Oklahoma Bankruptcy Law Review
Chapter 7 Deep Dive: Can I Get Rid of My Debts?
Dive into the topic of dischargeable versus non-dischargeable debts in Chapter 7 bankruptcy. The goal is to eliminate your debts and get a fresh start, but not all debts are created equal. Tax debt, child support, court fines, and student loans are usually non-dischargeable. However, credit card debt, medical bills, personal loans, and other unsecured debts can typically be discharged. Understanding the differences is crucial to navigating the bankruptcy process successfully. Read more »
Chapter 13 Deep Dive: Getting Rid of Debts
Good morning everybody, Edward Kelley here, your bankruptcy attorney, with another 3 Minutes to Financial Freedom. Today, we're diving into the topic of getting rid of debts in a Chapter 13 bankruptcy. In a Chapter 13, you may have to make payments for 3 to 5 years, depending on your income and circumstances. Certain debts, like IRS debt less than 3 years old, student loans, and child support, are not dischargeable. However, unsecured debts like credit cards, personal loans, and medical bills can be discharged at the end of your repayment plan. Stay tuned for more insights on navigating Chapter 13 bankruptcy. Have a wonderful holiday! Read more »
Chapter 13 Deep Dive: Can I Keep My Things?
Good morning, everybody. Edward Kelly, your bankruptcy attorney here, and now we're going to deep dive into a chapter 13 with the same couple of questions I asked about chapter 7 in the last two videos, which have slightly different answers with respect to a chapter 13. If you recall, in chapter 7, the two big questions are, as they are for a chapter 13, Do I get to keep my stuff? and Will these debts be discharged? So, slightly different answer, similar in a chapter 13. So today, we'll talk about, Do I get to keep my stuff? Same exemptions apply in both cases. So your home is okay. Now, if you're behind on your mortgage, you're going to have to catch that up in your chapter 13 plan. As with any secured debt, whether it's a house, a boat, a plane, a car, if you want to keep the stuff, you're going to have to pay at least in the value of that property. Now, you may owe way more than the value, and you may be able to split that off and get rid of it. We're going to talk about that in another video. So, we'll save that for another time, but you're certainly going to have to pay something to keep the stuff. So, as far as a car and a house, you know, depending on when they pay off, you may recall we said a chapter 13 plan is anywhere from three to five years. If those loans pay off during that lifetime of your plan, three to five years, they need to be paid through your plan. As we said before, what a 13 is, is I'm helping you propose a detailed plan to pay all of your creditors. If a loan terms or finishes within the time of your chapter 13 plan, it needs to be paid through that plan. If it's outside of that, they call it a long-term debt, and you can provide for it to be paid directly and deduct it as an expense, so you don't double pay. So, you know, you're going to still have some bills, but they're going to be considered in the amount of your plan payment. That plan payment is going to be paid directly to the trustee. So, stuff you want to keep, as long as you've provided for it, either you're paying it yourself outside of the plan or you're paying it in the plan, no problem. So, unlike a seven, though, these things like boats and you know, RVs or things, you know, where you'd have to make a regular payment, that they may or may not have any value, you've got to get this plan approved by a trustee, and unless your creditors are being paid 100% of what you owe them, you're not going to get approval to make any kind of payment for a luxury item. So, there are what we call 100% plans, where you're basically just taking all your debt and coming up with a way to pay it all over time. If you do that, and you still have enough money left over to pay your boat payment, great, no problem, because everybody's getting 100%. If you don't, you're probably going to have to let that go. So, that's a little different than a seven. Now, you're not supposed to really have enough money left over to make that boat payment in a seven, but the whole case takes three months. So, you know, things change and you figure something outside of that, you might be able to keep it. But in a 13, you and the court are going to be intimately together for three to five years, and you're going to need approval for any debt that you have. And if you want to take on additional debt, you got to get approval from the court, and it's doubtful, because the idea is you're paying all of your money into this plan for that amount of time. At the end of it, anything left over gets discharged. Any secured stuff should have been paid. So, that's the answer to, I get my very short answer to, do I get to keep my stuff in a chapter 13. As always, I'm Edward Kelly, your bankruptcy attorney. You can reach me at edwardkellylawoffice at gmail.com. That's k-e-l-l-e-y lawoffice at gmail.com. Or at 580-478-3130. And we'll be back with, Can I get rid of these debts in a 13 tomorrow? Read more »
Deep Dive into Chapter 7: Can I Keep My Stuff?
