Tulsa County Bankruptcy Information

Tulsa County bankruptcy information that helps your Oklahoma bankruptcy go smoother. If you’re considering filing an Oklahoma bankruptcy and you live in Northeast Oklahoma your case files in Tulsa. Its suprises people to hear that regardless of what county you reside, if you’re in North East Oklahoma your case is in Tulsa. If considering bankruptcy it’s crucial that you collect as much Tulsa County bankruptcy information as possible. This information will make the process easier for you as the case moves forward.

How Long Between Bankruptcy filings:

Under the new Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, you can file for Chapter 7 only once every eight (8) years. This eight (8) year period begins to run from the date the previous bankruptcy petition was filed, not the date the bankruptcy closed.

Don’t Miss The 341 Meeting:

Do not miss your 341 Meeting. It is imperative that you either attend the meeting or make arrangements, far in advance, to change the date. If you do need to change the date you better have a good explanation to give to the Trustee. If you miss the 341 Meeting your case will dismiss.
led for a Chapter 7 previously, you cannot file again until eight (8) years have passed from the date of previous filing. If you are filing a chapter 13 after a chapter 7 the waiting period between filings is much less.

Discharging Taxes in bankruptcy:

We’ve helped Oklahomans discharge tens of thousands of tax dollar debts in bankruptcy. Taxes typically are more difficult to discharge in bankruptcy. However, if the taxes are three (3) years old or older and you filed them at least two years prior to filing bankruptcy and the taxes have not become an IRS lien, they might be dischargeable.

What if the Trustee Requests Documents and I Do not respond?

Make the bankruptcy a priority. If the Trustee or Bankruptcy Court asks you for documents, do it as soon as possible. Do not wait around for them to ask you again. Non-compliance with a request could mean dismissal of your case. Most bankruptcy cases don’t ask for additional documents after the initial filing but if they do comply. If you don’t, not only will the case be filed, but the creditors will start all over trying to collect money from you. This includes wage garnishments and all the other bad things you dont want.

How is my property valued for purposes of the bankruptcy?

When you value personal property for purposes of Chapter 7, you should use a garage sale value as opposed to replacement value. It is not necessary to know how much you paid for it when it was new, the rule-of-thumb is to value it at current value as if you were to sell it today from your garage. The question to ask yourself is, “what would a reasonable person pay for the property in the condition that it is in today”?

What does it Mean to Redeem Property?

If there is property that does not fall under an exemption and you want to retain the property and pay the trustee the amount that they would have received at auction you have that option. The trustee will simply use the money that you pay for the property to pay toward your other creditors

What does it Mean to Surrender Property?

When you surrender secured property you give it back to the creditor or allow them to repossess the property. They will sell the property apply the proceeds to your debt. If they can’t sell it for the full amount, you owe the difference. In a chapter 7 bankruptcy this like most other unsecured debts is forgiven

Are Student Loans Forgiven?

In the absence of undue hardship, regardless of the nature of the educational lender, student loans are non-dischargeable. This includes loans from governmental, non-government, and private educational lending institutions. The list of hardships that may qualify is complex and your Oklahoma bankruptcy lawyers will need to review them with you.

What is Bankruptcy Fraud?

If you lie to purchase something that you did not intend to or did not have the financial means to purchase, this is fraud. An example of actual fraud is telling a creditor that you make more than you do. Another example would be buying an expensive ring with a credit card and then listing the credit card as an unsecured debt on a bankruptcy to be discharged.

Buying Luxury Goods costing $500 or more within ninety (90) days of filing your Chapter 7 bank is fraudulent. You will have the burden of showing that you were not committing fraud when you made the purchase. If the purchase was made outside of that ninety (90) day look-back period it won’t be presumed to be fraudulent but it can, nevertheless, be found to be fraudulent given the right circumstances. It will be up to the judge to decide what is or is not fraud. Large cash advances shortly before filing will be presumed fraudulent and will require that the debtor prove that he/she had no intention of committing fraud.

