If your bank is dead set on foreclosure, or they have often have filed it? Is there anything you can do about it? Oklahoma City Bankruptcy Attorney Edward Kelley says most people think that a Sheriff’s sale is your last moment to stop it and bear in mind whenever you file any kind of bankruptcy, in most cases, the federal, what’s called automatic stay goes into effect, which completely bars by law any creditors from taking any action, including in a foreclosure. So if you get that filing to the sheriffs before they hold the sale, they’ve got to call it off.
Have you ever wondered if you can you save your house and car in an Oklahoma bankruptcy? Oklahoma City Bankruptcy Attorney Edward Kelley explains How to Save My House or Car Through a Chapter 13 Bankruptcy. Let’s start with the basics of a Chapter 13 as opposed to a 7. Chapter 7 liquidation, meaning you keep your exempt property such as your home, if you’re current on the mortgage, your car, if you’re current on the payment, your IRA or 401k, if it’s properly set up, your household goods, everything else, liquidated.
Oklahoma Attorney Edward Kelley’s final video in the Chapter 13 series. How can you succeed at a chapter 13 plan? The key is don’t leave it to yourself, don’t leave human error in it. The best possible option is a wage deduction. Give your employer information, they garnish it is right out of your check, and you never have to think about it as long as you have that job.
Oklahoma Attorney Edward Kelley’s forth video in the Chapter 13 series. The cram down just applies to personal property and usually comes up in terms of a vehicle, nine times out of 10. So what is a cram down? The Cram down is a powerful tool that you get through the chapter 13.
There are benefits to Chapter 13 instead of a Chapter 7 when it concerns saving your house and car in Oklahoma. For instance, as of the date of filing, it imposes an automatic stay which is an absolute bar to any collection. So, it stops the foreclosure and this applies to judicial proceedings, nonjudicial proceedings alike. It stops the foreclosure. It stops any remedies that the bank may have outside of foreclosure.
Oklahoma Attorney Edward Kelley begins his new series on Chapter 13. In Chapter 13 it can used as a fresh start if you get behind on your mortgage, or your vehicle payments. It can also be applied for somebody who simply makes too much money to do a Chapter 7 in Oklahoma.
Many people have terrible stories of losing their home to foreclosure. Once the bank gets going, they will stop at nothing until they have your house back. Then they will auction it off and offer nothing then charge you personally for the difference. Chapter 13 is your best weapon to stop that.
Chapter 13 bankruptcy is a debt-restructuring plan in which you create a plan that specifies how you are going to repay your creditors. This is in contrast to Chapter 7 bankruptcy, under which you can receive a complete discharge of your debt, but you may lose non-exempt assets in the process. Basically, Chapter 13 bankruptcy […]
Chapter 13 is basically a debt repayment plan approved by a federal bankruptcy court and administered by a court-appointed bankruptcy trustee. Each bankruptcy case is different, but the following information is a general summary of what you can expect under Chapter 13 bankruptcy in Oklahoma.
If you’ve received a lump-sum payment or ongoing SSI benefits and anticipate filing bankruptcy, you may need to show how much of your cash on hand resulted from Social Security payments. Because they’re exempt under bankruptcy law, it is essential to keep those funds in a separate account. Avoid commingling that income with any other money.