Oklahoma Bankruptcy Law Review

What Are the Differences of Chapter 7 Bankruptcy for Consumers and Small Businesses in Oklahoma?
In this blog post, bankruptcy attorney Edward Kelly discusses the differences between Chapter 7 bankruptcy for consumers and small businesses in Oklahoma. He explains that while individuals can get a discharge in Chapter 7, businesses cannot. However, a business may still choose to file for Chapter 7 to have a trustee manage its assets and obtain a definitive status on its debts. Additionally, if a business has assets that it wants to dispose of, filing for Chapter 7 can be a more efficient option than dealing with multiple creditors in court. Edward provides further details and invites readers to reach out if they have any questions. Read more »
What Is a Reaffirmation in Oklahoma Chapter 7 Bankruptcy?
In this blog post, bankruptcy attorney Edward Kelly explains what a reaffirmation is in Chapter 7 bankruptcy cases in Oklahoma. A reaffirmation is the process of taking a debt out of bankruptcy, specifically for secured debts like car loans. Kelly emphasizes the importance of reaffirming a loan if you want to keep your car and avoid potential repossession in the future. He also mentions that not all bankruptcy attorneys offer this service, so it's crucial to ask your attorney about it. This post is part of Kelly's ongoing series, Three Minutes to Financial Freedom, where he provides valuable information about bankruptcy and debt relief. Read more »
What Are the Requirements and Benefits of Oklahoma Chapter 7 Bankruptcy?
In this blog post, bankruptcy attorney Edward Kelly provides an overview of the requirements and benefits of Oklahoma Chapter 7 bankruptcy. He explains that individuals must meet income guidelines based on family and household size. If eligible, Chapter 7 allows for the discharge of most debts, such as medical bills and credit cards. Kelly also highlights the protection of assets, including homes and vehicles, up to certain equity limits. He advises against owning expensive items like artwork and jewelry. The process takes 90 days, with a brief telephone hearing. Kelly encourages those who qualify to take action and contact him for assistance. Read more »
What Happens if I Fall Behind on My Chapter 13 Bankruptcy Payments in Oklahoma?
In a Chapter 13 bankruptcy, falling behind on your payments can have serious consequences. If you miss enough plan payments and the trustee files a motion to dismiss, your case could be dismissed and everything goes back to where it was when you filed. This means that if you were able to stop a sheriff's sale just before it was confirmed, the bank can simply get it confirmed again. However, there are options to keep your Chapter 13 bankruptcy on track. You can file motions to modify your plan, increase payments, or make lump sum payments using tax refunds. Stay tuned for the next video where we'll summarize everything we've discussed about saving your home in a Chapter 13 bankruptcy. Read more »
The Three Criteria for Saving Your Home with a Chapter 13 Bankruptcy in Oklahoma
In this blog post, bankruptcy attorney Edward Kelly shares the three criteria for saving your home with a Chapter 13 bankruptcy in Oklahoma. First, you need to be behind on your mortgage payments. Second, you should have exhausted all opportunities to work with your bank before considering a Chapter 13. Finally, you must be able to make the regular payment going forward, as well as at least 1/60th of the arrearage. Edward explains that you can only go up to five years in a Chapter 13 plan, so it's important to catch up on your payments within that time frame. If you meet these criteria, you can save your home and find financial freedom. Read more »
What You Need to Know About Child Support Debt and Bankruptcy in Oklahoma
In this blog post, bankruptcy attorney Edward Kelly discusses child support debt in Oklahoma Chapter 7 bankruptcy. He explains that child support is not a debt that can be discharged through bankruptcy, but there are strategies to manage it. By discharging other debts in a Chapter 7 liquidation, individuals can free up income to start paying off child support. Additionally, they can file a motion to modify child support in state court to make it more manageable. Kelly also mentions Chapter 13 bankruptcy, where child support debt takes priority over other debts. By paying all disposable income towards child support for 3 to 5 years, individuals can eventually have it paid off while discharging their other debts. Read more »
Mastering the Reaffirmation Process: Strategies for Long-Term Stability in Oklahoma