Good morning, Edward Kelly here, your bankruptcy attorney, discussing Chapter 7 bankruptcy and exempt property. In Chapter 7, two key questions arise: can you keep your belongings and will your debts be resolved? Most household items, like furniture and electronics, are typically exempt from seizure. However, secured debts, such as rental agreements or car loans, may require reaffirmation to retain possession. Vehicles and homesteads also have specific exemption limits. Luxury items like boats or RVs may be non-exempt. The trustee's goal is to liquidate assets to satisfy creditors. Stay tuned for more insights on debt resolution in Chapter 7. Contact me for personalized guidance. Read more »
Which Is the Right Choice: Chapter 7 or Chapter 13?
Good morning! In today's segment of 3 Minutes to Financial Freedom, we're diving into the age-old question: Chapter 7 or Chapter 13 bankruptcy? If you're facing foreclosure or repossession and need to save your home or car, Chapter 13 may be the way to go. But if you qualify based on income and expenses, Chapter 7 could be your ticket to a fresh start in just 90 days. Remember, it's all about finding the right fit for your unique financial situation. Stay tuned for more tips and insights on navigating the bankruptcy process. This is Edward Kelley, your go-to bankruptcy attorney, signing off. Thank you for tuning in! Read more »
What is a Chapter 13?
Good morning everyone, Edward Kelley here, your bankruptcy attorney, bringing you another 3 Minutes to Financial Freedom. Today, let's dive into Chapter 13 bankruptcy. Unlike Chapter 7, which is a quick liquidation process, Chapter 13 involves a 3 to 5 year repayment plan. This type of bankruptcy is ideal for those who make too much money for Chapter 7 or need to save assets like a house or car. Your Chapter 13 plan outlines how you'll pay creditors, with some getting paid in full and others receiving nothing. Your monthly payment is based on what you can afford, not what you owe. Stay tuned for more insights on navigating Chapter 13 bankruptcy. Thank you for tuning in. Read more »
What is a Chapter 7?
Join me, Edward Kelley, your bankruptcy attorney, as we dive into the basics of Chapter 7 bankruptcy. It's all about liquidation, getting rid of debt, and moving forward with financial freedom. Learn about protected assets, like your home and car, and which debts can be discharged. Student loans and child support are off the table, but other debts, like credit cards and medical bills, can be wiped clean. Trust me, it's a process that can provide relief and a fresh start. Stay tuned for more insights and tips on navigating the bankruptcy system. Contact me at 580-478-3130 or visit DebtlineLawOffice.com for personalized guidance. Let's take the first step towards your financial freedom together. Read more »
What Debts Are Non-Dischargeable in Oklahoma?
In this blog post, bankruptcy attorney Edward Kelley discusses what debts are non-dischargeable in Oklahoma. He begins by mentioning that most debts can be discharged in bankruptcy, but there are exceptions. The first non-dischargeable debt he mentions is student loans backed by the federal government. He clarifies that loans used for tuition or books that were not backed by the government are not considered student loans. Kelley then highlights that child support is another non-dischargeable debt, followed by court fines and restitution. He briefly mentions that certain civil penalties may be dischargeable. Kelley also explains that debts can be deemed non-dischargeable for fraud and discusses DUI-related tort claims. He concludes by emphasizing that debts incurred through malicious behavior or fraud may be deemed non-dischargeable. Read more »What Happens After Getting a Bankruptcy Redemption in Oklahoma?
In this blog post, Oklahoma City bankruptcy attorney Edward Kelley explains how a bankruptcy redemption works in Oklahoma. He clarifies that it is not about church redemption, but rather about redeeming a vehicle in a bankruptcy. Kelley provides a quick recap, stating that instead of surrendering or reaffirming the collateral, you pay the creditor the value of the collateral. For example, if you owe $10,000 on a $2,000 car, you can file a motion with the court to negotiate with the creditor or fight it out and pay the car's actual value. Kelley also warns about the potential credit problems that can arise from redemption loans and advises readers to be cautious. Read more »How Does a Bankruptcy Redemption Work in Oklahoma?
