Tulsa Attorney BlogCategory: Bankruptcy
This Is Why You Would Want to Do a Chapter 13
An Oklahoma Chapter 13 is a personal reorganization. You’re going to pay in for three to five years, 36-60 months what you can, not what you owe.
The Effects of Chapter 13
Let’s say you need to save your home or vehicle. Chapter 7 won’t allow you to do that. Chapter 13 will, though.
Chapter 13: Benefits of a Cramdown
Cramming down means reducing the amount that you have to pay in order to keep that vehicle to the actual value of that vehicle.
Why Would I Choose a Chapter 13 Over a Chapter 7
In Chapter 13 in Oklahoma, No one can garnish you. No one can sue you. You’re under the blanket of the Chapter 13 court.
Am I a Good Candidate for Bankruptcy? Part 1
You need to understand there are two kinds of, primarily two main kinds of bankruptcy that you will be dealing with as a debtor.
Has COVID Affected Bankruptcy?
The Cares Act Is a Governmental Relief Program and It Has Changed the Bankruptcy Code Temporarily
How Is a Medical Marijuana Related Bankruptcy Different From Other Bankruptcies?
Because marijuana is federally illegal, as is the cultivation of same, you are incredibly limited in what you can do. Although It doesn’t mean you can’t do an Oklahoma bankruptcy, but it can’t be based on your marijuana business.
Do I Qualify for a Chapter 13 in Oklahoma?
Oklahoma Chapter 13, who is it for? This is for an individual. A business generally is not going to be able to do a Chapter 13, pretty much always.
What Is a Chapter 13 Bankruptcy?
I, as your Bankruptcy attorney come up with you for a plan that pays at least the disposable income, meaning what you have left over, you can’t pay less than that, for either the five years or as long as it takes to pay off the debt that you have to pay in the bankruptcy. For example, if the cutoff for a seven was 40,000 for one person, and you make 50,000, then you’ve got 10,000 leftover. Take 10,000 divided by 60, whatever that is. Well, let’s say you make 10,000 over, so then you’re looking at $100 a month payment. You can do the math on that. Whatever disposable income that you have leftover, divide that up and spread that out per month for the 60 months. Of course, you don’t pay more than what you owe. But that in a nutshell is a Chapter 13.
Can You Discharge Child Support in a Bankruptcy?
What do you need to know about child support as a debt in your bankruptcy? Edward Kelley here, bankruptcy attorney for Wirth Law. And I’m going to answer that question and this one’s a pretty easy one. You can’t discharge it.