The bottom line is there are many ways to commit fraud. The key is to be as straight-forward, accurate and thorough as you can be to avoid any trouble later on.

How should I answer the questions the Trustee asks?

It is important that you answer the questions honestly, but it is just as important that you are brief. Limit your answer to what they asked and do not give answer more than what they asked. Usually you will be asked yes or no questions. Limit your answers to “Yes” or “No”.

What is the Statement of Intentions?

The Statement of Intentions is an important section which you should take some time in pondering. Here is where you will announce your plans for your secured debt such as your house, car, etc. Consider your options carefully and be clear with your attorney what you intend to do with every secured debt; that is, either decide to surrender or reaffirm the debt according to your financial ability.

What is the Statement of Financial Affairs?

Additional Tulsa County bankruptcy information needed is a statement of financial affairs. The Statement of Financial Affairs is a snap-shot of the last few years of your financial life. Here you will provide information about: income for the last two years, gifts, transfers, payments to creditors, partnerships or other business relationships, suits with you as a party, repossessions/foreclosures, losses due to theft, gambling or fire, prior addresses, etc. Save yourself and your attorney some trouble and be as thorough and accurate as possible.

What is a Reaffirmation Agreement?

If you choose to reaffirm a secured debt as opposed to surrender it, what you are doing is keeping the asset (house or car ) and continuing the normal payments to the mortgage owner. A good example of this is when you file bankruptcy but tell the bank that you want to keep your house and continue making payments. When your secured creditor’s get notice that you are reaffirming their debt they will send a reaffirmation agreement to my law office for you to sign. This is essentially a contract between you and the creditor stating that you intend to keep the asset and continue making payments under the original contract. A reaffirmation agreement must receive court approval. The court will only approve agreements that do not cause you undue hardship.

Do I Include All My Property?

When you file a bankruptcy you need to be sure and list all your assets, even ones that you think nobody cares about. Failure to do so could result in jail time or in not getting your bankruptcy discharge. The Department of Justice does not look kindly on fraud in a bankruptcy petition. If you’re not sure about something, error on the side of thoroughness, and disclose the asset. You do not want the hassle of amending your assets later or trying to explain to the trustee or Department of Justice why you neglected to include in your schedules the old fork-lift in the back yard that you later sold for $1,500. but failed to list in your schedule of assets

What Documents Will I Need?

You need to provide copies of vehicle titles for all vehicles that you have. You must also provide the last two years of state and federal income tax returns. Additional you will need six months of your check stubs or a payroll report. If you own a home we need a copy of the deed including the legal description of the property. If you have an IRA we will need a copy of the account. Period.

What are the Forms in Bankruptcy?

A Bankruptcy Petition includes, The Petition itself, Schedules A through J, The Statement of Financial Affairs (SOFA), The Statement of Intentions, and The Attorney Statement. There are several forms and each form must be completed per the Federal Bankruptcy rules. Also, each form must be filed electronically and comply with the local rules for the district in which the chapter 7 or chapter 13 is being filed.

What is the Schedule A form?

Schedule A contains a list of all your real property ( Your House ) in which you have an interest. This would include your primary residence. Your primary residence is exempt asset in a state of Oklahoma Bankruptcy. This means that when you file you simply continue making payments on your home and reaffirm the debt.

What is the Schedule B?

Schedule B consists of a list of any other property you have that is not real property. It is important that you provide your attorney with as accurate and complete a list as possible of your personal property.  This includes cash, bank accounts, motor vehicles of every kind, guns, computers, appliances, tools, household goods/furniture, interests in insurance policies, 401k accounts, pension/profit sharing plans, stocks, bonds, accounts receivable, investments, security deposits, future interests, interest in settlements or judgments, entitlements, etc.

