Oklahoma Bankruptcy Law Review
The Dynamics of an Oklahoma Chapter 11
The dynamic here is basically the committee of creditors, and as I said sometimes creditors can involuntarily force a company into a chapter 11 if they are in effect ignoring their insolvency. But the dynamic is basically, can the company conduct its operations in such a way that a partial or total discharge of some of its debts will benefit enough of the creditors who can get more of a return on their outstanding debt than they would get if the company simply dissolved and the assets were subject to attachment for judgments. Read more »The Initial Stages of an Oklahoma Chapter 11
So in order for a business to file, and it doesn't necessarily file all this at once, it will file its petition for Chapter 11 relief and the documents that will need to be filed at some point to support that are going to be assets and liabilities, list of all contracts and leases, income and expenditures, the basic financial documents. Read more »An Oklahoma Chapter 11 Overview
Chapter 11's are much more complicated than your other Chapters, basically what it boils down to is a business that, facing debt, wants to reorganize itself. In certain cases an individuaol can file as well, although that's much more rare. This can be filed by the business itself voluntarily, or this can be filed involuntarily against a business by its creditors. Read more »Coronavirus Impacts Bankruptcy Overview
Why this may be a once in a lifetime opportunity for you to qualify for a seven or have a manageable chapter 13 payment, so the silver lining of this frightening Coronavirus epidemic. So, finishing up the series, just going to do an overview. We talked about four amazing reasons why this could be the best time for you to file. Read more »Does Covid-19 Create Manageable Payments in a Chapter 13?
You can do a bankruptcy without leaving your home. In fact, with only one original, well, batch of original signatures that you would need to mail in. Everyone understands you're not supposed to leave your house. So for example, if you hire me, I can get you the packet either by email or fax, if you have that capacity. You can get everything back to me that way. Read more »Secured Loans Affected by Covid-19?
Secured loans are things you're going to keep, your home mortgage, your car payment, certain other loans with collateral or even some unsecured loans that you may be wanting to keep for whatever reason. Most of them, if not all of them, are offering forbearance, letting you skip the next two or three months' payments, put it on the back end of the loan or foregoing any kind of credit reporting or penalties for not paying for a month. Read more »Can Lowered Income Help you Qualify for a Chapter 7?
Lets discuss how your lowered income or loss of a job may help you qualify to do a chapter seven when you wouldn't normally or give you a much lower payment in a chapter 13 then you would have had before this crisis. Read more »Does Covid-19 Signify a Good Time to File Bankruptcy?
This may be the best time you will ever have, to file your chapter seven or chapter 13 bankruptcy. So I'm going to go over one reason every day, the first four days in this particular series. This is day one and then at the end, we'll do an overview of all the reasons. So number one, why is now a good time to do your bankruptcy? Your stimulus. So almost all of you would qualify for and have received or will receive a $1,200 stimulus check. And if you have any kids, you get 500 a piece for your kids. So, that's just about what you need to do a bankruptcy. Read more »Is the Best Time to File for Chapter 7 or 13 During Covid-19?
I'm just going to reiterate this may be the best time you will find in the foreseeable future and in recent memory to file either a chapter seven or chapter 13 consumer bankruptcy. If you have been wanting to file a seven but your income's been a little high, making you have to do a 13 and make a payment for five years, my guess is that recent developments will allow you to do that seven. Read more »Starting Over Fresh Financially During Coronavirus
Anyway, in the midst of the pandemic, I'm just reiterating again, file now. Got your stimulus check. You can pay a bankruptcy, a chapter seven will get rid of all your unsecured debt, and put you in a position to start over fresh without anything hanging over your head. Read more »Using Your Stimulus Check to Get Out of Debt (Part 3)
Stimulus is $1200 per person, $500 for each kid. Given the bankruptcy fees, which I know I personally and many attorneys are discounting based on circumstances at a sympathy for what's going on with everybody, may allow you to do a chapter seven. You may have the fee and you may not be able to have it at any other time if you're caught up in a vicious debt circle. In addition, trustees are being forgiving. Your income going down may help you to qualify for a seven if you weren't able to. Read more »Using Your Stimulus Check to Get Out of Debt (Part 2)
I am hammering home the point, use that stimulus check and the almost perfect conditions we have now to get out of debt for good. How does that work? 1200 for you, 500 per child. My bankruptcy's generally run anywhere from 1400, 1500 to 1800, 1900 so that stimulus check should put you right in that range. I and many other people are also taking into account the circumstances on a case by case basis and discounting further where appropriate. Read more »Using Your Stimulus Check to Get Out of Debt (Part 1)
Let's look at how are you can use that stimulus check to get out of debt completely. So how does that work? Well, your typical stimulus, 1200 for you, 500 per child. And my normal rate of bankruptcy depending on the debt and some other factors from 1400-1500 up to about 1900, and I know I and many attorneys are taking into consideration the financial difficulties presented to people now and the fact that they've got a stimulus check, but they've still got to survive. Read more »Coronavirus Update: Do you Get to Keep Your Stimulus Check in Bankruptcy?
Oklahoma City Attorney Edward Kelley discusses if you get to keep your stimulus check even if you're filing for bankruptcy. The answer will surprise you. Read more »Coronavirus Update: Can you File Bankruptcy From Home?
Bankruptcy Attorney Edward Kelley with 888debtline. This impact, I'm going to continue with this emergency series on coronavirus and how it impacts you filing bankruptcy. We've already talked about how your income, counterintuitively perhaps, may be at its best for filing a seven or 13. Read more »Covid-19 Update: The Perfect Time to File a Chapter 7?
Remember that when you file a 13, you calculate your disposable income and that's what you pay for 36 to 60 months, usually 60 if you're trying to catch up on a home mortgage. Normally, you could do a Chapter 7 or a car payment, then you might choose to do a 13 anyway. Read more »Coronavirus Update: Is This the Best Time to File a Chapter 7?
If you're in the covert 19 crisis, just wanted to post a quick video elaborating on what I've already talked about in a couple of videos. There's always a silver lining to every difficulty and in this case, this may be one of the best times to file a chapter seven. Here's another reason. If you were on the line about your income, this is a time that bankruptcy trustees and judges are of course being very kind and forgiving. Read more »Bankruptcy During Covid-19?
If you're needing to do bankruptcy, understand this doesn't have to stop you at all. One of the amazing things about bankruptcy is that it's completely e-file. We've also received orders from almost all the districts that the 341 meetings, which is the one physical time you have to show up somewhere in a Chapter 7 bankruptcy, will be done by telephone. So actually, if you hire now, you may not have to leave your house at all. Read more »Debts That Can be Knocked Out in Chapter 7
So we've already talked about credit cards, personal and signature loans, and medical bills as all being things that you can knock out. And those are good examples of what I'm talking about as a general category, unsecured debts. So just to wrap this up, if a debt, you know when you go into bankruptcy, the biggest classification you're going to worry about is, are we talking about unsecured or secured debt? Read more »Does Covid-19 Mean This is The Best Time to File Bankruptcy?
We are going to take a break from our series about debts you can get rid of right away to address this crazy hysteria situation with coronavirus, and why this is probably the best time for you to file bankruptcy. A couple of reasons: number one, which you may not know, all bankruptcy is e-filed and 341 meetings, that's your little creditor meeting, can be held telephonically in these kind of circumstances. Read more »