So what should you reaffirm? Well, again, your home, unless there are other reasons you may be better off not reaffirming, since they don’t gain any enhanced ability to foreclose on you and you’re just reassuring your personal liability, which would be discharged if you don’t sign it. On a vehicle, if you want to keep it, definitely safer signing it, as the creditor has the right to repossess the collateral even if you’re not behind if you don’t sign the reaffirmation agreement.
Chapter 7
It doesn’t require much effort on your part other than taking your credit counseling classes before and after filing, giving me the information that I need, showing up at your creditor meeting, or in this case now calling into your creditor meeting and signing any reaffirmations that you need to get.
Oklahoma Attorney Edward Kelley here with 888 Debtline answering your bankruptcy questions. Today we’re finishing up the series, things you must know and consider before filing a chapter seven bankruptcy. So we’ve gone through a lot of areas. Last thing we’re going to talk about is as your assets, reaffirmations and what’s exempt and what is not.
Oklahoma Attorney Edward Kelley with 888-Debtline explains why it is important to be honest with your attorney when it concerns Transfers And Fraudulent Activity In A Chapter 7. There are some severe penalties if you are found to have defrauded the federal government in a bankruptcy including, but not limited to, losing your discharge and in some cases losing your exemptions.
Oklahoma Attorney Edward Kelley wants you to absolutely understand which assets are going to be exempt, meaning the trustee can’t take them, and which will not, meaning you can potentially lose them. The big one that I always make sure my clients fully understand, your tax refund. Here’s how it works, your tax refund is considered an asset that you now own but just haven’t received as of the date of filing. This is particularly important once you get past July of a given year, although any portion you’ve accrued in the given year or past years that you haven’t filed or received are up for grabs.
Oklahoma Attorney Edward Kelley with 888-deadline answers what the requirements are for filing a chapter 7. This marks a new series titled “the five absolute things you need to know before filing bankruptcy”. As an overview, these are things that you will run into trouble if you don’t know before you file. These are things that you need to consider before you file and these are things that will be very important as you go through the process.
Oklahoma Attorney Edward Kelley with 888 Debtline speaks about Reaffirmations In Chapter 7. What is a reaffirmation? When should I do it? How does it apply? So we’ve talked in detail, I’ll refer you to that video about reaffirmations on your home. Let’s talk in detail about reaffirmations on your car and the ability, even in a Chapter 7, to reduce your interest rate. Reaffirmations don’t come into play in a Chapter 13.
Should I Reaffirm My Oklahoma Auto Loan In A Chapter 7? Oklahoma Attorney Edward Kelley with 888 Deadline answers that question. Let’s say you have a vehicle and you are current on it and you want to keep it again, if you’re behind, the only way you can force the creditor to allow you to catch up is through a chapter 13 bankruptcy. Now you can file a seven and then the creditor can’t repossess it during the bankruptcy unless they file a motion to lift the stay, which stops them from collecting and a motion to abandon, meaning the estate abandons their interest in the property and they can do that during the bankruptcy.
Should I reaffirm my house in a chapter seven bankruptcy? Oklahoma Attorney Edward Kelley answers that. If you have a house, got a little bit of equity in it, fully intend to keep it, you’re not in foreclosure. Because if you are, then you’re going to need a chapter 13 to stop that. If you’re a month or two behind, you would need to catch that up before the bankruptcy, would be my advice, as chapter seven doesn’t afford you away to catch it up.
Is it fine to lie in your Oklahoma Bankruptcy. Absolutely not. Oklahoma City Attorney Edward Kelley explains the major risks involved when it concerns lying during your bankruptcy.
Oklahoma City Attorney Edward Kelley answers a question asked often. Do I really need a lawyer to do my bankruptcy? The quick answer is yes. Lawyers went to three years of extra school and people who practice bankruptcy have often spent many, many more hours in specialized bankruptcy training in order to file these things.
Is there anything you can do about your terrible interest rate on your auto in my chapter seven bankruptcy? Yes! Oklahoma City Attorney Edward Kelley explains how you could potentially do so!
At the 341 meeting, you will be questioned regarding your financial position, while under oath and under the penalty of perjury. Your bankruptcy trustee, who will be appointed by the court to work in a fiduciary capacity on your behalf, will present these questions to you. Your bankruptcy attorney may accompany you to the 341 […]
If it has become apparent that you should file Chapter 7 bankruptcy, or you begin planning to do so, you may be wondering what to expect while you are waiting to have your finances analyzed and your debt eliminated. Here is a glimpse into what your life will look like during Chapter 7 bankruptcy. When […]
When filing Chapter 7 bankruptcy, certain common mistakes can needlessly cost you money. Furthermore, some mistakes are illegal and they can prevent you from being able to eliminate your debts through bankruptcy. Here are seven of the most common mistakes made when filing chapter 7 Bankruptcy: Leaving creditors off of your bankruptcy petition. When you […]
When filing bankruptcy, certain mistakes may jeopardize your ability to eliminate all or most of your debt. In some cases, these mistakes may even deprive you of the chance to receive any discharge at all. An experienced bankruptcy attorney can help protect your interests throughout the bankruptcy process and help you avoid these seven common Chapter […]
You are an honest debtor but for various reasons have lost control over your finances and are behind in your car payments. You have decided that filing Chapter 7 bankruptcy today is the best option for a better life tomorrow. However, you need your car for work and you are concerned that if you lose […]
As a bankruptcy attorney, I’m glad that so many Oklahomans see the folly of delving into a complex process without professional advice or experience. I think an attorney’s skilled counsel provides bankruptcy filers a greater level of personal confidence and financial security during a time when they are struggling with not only debt, but the emotional and social impact of insurmountable debt. Yet, I know that in spite of my warning, there will still be those of you determined to file Chapter 7 pro se. For my Oklahoma neighbors who may consider filing Chapter 7 bankruptcy without an attorney, here’s an overview of the steps you’ll need to go through if you file Chapter 7 bankruptcy.
A creditor with a four-person family in Oklahoma with a family income of more than about $63,069 annually must complete the means test to qualify for Chapter 7. The means test allows some high-income debtors to file Chapter 7 when faced with certain expenses.
For anyone who has ever had the misfortune of trying to survive under the heavy weight of a garnishment, you know just how debilitating it can be. This problem that I see all too often in my line of work as a bankruptcy attorney in Oklahoma City Oklahoma prompts this post. Obviously, the best way […]