In this blog post, bankruptcy attorney Edward Kelly shares his insights on the importance of the reaffirmation process. Reaffirming a debt means taking it out of bankruptcy and agreeing to pay it, which can help keep collateral like cars or furniture from being repossessed. Kelly emphasizes the need to carefully consider whether reaffirming a debt is the right choice, and to ensure that the terms of the agreement are affordable and reflect your actual debts. While reaffirming a house may not offer much benefit, Kelly provides strategies for succeeding in the reaffirmation process overall. For more information and guidance, readers can reach out to Kelly with their questions. Read more »
Financial Freedom After Bankruptcy: The Power of Reaffirmation in Oklahoma
In this blog post, bankruptcy attorney Edward Kelly discusses the importance of reaffirmation agreements in achieving financial freedom after bankruptcy. He emphasizes the need to ensure that you can afford the payment and that the terms of the agreement reflect your understanding. Kelly also advises negotiating for better terms if possible. He cautions against reaffirming debts that negate the benefits of bankruptcy, such as high truck payments. If you're considering a reaffirmation agreement, it's essential to understand the terms and make sure it aligns with your financial goals. As always, Kelly invites readers to contact him with questions or concerns. Read more »
Protecting Your Home in Oklahoma: Why Reaffirmation May Not Be Necessary
Are you considering filing for bankruptcy and worried about losing your home in the process? In this blog post, Oklahoma bankruptcy attorney Edward Kelly explains why reaffirmation may not be necessary for your home. While reaffirmation is necessary for personal property like a car, since the lender can repossess it even if you're current on your payments, it's not as crucial for real property like a home. This is because the lender can always foreclose on the home if you don't pay, whether you sign a reaffirmation or not. By not signing, you avoid the risk of personal liability if the home is auctioned and sold for less than what you owe. Read more »
The Hidden Solution: Reaffirmation Agreements and Debt Protection in Oklahoma
In this excerpt, bankruptcy attorney Edward Kelly explains the ins and outs of reaffirmations. He focuses on the process of bringing a debt back out of bankruptcy, specifically a car note, and how to qualify for it. Edward stresses that you can't just do it and that the court assumes you may not be able to afford it. He explains that the terms of your note and bankruptcy documents are all included in the reaffirmation agreement, which he can help prepare or go over with the lender. If you have enough money to pay it, you can execute the agreement before the case is over. Read more »
Oklahoma Reaffirmation 101: Understanding the Counterintuitive Debt Solution
What is a Reaffirmation? Hello everybody, Edward Kelly here. I’m the Oklahoma City bankruptcy attorney and we’re going to do a quick series on reaffirmations. So what is a reaffirmation? Well, generally it’s used in chapter 7 to keep a debt. So basically it’s a little bit counterintuitive but you can’t leave any debts out […] Read more »
The Art of Financial Reinvention: Embracing Oklahoma Chapter 13 Bankruptcy for a Fresh Start
In this final installment of our series on Chapter 13 bankruptcy, attorney Edward Kelly covers the ins and outs of a successful financial reorganization. From qualifying and proposing a plan to confirming and modifying it if necessary, Kelly offers expert advice on how to navigate the process. With Chapter 13, you can catch up on mortgage arrearage, pay off certain debts in full, and even force creditors to accept a payment plan based on what you can actually afford. If you're considering Chapter 13 bankruptcy, or just have questions, Kelly is available to help at oklahomacitybankruptcyattorney.pro. Read more »
Cracking the Code: Secrets to Thriving in Oklahoma Chapter 13 Bankruptcy
How to Succeed in Chapter 13 Bankruptcy Hello everybody, Edward Kelly, Oklahoma bankruptcy attorney, continuing our series on Chapter 13. We’ve talked about what is it, personal financial reorganization. We’ve talked about how you qualify, make enough money to fund your plan, and basically be able to afford it. Kind of the opposite of Chapter […] Read more »
Maximizing Your Potential: Creating a Customized Oklahoma Chapter 13 Plan
