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!
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.
Oklahoma Attorney Edward Kelley goes through a few different debts that are treated in a special way in bankruptcy. Let’s say you committed some criminal offense and were given fines and costs and some sort of restitution to a victim. None of that is going to be dischargeable – Criminal penalties, restitution.
Now, a 401K mind you is generally considered exempt in a bankruptcy as long as it’s set up properly, meaning the trustee cannot take it in your bankruptcy. However, you yourself may have taken a loan out against it and received monies that have long since been spent when you filed the bankruptcy. You may wonder, “Well, will that get rid of that debt?” And the answer is a definite no.
Oklahoma Attorney Edward Kelley continues his Special Debt Series explaining how it relates to Child Support in Oklahoma. Child Support is not dis-chargeable under any circumstances, although you will get credit, pretty much dollar for dollar in a Chapter seven for that expense.
The idea of a chapter seven, also known as a liquidation bankruptcy, is that you liquidate your non-exempt assets into monies to be paid to your creditors so that any debt leftover is discharged, wiped away.
Oklahoma Attorney Edward Kelley answers a question he gets asked often as a Bankruptcy Attorney. Do I Qualify For a Chapter 7 Bankruptcy In Oklahoma? For starters, there’s an income cutoff. In addition, you can’t have filed for a bankruptcy in the last eight years.
Oklahoma Attorney Edward Kelley explains what bankruptcy does to your credit. The first thing you need to understand is your credit score is based primarily on a couple of factors. What is your payment history? What is your debt-to-income ratio?
Around 25% of our clients have tried use debt consolidation and it was found that the companies did not negotiate a settlement that they could afford. In many cases, they were almost unable to stop the auto-draft from the debt consolidation companies.
Can I get rid of all of my debt? No. Student loans and child support are not forgiven or dis-chargeable. Although, if your taxes are three years old, they can be discharged. Remember that’s three years from when they’re filed.
Oklahoma Attorney Edward Kelley’s last video in the Bankruptcy And Divorce Series. A lot of divorces have been caused by financial difficulties, lack of money and debt piled up. If it’s over you could greatly benefit from Bankruptcy.
In the state of Oklahoma, common law marriages are recognized. You can file as a married couple if you meet the requirements for common law marriage.
Alimony is not going to be dischargeable under any normal circumstances. If you’re awarded alimony, particularly support alimony, you are not going to be able to get out of that.
A bankruptcy does not impair a District Court divorce decree. However, a bankruptcy does discharge the ability of any creditor to collect.
Oklahoma Attorney Edward Kelley discusses how bankruptcy can be used as a planning tool for divorce. Relationship fails often under the pressures of money, mounting debt. Neither partner has any resources to take care of the debt the couple is facing. Bankruptcy can be a solution to your problem.
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.