An Oklahoma Bankruptcy Is A Very Serious Matter.

Video Transcribed: Oklahoma City Bankruptcy Attorney Edward Kelley with 888-DEBTLINE, answering your bankruptcy questions. As always, we’re starting a new series. We just finished up how to save your home or car in a chapter 13 and now we’re going to talk about special powers in bankruptcy in both chapter seven and chapter 13. This first video, I’ll just give you an overview. We’re going to talk about cram downs generally on and automobile.

That can be in some cases, some of the things, but it means getting your car note crammed down, essentially separated into a secured and unsecured portion. The secured debt being the actual fair market value of your car, not what you owe on it and the rest of the debt being unsecured. It can be very helpful. Associated power is the power of redemption, which is a really another kind of cram down, but where you buy the car outright for its fair market value rather than what you owe.

I’m going to explain again, about the automatic stay and the various ways that that can be used to your advantage even if you don’t complete the bankruptcy. Although, you should always go into a bankruptcy with a genuine desire to complete it. We will also talk about the powers of the trustee to manage your property, which some times can be to your benefit.

We’ll talk about the 100% plan in a chapter 13, which may allow you to keep things you normally wouldn’t think you could keep. We’ll talk about some other powers in the bankruptcy, but I just want you to get from this video, there are many things that you may not be aware of that you can do in a bankruptcy.

In our next video, number two in this series, we’re going to talk in detail about the cram downs specifically in a chapter seven. So I’ll see you then. As always, you can reach me at 888-debtline, edward@wirthlawoffice.com, and on Facebook in our Facebook group, Oklahomans for Debt Relief. Talk to you soon.