In this blog post, Edward Kelly, an Oklahoma City bankruptcy attorney, explains how bankruptcy redemption works in Oklahoma. Redemption allows individuals to pay a creditor the value of their collateral, such as a car, against a loan and eliminate the remaining debt. Edward discusses three options for redemption: reaffirming the collateral and paying off the debt, surrendering the collateral and having the remaining debt become unsecured, or paying the creditor the value of the collateral and eliminating the remaining debt. He also explains the process of filing a motion for redemption and negotiating with creditors. In the next video, he will discuss how redemption affects individuals after bankruptcy. Read more »Reaffirmations and Discharge: Concluding Your Oklahoma Chapter 7 Bankruptcy
In this final installment of our five-part series on Chapter 7 bankruptcy in Oklahoma, attorney Edward Kelly discusses the last steps to conclude the process. Firstly, he emphasizes the importance of protecting your assets and ensuring that your debts are dischargeable. Once these criteria are met, it's time to move onto document collection and filing. Kelly explains that the 341 creditor meeting takes place within 30 days, where creditors can show up and question you if necessary. Following this, you must complete a post-filing credit counseling course online. If you have any reaffirmations, such as car or home loans, they must be addressed before the case closes. Finally, after taking the second online course and completing reaffirmations, you will receive your discharge, releasing you from liability for the discharged debts. Kelly concludes by reminding readers that after the case closes, they can move forward onto better things. Read more »What Is Bankruptcy Redemption in Oklahoma?
In this blog post, bankruptcy attorney Edward Kelly explains the concept of bankruptcy redemption in Oklahoma. He introduces the idea of redemption as a power available in Chapter 7 bankruptcy, specifically for secure debts like vehicle loans. Kelly clarifies that redemption is not a religious term but rather refers to a motion to redeem property. He explains that in Chapter 7, individuals can choose to reaffirm the debt and keep the property or surrender the collateral and eliminate the debt. Alternatively, they can pay the value of the collateral to the creditor, keeping the property and eliminating the remaining debt. Kelly promises to delve into the details of how redemption works in subsequent videos. Read more »The 341 Creditor Meeting in an Oklahoma Chapter 7 Bankruptcy: What to Expect
In this blog post, Oklahoma City bankruptcy lawyer Edward Kelly discusses the 341 creditor meeting in an Oklahoma Chapter 7 bankruptcy. He explains that this meeting takes place 30 days after the bankruptcy is filed and is an opportunity for creditors to ask the debtor any questions. Kelly notes that this meeting is typically conducted over the phone and is also a chance for the trustee to verify the debtor's information and ensure that there are no hidden assets. He emphasizes that this meeting is the majority of the work in the bankruptcy case and provides a brief overview of the remaining steps before the case is closed. Read more »What Is a Reaffirmation in a Chapter 7 Bankruptcy in Oklahoma?
In a Chapter 7 bankruptcy, you can eliminate your unsecured debts, but what about your secured debts? That's where reaffirmation comes into play. If you want to keep your car or any other property with collateral, you'll need to sign a reaffirmation agreement. This agreement brings the debt out of bankruptcy and ensures that the creditor cannot repossess the property as long as you continue making payments. However, if you fail to sign a reaffirmation agreement, the creditor can still repossess the property, even if you're current on payments. Reaffirmation can work for any personal property, but it must be filed with the court within 90 days of filing for bankruptcy. Stay tuned for more information on negotiating terms for reaffirmation agreements. Read more »
Can Filing a Chapter 13 Help Me in Oklahoma?
In this blog post, Oklahoma City bankruptcy lawyer Edward Kelley explains the benefits of filing for Chapter 13 bankruptcy in Oklahoma. He starts by distinguishing Chapter 13 from Chapter 7, highlighting the liquidation nature of the latter and the debt discharge it offers. In contrast, Chapter 13 is described as a personal reorganization, allowing individuals to pay a percentage of their debts over three to five years. Kelley emphasizes two main reasons why someone would choose Chapter 13: to save their home or vehicle from foreclosure or repossession, and because they earn too much to qualify for Chapter 7. He concludes by summarizing the key points and inviting readers to contact him for more information. Read more »Oklahoma Chapter 7 Bankruptcy Process: Document Preparation and Filing
In this third part of our 5-part series on Chapter 7 bankruptcy, we delve into the document preparation and filing process. Edward Kelley, your trusted OKC bankruptcy attorney, explains the importance of gathering all necessary documents to support your case. From income statements to bank statements and tax returns, everything needs to be compiled accurately. Thankfully, our advanced software streamlines this process, creating the required schedules and generating over 100 pages of documents for filing. Once everything is in order, we electronically file your case with the appropriate district bankruptcy court. Stay tuned for our next post, where we'll discuss the creditor meeting. For any inquiries, visit oklahomacitybankruptcyattorney.pro. Read more »What Are Nondischargeable Debts in Oklahoma?