If you're considering filing for bankruptcy under Chapter 13, it's important to understand what a plan is and how it works. Essentially, a Chapter 13 plan is a detailed proposal that outlines how you will repay your debts over a period of five years. When developing a plan, your bankruptcy attorney will work with you to calculate your disposable income and determine the best course of action. Chapter 13 plans vary widely depending on the individual filer's circumstances, which is why it's critical to work with an experienced bankruptcy attorney who can guide you through the process and help you develop a plan that maximizes your potential for success. Read more »
Beyond Oklahoma Chapter 7: Discovering the Qualifications for Chapter 13
In the second video of his Chapter 13 bankruptcy series, attorney Edward Kelly discusses the qualifications needed to file for Chapter 13. One reason for filing Chapter 13 is if you make too much money to qualify for Chapter 7. If you're looking to keep your house, Chapter 13 allows you to pay off your mortgage arrearage, which is not possible in Chapter 7. However, the main requirement for Chapter 13 is feasibility. You must be able to pay off debts that would normally be paid within the lifetime of the plan. Kelly emphasizes that what you pay is based on what you can afford and that plan approval is subject to trustee approval. Read more »
From Chaos to Control: The Power of Oklahoma Chapter 13 Bankruptcy
What Is Chapter 13 Bankruptcy? Good afternoon everybody, Edward Kelly here, bankruptcy attorney. So what are we going to talk about today? Chapter 13. Just finished a series on Chapter 7, and now we’re going to move on to the more involved case, Chapter 13. So in this first video, we’ll just talk about what […] Read more »
When Can Ch.13 Bankruptcy Be Filed to Stop a Foreclosure in Oklahoma?
With a chapter 13, the foreclosure process can take up to six months and involves court hearings and a sheriff's sale. Read more »
How Can I Save My House through an Oklahoma Chapter 13 Bankruptcy?
To qualify, you need to be able to make regular mortgage payments and pay a percentage of what you're behind. Read more »
What Is the Structure for Catching up on Mortgage Payments with Ch.13 Bankruptcy in Oklahoma?
In a Chapter 13 bankruptcy, you need to be able to make your regular mortgage payment plus 1/60th of what you owe at a minimum. Read more »
The Dos and Don'ts of Discharging Debt in Bankruptcy in Oklahoma
Secured debts have collateral tied to them, and the value of the collateral determines the extent to which the debt is secured. Read more »
What Debts Are There in a Bankruptcy and What Can I Do With Them in Oklahoma?
It is recommended to maximize payments on priority debts and secured debts that you plan to keep while letting the rest be discharged. Read more »
What Are Priority Unsecured Debts in Oklahoma?
Priority unsecured debts are those that have no collateral but are given priority and generally can't be discharged in bankruptcy. Read more »
What Is the Difference between Secured and Unsecured Debts in Oklahoma?
Secured debts are loans that have collateral tied to them, such as a car or a house. Creditors have the security of their collateral. Read more »
How Do Different Types of Debt Get Treated in Bankruptcy in Oklahoma?
The main categories of debt include unsecured debts, secured debts, priority unsecured debts, and administrative debts. Read more »
The Three Factors to Consider When Filing for Chapter 13 Bankruptcy in Oklahoma
Filing for Chapter 13 bankruptcy in Oklahoma depends on three factors: income level, type of debt, and feasibility. Read more »
What Is the Feasibility of Chapter 13 Bankruptcy in Oklahoma?
Feasibility is if you can commit to the repayment plan based on your income and expenses, without leaving room for luxury or savings. Read more »
What Kind of Debt Is Considered in Chapter 13 Bankruptcy in Oklahoma?
The Chapter 13 bankruptcy payment plan is determined based on what one can afford to pay, not the total amount owed. Read more »
How Does Income Impact the Decision to Choose Chapter 13 Bankruptcy in Oklahoma?
If your income is above the median, you must file for Chapter 13 and pay what you can for a five-year plan. Read more »
Is Oklahoma Chapter 13 Bankruptcy Right for Me?
The first factor is your income, which will be evaluated from a different perspective than in a Chapter 7 bankruptcy filing. Read more »
What Are the Factors to Consider When Determining if Oklahoma Chapter 7 Bankruptcy Is Right for Me?
The person's income is compared to the IRS median income and their expenses to determine if they qualify for chapter 7 bankruptcy. Read more »