Oklahoma City Bankruptcy Attorney Edward Kelley 888 Debt Line speaks on the fairly amazing things you can do in a bankruptcy you might not know about. One, the automatic stay, either a 7 or a 13 or really any bankruptcy. Unless you filed one or more than one additional bankruptcy in the last year, you’re going to get the automatic stay, so that prevents any creditor from taking any action. The bankruptcy court now has sole power to do anything. That continues throughout the bankruptcy unless a creditor petitions the court with an application to lift that stay, which can happen if you’re behind on payments, you’re going to surrender something.
Oklahoma City Bankruptcy Attorney Edward Kelley 888 Debt Line speaks on things you might not know that you can do in a bankruptcy. So whether in a 7 or 13, if you have tax debt that is over three years old, you can discharge it in that bankruptcy. You might think, oh, taxes are, no way to discharge. That’s not true.
Oklahoma City Bankruptcy Attorney Edward Kelley explains how in both chapter seven and chapter 13, there are some pretty extraordinary measures you can take to help yourself that you may not know about – more specifically , the automatic stay. This applies in any bankruptcy. Federal law prohibits upon the filing of bankruptcy of any collection activity by any creditor. Where this comes up all the time in a chapter seven is garnishment. The chapter seven upon filing generates a document called Notice of Bankruptcy Filing. Get that to your payroll person immediately, and that’s the end of it. They cannot garnish you anymore.
Oklahoma City Bankruptcy Attorney Edward Kelley with 888-DEBTLINE explains how Special Powers may benefit you in an Oklahoma Bankruptcy. In a Chapter 13, so you’re going to pay everything you can for five years. Will you get some special privileges along with that? Edward Kelley has that answer.
Oklahoma City Bankruptcy Attorney Edward Kelley with 888-DEBTLINE speaks about the automatic stay and the various ways that that can be used to your advantage even if you don’t complete the bankruptcy. Also, should you always go into a bankruptcy with a genuine desire to complete it?
Oklahoma City Bankruptcy Attorney Edward Kelley with 888-DEBTLINE, if you are behind on your house, even if you’re in the last gasps of a foreclosure, as long as the motion to sell, meaning at auction, your house has not occurred, you can stop it with the filing of a chapter 13 bankruptcy.
Oklahoma City Bankruptcy Attorney Edward Kelley says some people will file a 13 to give them some breathing room. That can be effective if there is some reason to think you’re going to have a windfall down the road. Of course, all of your debt’s going to come back, but that automatic stay can get you some breathing room. Although bear in mind, if you do that, you file a 13, and then it gets dismissed. If you file another 13 within a year, you don’t get that automatic stay for more than 30 days, unless you can convince the court to give it to you.
According to Oklahoma City Bankruptcy Attorney Edward Kelley you can think of the chapter 13 plan as sort of a negotiation with your trustees and creditors as to, here’s what I actually owe, here’s how I’m going to pay it. However, you’re backed with your absolute right to do it. It’s not like they have to okay it. They can certainly object, and then you’ve got to explain, and they’ve got to explain why they have different ideas on what you owe or how you should pay it. But generally, that’s not a huge issue.
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 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 speaks on which type of debts can be Dischargeable in Oklahoma. Generally, student loan debts and criminal case debts are NOT dischargeable. Chapter 7 wont help in that regard. Although, there are some debts that are dischargeable.
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.
Edward Kelley here with 888 Debt Line answers a popular topic: Should I file a bankruptcy during my divorce? Well, a quick answer would be if you are working with your soon to be ex-spouse for an uncontested matter and you both have a lot of debt, then absolutely. If you are in a contested matter where the assignment of debts may become an issue and property, then perhaps not.
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.