In this blog post, bankruptcy attorney Edward Kelley discusses non-dischargeable debts in Oklahoma. He explains that non-dischargeable debts cannot be eliminated through bankruptcy, unlike other debts that can be discharged. These debts include child support, federally backed student loans, criminal fines and restitution, and certain civil penalties. Kelley also mentions that tax debt can be dischargeable if it is three years or older from the date of filing. He advises individuals to carefully consider what debts are dischargeable before filing for bankruptcy. To contact Kelley for more information, readers can reach him via email or phone. Read more »
Can Filing a Chapter 7 Help Me in Oklahoma?
In this blog post, Oklahoma bankruptcy attorney Edward Kelly introduces the concept of Chapter 7 bankruptcy and explains how it can help individuals in Oklahoma. He describes Chapter 7 as a liquidation process where non-protected assets are given up in exchange for getting rid of most types of debt. Edward highlights that debts such as student loans (government-backed), child support, and court fines are not eligible for discharge. He also outlines the protection limits for assets like cars, homes, and household belongings. Edward emphasizes that Chapter 7 is a suitable solution for those with significant non-exempt debt and minimal assets, offering a fresh start within three months. Read more »How to Wipe Out Debts in an Oklahoma Chapter 7 Bankruptcy Filing
In this blog post, bankruptcy attorney Edward Kelly discusses the process of wiping out debts in an Oklahoma Chapter 7 bankruptcy filing. He emphasizes the importance of determining whether your assets are protected or if you stand to lose something in the bankruptcy. Kelly explains that unsecured debts like credit card bills can be discharged and go away, while secured debts with collateral, such as a vehicle, may require giving up the property. He notes that student loans, child support, court costs, and fines cannot be discharged, but most other debts can be eliminated. Kelly also mentions that taxes can be completely discharged if it has been three years or more since they were filed. Overall, he encourages readers to assess whether bankruptcy is the right solution for their financial situation. Read more »Starting the Journey: Qualifying for Oklahoma Chapter 7 Bankruptcy
In this blog post, bankruptcy attorney Edward Kelley discusses the qualification process for Chapter 7 bankruptcy in Oklahoma. He emphasizes the importance of determining whether a person is eligible to file for bankruptcy and if they can keep their assets. Kelley explains that assets such as homes and vehicles may be exempt from liquidation if certain conditions are met. He also mentions that everyday necessities and personal belongings are typically exempt as well. Kelley's informative and straightforward approach provides readers with a clear understanding of the initial steps in starting the bankruptcy process. Read more »What Types of Debt Are There in Oklahoma?
In this blog post, Oklahoma bankruptcy attorney Edward Kelly provides a comprehensive review of the different types of debt in Oklahoma. He explains that debt can be categorized as either secured or unsecured, with secured debt having collateral such as a home mortgage or car note. Kelly also discusses the concept of priority debt, highlighting that tax debt is given priority status. Additionally, he mentions the importance of understanding dischargeable and non-dischargeable debt when considering bankruptcy. Kelly concludes by inviting readers to stay tuned for a future post where he will delve into the details of non-dischargeable debts. Read more »
Do I Need an Attorney to File for Bankruptcy in Oklahoma?
In this blog post, Oklahoma City bankruptcy attorney Edward Kelly discusses the need for an attorney when filing for bankruptcy. While it may be tempting to try and handle the process on your own, Kelly emphasizes the importance of having a lawyer due to the complex nature of bankruptcy filings. Attorneys have access to specialized software that generates the necessary documents, which can be hundreds of pages long. Additionally, filing for bankruptcy requires knowledge of the bankruptcy code, specific rules of the federal district, local forms, and the trustee involved. Kelly advises that having an attorney increases the chances of a successful bankruptcy filing and avoids potential complications that can arise when filing pro se. Read more »
What Does Your Attorney Need to Know Before You File for Bankruptcy in Oklahoma?
In this blog post, Oklahoma bankruptcy lawyer Edward Kelley discusses the important information that clients need to provide to their attorney before filing for bankruptcy. He emphasizes that although personal details are not necessary, clients must disclose their financial situation, including their income, assets, transfer history, and types of debts. Kelley explains that understanding these details is crucial for determining eligibility for Chapter 7 bankruptcy and creating a comprehensive financial picture. He reassures readers that he is there to listen and provide guidance throughout the stressful bankruptcy process. Kelley concludes by inviting readers to reach out to him at oklahomacitybankruptcyattorney.pro for further assistance. Read more »
Can I Sell Personal Property Before I Go Into Bankruptcy in Oklahoma?
