be possible for anyone in Oklahoma to file for bankruptcy under Chapter 7. However, a new bankruptcy law, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, came into effect on October 17, 2005. Under the new bankruptcy law, you are eligible to file for bankruptcy under Chapter 7 if you earn less than the median income in your state. If you earn more than the median income in your state, then you will only be eligible to file for bankruptcy if you pass a means test to determine whether you are eligible. The means test will analyze your financial situation taking into account the number of dependents you have and other factors. For additional information about means testing contact one of our Oklahoma Bankruptcy attorneys. Under the new bankruptcy code prior to filing for bankruptcy a person must complete Credit Counseling from an approved provider. Additionally, after filing for bankruptcy, before debt can be discharged the person must complete an approved Personal Financial Management Instructional Course. The Tulsa attorneys at the Kania Law Office can provide guidance in quickly and easily complying with these new statutory requirements. Discharge under Chapter 7 is not available if you filed for bankruptcy and were granted a discharge under Chapter 7 within the past eight (8) years What does a Chapter 13 Oklahoma Bankruptcy Case Involve? Chapter 13 allows individuals who have steady incomes to pay all or a portion of their debts under protection and supervision of the court. Under Chapter 13, you file a bankruptcy petition and a proposed payment plan with the U.S. Bankruptcy Court. Payment plans provide for payment of debts over 3 to 5 years. An important feature of Chapter 13 is that you will be permitted to keep all your assets while the plan is in effect and after you have successfully completed it. One of the most important aspects to a plan being approved by the Courts is its feasibility of success. That is, if the repayment schedule is one which the debtor is unlikely to be able to meet, the Court will not approve it. Unlike under the chapter 7 provision, a debtor is not time limited in the number of chapter 13 petitions he or she files. 11 U.S.C. 528 disclosure: The Tulsa, Oklahoma Bankruptcy Lawyers at the Kania Law Office offer bankruptcy representation from the firm's Tulsa bankruptcy attorneys. Kania Law Office helps Oklahoma clients file for bankruptcy relief under the Bankruptcy Code. Bankruptcy Basics in Oklahoma You Can Keep Your Primary Residence If your decision is to try to cure payment defaults and keep the house, Chapter Thirteen (13) can provide a court enforced repayment plan that brings the mortgage current over time. You should consider seriously whether it makes sense to keep the house, as often times keeping a heavily encumbered house makes neither economic nor emotional sense and this debt may in fact have been a contributing factor leading up to the need to file bankruptcy. You Can Reaffirm the Debt on Your House and Keep It If you do not have serious arrearages on your house payment and you are filing a chapter 7 and you wish to keep your house you can do so by reaffirming the debt and continuing to make payments. If you decide to reaffirm a reaffirmation agreement must be signed by all the party's to the action and filed in the case. You Can Surrender the House Regardless of which Bankruptcy chapter you file, you can return the house to the creditor. Like most other debts, a Chapter Seven (7) will discharge any debt remaining after the foreclosure. As to a Chapter Thirteen (13), that part of the debt remaining after the house is foreclosed on is considered a deficiency and you will remain liable for that amount as determined in your chapter 13 repayment plan. You Can Keep Your Automobile Under Oklahoma law, each debtor filing for bankruptcy is entitled to a motor vehicle exemption for a value up to $8,000.00. This means that if a married couple, filling jointly, files under Chapter Seven (7), each party is entitled to one vehicle, so long as each vehicle's value does not exceed $8,000.00. You Can Reaffirm Your Vehicle Debt and Keep the Vehicle If you own a vehicle and are current on your payments, the debtor can opt to reaffirm the debt and continue making payments. Generally the amount owed on the vehicle is unlimited so long as there is a statement of undue hardship filed with the Bankruptcy Court at the time the reaffirmation agreement is filed. You Can Surrender the Vehicle In a chapter seven or fresh start bankruptcy the debtor can choose to return the vehicle to the creditor. In this case, the debt is discharged in your chapter seven bankruptcy and you owe nothing. What is a Credit Report? A credit report is a history of your credit and your ability to repay your debts. Under federal law, you are entitled to an accurate credit history, free of blatant inaccuracies. This credit history can legally include delinquencies as well as satisfied debtor accounts. Discharge after Bankruptcy will not erase discharged creditors whose credit was discharged do to the Bankruptcy filing. After a bankruptcy is final and the debt is discharged, the amount outstanding for each discharged account should be shown as zero. Your credit report does not always include all the creditors that you owe money to. For it to show on your credit report the creditor must report the debt together with its repayment history to the reporting credit bureau. Charged off debt as may be indicated on a credit report does not mean that collection of this debt it is not legally enforceable. Rather, the term charge off simply means that the creditor does not expect to be able to collect the debt. In any event a charge off is a notation on your report which significantly impairs you credit score and thus your ability to secure low cost credit in the future. Credit Reports after Bankruptcy A Bankruptcy filing will be reported on your credit report for 10 years from the date the case was filed. Some creditors may argue, and so would I, that your credit worthiness is greater the day after you file then it was the days leading up to the actual filing. This is true because all the debt the person had prior to filing is now discharged thereby lowering the debtors debt to income ratio. Additionally, once a person files a chapter 7 that same person may not file another chapter seven for 8 years from the date the earlier filing was done thus eliminating the risk of another filing for that period of time. Notwithstanding this fact, and depending on the creditor together with their particular credit requirements, the applicant must be liquid and be able to show both their willingness and ability to pay the post petition Bankruptcy credit if granted by the creditor. Establishing Credit after Bankruptcy in Oklahoma Do I have to appear in Court (341 Hearing - Meeting of the Creditors) KANIA
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Tulsa Lawyers We are a Tulsa Oklahoma debt relief agency. We are Oklahoma Lawyers who help people file for relief under the Bankruptcy Code.
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