Keeping some credit cards in a Chapter 7 bankruptcy is a common interest when considering bankruptcy. Filing for Chapter 7 bankruptcy offers individuals a chance to discharge most of their unsecured debts and gain a fresh start. However, it’s important to understand how this affects your credit cards and whether you can keep any of them. Typically, filing for Chapter…
Whether an estate administrator can file for bankruptcy for a decedent is a common question. In Oklahoma, the role of the estate administrator (or executor) is to handle the decedent’s financial affairs according to probate law, but filing for bankruptcy on behalf of the deceased raises important legal questions. We will cover the basics here regarding the rights of an…
Bankruptcy Avoids Foreclosure in certain situation but there are conditions that must be met. Most people experience real financial uncertainty or hardship at least once in their life. Filing a chapter 7 or chapter 13 bankruptcy can help individuals manage these challenges and recover from financial hardship. Oklahoma Bankruptcy protections can allow an individual just like you to get a…
In Oklahoma there are certain Disqualifications For Filing Bankruptcy. The first place to start is dependent on whether a person is filing a chapter 7 or a chapter 13 bankruptcy. Because the things that disqualify a person are similar between each type and chapter 7 is much more popular among bankruptcy types this article explores disqualifications for filing chapter 7…
It is possible to file for bankruptcy during a divorce, but requires consideration of the effects on the divorce process. Divorce and bankruptcy are both significant life events, and when they occur simultaneously, they can complicate financial and legal matters. Whether filing for bankruptcy during a divorce is the best course of action will depend on individual circumstances. Types of…
How long you must wait to get a loan after filing bankruptcy depends on several factors, including the type of bankruptcy you filed, the kind of loan you are seeking, and your efforts to rebuild your credit. Filing for bankruptcy can significantly impact your ability to obtain credit, but it doesn’t mean you’ll be unable to get a loan forever….
If you are headed for bankruptcy there are certain clues along the way. Deciding whether to file for bankruptcy is a serious matter that requires a lot of thought. If you’re considering this step, consider whether the benefits of bankruptcy will outweigh the negative impacts that filing may have. It is also important to take an objective look at your…
Prebankruptcy planning is a process you should consider if you’re facing significant financial troubles and thinking about declaring bankruptcy. It involves organizing your financial affairs to make the bankruptcy process as smooth and beneficial as possible. This planning allows you to review your financial situation, determine what assets you might be able to protect, and make strategic decisions about handling…
Filing for bankruptcy is a major step that carries with it many questions and concerns, one of the most common being whether you will lose the equity in your home. If you live in Oklahoma and are considering bankruptcy, it’s important to understand how your home equity is treated under the law. Understanding Home Equity First, let’s define what equity…
Liquidation in a Chapter 7 Bankruptcy may seem like a scary thing, but it doesn’t need to be. If you’re considering filing for bankruptcy, you may have a lot of concerns about the process. Chapter 7 bankruptcy, often referred to as a “liquidation” bankruptcy, is designed to help you deal with overwhelming debt. Essentially, it allows you to wipe out…
One common question people have when they’re filing bankruptcy in Oklahoma: Do I Get to Keep My House and Car if I File Bankruptcy in Oklahoma? In Oklahoma, the laws regarding bankruptcy allow exemptions of certain assets. Exemptions in bankruptcy allow you to keep many of your assets when you file. This article will cover the options available under both…
When suffering from an overwhelming amount of debt, many begin to consider filing for bankruptcy. It’s a legal way to handle financial problems when put in a situation where you can no longer pay back money you owe to creditors by helping you clear or manage debts under the protection of a federal court. Most bankruptcy options in the United…
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…
If an Oklahoma bank closes your account over money they claim you owe them you might have some option. Facing a closed bank account can be a stressful and confusing experience, especially if it occurs without prior warning. If you find yourself in this situation, it’s important to understand that banks have various reasons for closing accounts. Some reasons might…
If you are retiring with debt and you live in Oklahoma bankruptcy may help you get out from the despair of crushing debt. Financial management in retirement can be challenging, especially when debt becomes overwhelming. Bankruptcy may seem like a drastic measure, but for some retirees, it could be a necessary step towards financial stability. Bankruptcy is a legal measure…
Yes, you can file for bankruptcy in Oklahoma if you lose your job and are facing financial difficulties. Bankruptcy is a legal process that allows individuals and businesses to eliminate or restructure their debts when they are unable to meet their financial obligations. Losing your job can certainly be a significant factor contributing to financial distress and may be a…
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…
Business assets in a chapter 7 may not receive protection. It often depends on the value of the assets and many other factors. If you work for yourself, you know that losing the tools and materials you need to do your work means losing your job. When serious financial trouble hits, and you can’t pay all your bills, you might…
Wondering about what filing a chapter 7 does to your apartment lease in bankruptcy is only natural. Filing for bankruptcy can be a challenging process. It often raises concerns about how it will affect various aspects of one’s financial life. If you live Oklahoma and are considering bankruptcy, it’s important to understand how this decision might impact your residential lease….