In this blog post, Oklahoma bankruptcy attorney Edward Kelley addresses a common question he receives: Can I sell personal property before filing for bankruptcy? The answer is yes, but with some conditions. Kelley explains that you cannot sell to family members or anyone else for less than fair market value. He provides an example of selling a vehicle that exceeds the exemption limit, stating that it can be sold on the open market for fair market value. However, the transaction must be disclosed and the trustee may investigate the sale. Kelley also mentions the importance of explaining how the proceeds were used. Ultimately, he assures readers that as long as everything is transparent and within legal boundaries, they can proceed with selling their personal property before filing for bankruptcy. Read more »
What Is the Easiest Type of Bankruptcy to Do in Oklahoma?
In this blog post, bankruptcy attorney Edward Kelly explains the easiest type of bankruptcy to file in Oklahoma. According to Kelly, Chapter 7 bankruptcy is the clear winner in terms of simplicity and speed. If applicants meet the income qualifications and have minimal unprotected assets, they can expect a complete discharge of their debts within 90 days of filing. Kelly emphasizes the importance of hiring an experienced attorney to navigate any potential issues. He also mentions the specific income caps and asset exemptions in Oklahoma, such as the generous homestead protection and the allowance of one car per person up to $7,500 in value. Overall, Chapter 7 bankruptcy offers a fresh start for those looking to regain financial freedom. Read more »
Are Medical Marijuana Businesses Treated Differently in Bankruptcies in Oklahoma?
In this blog post excerpt, the author discusses the treatment of medical marijuana businesses in bankruptcies in Oklahoma. The author explains that due to the federal illegality of medical marijuana, these businesses are denied the relief of bankruptcy. However, if the business is liquidating, there is a possibility for personal liability beyond the assets of the business. The author clarifies that while a trustee cannot oversee the liquidation of the business assets, they can oversee the liquidation of personal assets through a personal chapter 7 bankruptcy. The post concludes by inviting readers to reach out for further clarification on the topic. Read more »
How Difficult Is It to get a Chapter 7 Bankruptcy in Oklahoma?
In this blog post, Edward Kelly, an Oklahoma bankruptcy attorney, addresses the common question of how difficult it is to file for Chapter 7 bankruptcy in Oklahoma. He explains that the process can now be done virtually, without the need to physically go to the courthouse. With access to a fax, scanner, and email, individuals can file for bankruptcy from the comfort of their own homes. Edward also highlights that this option is especially beneficial for those with mobility issues. However, he advises readers to file sooner rather than later, as protocols may change in the future. Contact information for Edward is provided at the end of the post. Read more »
What Types of Bankruptcy Are There in Oklahoma?
In Oklahoma, there are several types of bankruptcy that individuals and businesses can file for. The most common ones are Chapter 7, Chapter 13, and Chapter 11. Chapter 7 is a personal liquidation where all unprotected assets are sold to repay debts, allowing individuals to start fresh. Chapter 13 is a hybrid reorganization and liquidation, where individuals can keep certain assets by paying their value into a repayment plan over five years. At the end of the plan, any remaining debt is discharged. Chapter 11 is a business reorganization used by larger companies, while a new sub-chapter of Chapter 11 is available for small businesses with assets under a million. For more information, contact an Oklahoma City bankruptcy attorney. Read more »
How Often Can I File Bankruptcy in Oklahoma?
What Happens Right after Filing for Chapter 7 Bankruptcy in Oklahoma?
In this blog post, Oklahoma bankruptcy attorney Edward Kelly explains what happens immediately after filing for Chapter 7 bankruptcy. He breaks down the timeline of the bankruptcy process, from filing to the creditor meeting to the discharge. Kelly also addresses common misconceptions about the impact of bankruptcy on credit scores, explaining that in many cases, credit scores can actually improve after bankruptcy. He advises readers to be cautious of predatory lenders who may target individuals who have recently filed for bankruptcy. Kelly also provides tips for rebuilding credit after bankruptcy, including maintaining a small balance on a credit card. Overall, this post offers valuable insights and advice for those considering or going through the bankruptcy process in Oklahoma. Read more »
