There are Tax Consequences Of Discharging Debt. It centers around if its discharged in a bankruptcy or outright written off by the creditor. It also centers around the kind of bankruptcy you filed. This is because a chapter 7 forgives the debt outright while a chapter 13 does not. Below, we’ll explore this critical issue to help you make an…
Filing for business bankruptcy is a significant undertaking. Before you can benefit from the protections that the bankruptcy process affords, you’ll need to decide whether to file for Chapter 7 bankruptcy or Chapter 11 bankruptcy. A Chapter 7 liquidation, in most cases, will result in the winding down of a business. “Winding down” is a bankruptcy term for finishing final…
The benefits of reaffirmation agreements in bankruptcy almost always outweigh any cons. The idea of going through bankruptcy, for many people, leads them to believe that they will have to give up all their assets. They may wonder about the assets that have great value in their lives, like the vehicle they use to get to work or the home…
Old medical debt on a credit report can hurt you and filing bankruptcy in Oklahoma can be helpful. When it comes to credit scores, medical debt can play a significant role if it is not addressed promptly. The process of understanding how medical debt impacts your credit score and exploring bankruptcy as a potential solution can be complex and daunting….
Intentional injury claims in Oklahoma are usually not forgivable in bankruptcy. It’s not uncommon for people to turn to bankruptcy for relief. But if you’re considering this path, you might be wondering, “Can I discharge willful and malicious injury claims in bankruptcy?” This is a complex question that requires a nuanced understanding of bankruptcy laws. Below, we’ll unravel the details…
Its possible to buy a house after filing bankruptcy in Oklahoma. If you’ve had to file for bankruptcy, it’s because you experienced financial hardship. This financial hardship likely resulted in a low credit score. The combination of economic hardship and a low credit score makes buying a home difficult, but it’s not impossible. Its not uncommon for people to wonder…
Bankruptcy rules ending creditor harassment in Oklahoma protect consumers from predatory lenders. Creditor harassment is a significant issue for the Federal Trade Commission and other federal agencies that safeguard people’s rights. They receive countless complaints about companies who are relentless in their calls, emails, and texts about collecting on debts. Due to these complaints and the continual harassment of some…
In Oklahoma filing bankruptcy on child support is not an option. Bankruptcy is a debt management tool often utilized by individuals and businesses experiencing financial hardship. This usually means you cannot reliably pay your debts. Bankruptcy provides an opportunity to get out from under the weight of overwhelming debt. This is done by eliminating past due unsecured debt by filing…
A statute of limitations on debt limits for how long a debt can hang out there over your head. Are you being inundated with phone calls from debt collection agencies looking for the repayment of debt? Before you make an offer to them to repay some of your old debt, it is crucial to determine how old the debt is….
Generally you can not keep a credit card when you File Bankruptcy in Oklahoma. Are you considering the possibility of bankruptcy or currently in the bankruptcy process and wondering when you can build your credit again? Are you wondering if you can keep your credit cards? If your credit cards have outstanding balances, you can assume you will lose them….
Fair debt collection rules In Oklahoma apply to debt collectors both inside and outside the state. Federal and state laws limit creditors and collection agencies when collecting debts. Most states have enacted laws applicable to debt collection. Many are like the Fair Debt Collection Practices Act, while some are broader and apply to the original creditor. States also have laws…
Gambling winnings in bankruptcy carry real consequences. To file a Chapter 7 bankruptcy case, you must first establish your eligibility under federal bankruptcy law. Whether you qualify to file a Chapter 7 bankruptcy case primarily depends on the amount of your income. Federal bankruptcy law uses a tool known as the means test to review your income over six months…
The requirements for filing bankruptcy in Oklahoma are precise and must be met for you to be eligible to file. Bankruptcy is not something that you will want to enter blindly. It will likely require some foresight and planning. Because it can be a life-altering decision, you will want to educate yourself on the process and what some requirements for…
Wage Garnishment Options in Oklahoma include bankruptcy or repaying the debt. If you have been sued for an outstanding debt, chances are your creditors will be looking to get their money. They sometimes do this by taking it directly out of your pay. This is known as wage garnishment. Having your wages garnished can leave you in a situation where…
You do not need to default on debt before filing bankruptcy in Oklahoma. But, its important that you understand the process before moving forward with your case. You should not decide whether to stop paying your debt or default until you first speak with an experienced bankruptcy attorney near you. This is because not paying your debts can put you…
An Inherited IRA In Oklahoma Bankruptcy may be at risk if you file a chapter 7 bankruptcy. When you file a bankruptcy in Oklahoma certain assets are considered exempt from creditors and the court. If you have certain retirement accounts or Trusts they may be exempt assets in the event that you file a bankruptcy. Although your personal IRA and…
Before Filing Bankruptcy in Oklahoma there are certain thing to avoid doing. People make snap decisions before filing and those things mean a lot. Falling behind on your bills or facing overwhelming debt can make you feel trapped. No matter how hard you try, you just can’t seem to keep your head above water. In such situations, many people turn…
In many cases attorney fees in Oklahoma bankruptcy will be discharged. Lots of people experiencing financial hardship consider bankruptcy. They either file a Chapter 7 or chapter 13. When someone files a Chapter 7 bankruptcy they ultimately desire a discharge of their debts. A discharge is an order from the bankruptcy court that decrees you are no longer responsible for…
Marijuana Dispensary Bankruptcy in Oklahoma is unsettled law. Bankruptcy has been around for many years and is woven into the fabric of our society. Used in good faith, bankruptcy is a tool which can be used to protect people and businesses who find themselves in financial trouble. Absent this protection, entrepreneurs could lose nearly everything even in the event of…
Bankruptcy Exemptions in Oklahoma protect your personal property from creditors and the Court. For many people, filing bankruptcy is a source of fear and stress. This isn’t unusual or silly given the financial hardship people find themselves in. When you file bankruptcy most people file either a chapter 7 or a chapter 13 case. Regardless of the chapter you file…
Oklahoma Business Bankruptcy Due To Covid-19 are mounting at an alarming rate. Just seven (7) months ago the economic picture in Oklahoma was incredible. Businesses were thriving and unemployment numbers were low. Now businesses are facing a pandemic of global proportions. A majority of the country is under stay at home orders and businesses have been ordered closed to the…
In bankruptcy cases It’s uncommon for people to ask if I can file bankruptcy without a lawyer. It not common to file without a lawyer but it is possible. The difference between filing bankruptcy without a lawyer and other legal cases is that a bankruptcy case is governed by federal law not State law. By itself this doesn’t change whether…