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….
How long bankruptcy takes in Oklahoma depends on which kind of bankruptcy you file. There are many myths about what happens, how long it takes, what things you get to keep, and what you must give up. We want to help you understand the process before you decide if it is right for you. One common issue we address is…
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…
An adversary proceedings In Oklahoma bankruptcy involves an objection to the discharge of a debt. They can file these in most kinds of bankruptcy. The most common filing of adversary proceedings are in chapter 7 and chapter 13 cases. As someone facing bankruptcy, understanding the intricacies of the bankruptcy process is of utmost importance. One particular area that might seem…
If your spouse files bankruptcy without you its possible for you to keep your tax return. One partner in a marriage can file bankruptcy individually without involving the other directly in the process. Although this is common there are still some issues that may overlap in bankruptcy filings for many married couples. The bankruptcy filing can be in the name…
In difficult financial times, when income is not keeping up with expenses, you may consider filing for bankruptcy. However, you may wonder whether you will lose your social security benefits if you file for bankruptcy. Social security benefits are exempt assets protected from being drawn on in bankruptcy to pay creditors. Also, the federal process of bankruptcy has strong protections…
In Oklahoma, home equity in bankruptcy is largely exempt form the creditors and the court. Homeowners considering bankruptcy often wonder whether having equity in their home will cause a problem with an Oklahoma bankruptcy filing. Its a good question given that in many other states the equity in your home is limited in the amount you can have. Oklahoma is…
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…
With the post pandemic economy many people expect an Increase In bankruptcy cases in Oklahoma this year. Many people live paycheck to paycheck and struggle to make ends meet. With increasing inflation and a limited number of jobs, many people are worried about a potential increase in the number of bankruptcies likely to occur in 2023. Some people will deplete…
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…
You cannot be Fired For Filing Bankruptcy in Oklahoma. The State and Federal government provide certain protection for people filing chapter 7 or chapter 13. If you’re considering filing for bankruptcy, you probably have endless questions about your future. One of the main questions may be about keeping your current job or being able to find another job in the…
As a senior, you may encounter large unexpected medical bills and feel like you may have to file bankruptcy to manage the daily collection calls and the amount of debt you have acquired. This can be compounded by a fixed income or that family members are their best means of support. The frustrating part behind bankruptcy and senior citizens is…
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….
In Oklahoma you can discharge past debt in bankruptcy. This includes both a chapter 7 bankruptcy and a chapter 13. Bankruptcy may be an option to discharge or reorganize your debts. But only specific types of debt can be discharged through bankruptcy. As you consider filing for bankruptcy, make sure the kinds of debt you want to eliminate are qualified…
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…
Social Security Income might impact your ability to file a bankruptcy in Oklahoma. If you face financial challenges, bankruptcy may be the solution you need to feel at ease again. However, pursuing bankruptcy might seem overwhelming. Filing for bankruptcy can entail figuring out confusing paperwork and dealing with detailed research about your options. When you decide to file for bankruptcy,…
in Oklahoma secured credit cards in bankruptcy are treated a little different than unsecured credit cards. Filing for bankruptcy is a tough decision, but it may have felt like your only option at that time. While bankruptcy allows you to start fresh, it can impact your credit and make moving forward somewhat challenging. But in some cases a bankruptcy could…