It is important that you include everything. If it is worth money and you have possession or access to it, include it. Your attorney can tell you which of your assets are exempt under your state’s exemptions and which are not. There is a place on the petition and accompanying schedules to put all the types of assets you have. To fail to list all assets is fraud and can potentially mean jail-time.

What is the Schedule C form?

An exemption is the legal protection of certain property you own from seizure and distribution to your creditors. Exemptions exist in other areas of the law as well as bankruptcy. There are state exemptions and there are federal exemptions. Depending on the state in which you file, you may or may not be able to use either federal or state exemptions. Most states, however do not allow you to choose.  Further, the states that do allow you to choose most likely require that either all state or all federal exemptions but not a combination of the two are used. Your attorney can tell you which exemptions apply and if  choosing between state or federal exemptions is an option in your state. In states where you have a choice, sometimes state and sometimes federal exemptions will protect you better. Thus, your attorney can help you choose.

An example of how exemptions work in Oklahoma is that the debtor’s interest in one motor vehicle is exempt up to $7,500 in value. This means that in Oklahoma you can keep you car if you file bankruptcy.

What is the Schedule D form?

Schedule D found in your chapter 7 consists of a list of your Secured Creditors. A Secured Creditor is one which has a security interest in any of your property. This means that if you fail to make the required payment for a certain piece of property, they have the right to repossess that property. Usually this is limited to your house or motor vehicle but there are other exceptions.

You have a few choices when it comes to Secured Creditors. You can either choose to surrender the property or reaffirm it, which means you keep the property and keep the debt associated with it. If you are current on all your payments and you want to retain the property and you are able to continue making payments, you might want to reaffirm. You want to make sure that all payments on reaffirmed debt are on time to avoid any problems. Consult with your Green Country bankruptcy attorney to determine if reaffirming is a good idea.

What is the Schedule E?

Schedule E is in your Oklahoma bankruptcy petition.  It consists of a list of your Priority Creditors. These are the types of creditors that cannot typically discharge in a bankruptcy case. Priority debt includes arrearages in child or spousal support/alimony, student loans and certain state and federal taxes.

What is the Schedule F?

Schedule F is in your Tulsa County bankruptcy information packet. It consists of a list of all your Unsecured Creditors. These include charge accounts, credit cards, medical bills, payday loans, personal and bank loans, etc. If there is no collateral along with the debt, it is unsecured. It is important to list all the creditors that you have. If the debt has been sold or has gone to a collector, include them as well even if they are duplicate on your schedules. It is important that you include as many of your creditors as possible. Ask your attorney if he/she can run a credit report to supplement your own records. Chances are that there are creditors that you do not remember.

Between your credit report and your records, you should have a fairly complete list of all your creditors. List every conceivable debt that you have. If a creditor is not listed, it is not discharged and you may or may not have problems after the bankruptcy is over and the automatic stay is lifted. Also, it is costly and time-consuming to amend the schedules once you’ve filed so be as thorough as possible to avoid having to amend later.

What is the Schedule J form?

Schedule J is in your Tulsa County Bankruptcy information packet. Schedule J consists of a list of your expenses. This includes but is not limited to rent or mortgage, car payments, insurance payments, and average expenses for food, utilities, gas and maintenance for vehicles, entertainment and charitable contributions. It is important that you are reasonable with these numbers. The idea is to keep your expenses reasonable. The worst thing you could do is exhibit to the trustee that you are living a lavish life-style. If necessary, make changes in your budget to bring it more in line with what is reasonable regarding your income.

It is important that you are accurate.  You therefore need to use some common sense in coming up with your list of expenses for which you can provide proof should the Trustee request such. It is a good idea to hold on to receipts and copies of utility bills, credit card statements, car payment stubs, insurance payments, grocery gas and pharmacy receipts, etc for the few weeks prior to filing.

If you’re considering filing bankruptcy we can help. We’ve provided Tulsa county bankruptcy information to thousands of people. If you need information we can help you too. Call today for more information.