Oklahoma Bankruptcy Law Review
The Ups and Downs of Reaffirmation
Most people when filing bankruptcy have some debt secured by assets that they would like to keep. For instance, they might have a house with a mortgage or a car with a car payment. In these circumstances (assuming there is a bankruptcy exemption to cover the assets, which there normally is) the chapter 7 filer […] Read more »JUDGMENT-PROOF IS NOT BULLETPROOF
I have had several clients in the last few years whose cases I did not take because they were judgment-proof. This is usually the designation that I reserve for someone that is under these or similar circumstances: Has only Social security income or other income exempt from garnishment, levy or other process. No real property […] Read more »I’ve Been Sued: What do I do?
A common question I get from clients at the Debt Line Law Office, is, “What should I do about that Petition I was just served with from a creditor.” Below is the general outline of the advice I give. The Summons will tell you the time that you have to file an Answer or […] Read more »Oh No! I Forgot One
Bankruptcy documents are cumbersome and complicated. Then again, so are your finances if you are seriously considering filing bankruptcy. It is no wonder that, in the flurry of preparing and getting your bankruptcy attorney all the information to file your case there will be an inevitable omission or two or even three. The fact is […] Read more »Do You Value Your Car?
The State of Oklahoma has very good exemptions compared to other states. Exemptions define the property that a person filing for bankruptcy in Oklahoma can keep and still discharge their debts. One such exemption is that the debtors in bankruptcy can exempt up to $7,500 of equity in a vehicle. This means you can keep […] Read more »
Pro Bono
Pro-Bono work is good for everyone involved. It allows someone of less than modest means to get the help that they need without depleting the resources that they otherwise depend on for food and shelter. It also allows a professional to practice his craft, hone his skills and have the satisfaction of doing service. Everybody benefits. […] Read more »If It Starts To Hurt, Convert
I had a client come in today wondering what the chances are for her to convert her Chapter 13 to a Chapter 7 bankruptcy. She started into her 5 year Chapter 13 plan about a year ago and she is going to retire soon and won’t have the same income as she did before. Section […] Read more »
What is furniture anyway?
I just spent the last 3 hours pouring through Oklahoma case law researching the issue of what can be considered “furniture” and thus exempt under the Oklahoma exemption covering “All household and kitchen furniture”. Because there is no specific language for a TV, piano, washer and dryer, vacuum cleaner, I have always just lumped those […] Read more »There is no “Big Brother” in Bankruptcy; Just You.
There is this common misconception with regard to bankruptcy that, upon filing bankruptcy, there will be someone sent to your home to catalogue all of your belongings and report back to the Trustee their findings. This is not how it works at all. On the contrary, when you fill out your schedules you are charged […] Read more »Quick Rules for Categorizing your Debts
There are many difficult things about bankruptcy. Categorizing your debts should not be one of them. Here are some quick rules of thumb in knowing just what category your debts fit into. The three categories for debt are Secured debt, Unsecured debt and Priority debt. Secured debt consists of any debt to which there is collateral […] Read more »Pitfalls of Surrendering your Home in a Bankruptcy
Many people are turning to bankruptcy these days. Many of these people have been driven to it due to the fact that they can no longer make the payment on their mortgage. Many have come to me seeking to keep a home that they probably should have never bought in the first place. Yet others turn to bankruptcy because […] Read more »Trying too Hard to Avoid Bankruptcy can Hurt You.
Bankruptcy is generally considered to be a last option. But trying too hard to avoid bankruptcy can hurt you. I signed up a client yesterday who had been going through financial problems for months. He wanted to avoid bankruptcy and thought he could get through the debt problems on his own. I believe that people […] Read more »Launch of the Debt Line Law Office Blog
The blog bug has finally hit the Debt Line Law Office. The bankruptcy attorneys at Debt Line will try to post informal updates on the firm and the state of the law in Oklahoma and bankruptcy in general on a regular basis. More formal information can be found on our Web site (www.888debtline.com) or by […] Read more »