In the state of Oklahoma, there are multiple bankruptcy options. Each has pros and cons. For Oklahomans overwhelmed with debt longing for a fresh start; Chapter 7 bankruptcy is an option. For those wanting to keep their secure assets protected from bankruptcy exemptions, there’s Chapter 13 bankruptcy. Chapter 13 is best described as reorganizing your assets while Chapter 7 bankruptcy is full liquidation of assets. While these are the two most common options; an experienced bankruptcy attorney can successfully stop creditor harassment, and execute debt negotiations and/or settlements on your behalf.
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Two other, less mentioned, types of bankruptcy options are available in Oklahoma. Chapter 12 bankruptcy is only available to family farmers or fishermen who maintain a regular annual income and is similar to Chapter 13. Chapter 11 bankruptcy, however, is available to anyone who can file a Chapter 7, with exception to any commodity brokers and stockbrokers. A railroad is not allowed to use Chapter 7, although it may use Chapter 11. Use the Tulsa Attorney Directory to find the best Oklahoma bankruptcy lawyer to guide you through this difficult financial process.
In the state of Oklahoma, Chapter 7 bankruptcy is an opportunity to wipe your financial slate clean. In order to file a Chapter 7 bankruptcy in the state of Oklahoma, you must first pass The Oklahoma Means Test. If your current monthly income, for your household size, is less than the median Oklahoma income you can qualify to file Chapter 7. To get an accurate household income estimate, simply average the last six months of your income, then multiply your monthly income average by twelve.
If your monthly income over the course of the next 60 months totals less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don’t have the option of filing Chapter 7. If your disposable income under the means test is between $7,475 and $12,475 then you must do further calculations to determine if you have the option of filing a Chapter 7 case. These calculations include accounting for expenses including unemployment income, household expenses for all members, living expenses including food, rent, clothing, etc.
For those interested in repaying your debt while keeping assets, such as your home or personal property, Chapter 13 bankruptcy is an option for you. In order to qualify for Chapter 13, you are required to have a consistent income in which the timeline of your repayment plan will be based on. In order to qualify for Chapter 13, you must provide proof of regular income, and unsecured and secured debts may not exceed the legal cap. You may not qualify if: (1) you have a discharge at the end of a Chapter 13 repayment plan, (2) received a discharge from a Chapter 13 repayment plan, (3) received a discharge from a Chapter 13 bankruptcy within the previous two years, or (4) if you received a discharge from Chapter 7, 11, and 12 within the previous four years.
When leaving debt-related messages, bill collectors have to legally adhere to stringent requirements. Specific disclosures are required while rules are strict pertaining to fabrications regarding the nature of the call or using phrases such as “vital or urgent”. Phone calls from creditors are allowed, however, creditors invading your privacy is not. According to the FDCPA, a debt collector cannot contact your bank or employer about any debt, unless permission was first received from a court. Collection calls are also illegal when they are made on holidays, to hospitals or family members, and during the times before 8 am and after 9 pm. To effectively and immediately stop creditor phone harassment use the rule on ceasing communications by the FDCPA. Write the collector a letter and mail it certified. (Take a picture of the letter and stamped envelope.) In the letter inform the collector that you either refuse to pay the debt or that you don’t want to be contacted again. You have the right to make this request, and the debt collector has a legal obligation to fulfill it. Legally, you have 30 days after you’ve sent the letter to officially dispute the debt, although calls should cease immediately after receiving your letter. Another way to immediately stop creditor harassment is by using the Tulsa Attorney Directory to hire a bankruptcy attorney to represent your case.
Are you looking for a fresh start? Are your wages being garnished, or are creditors threatening garnishment? Accruing more debt than you can pay can be overwhelming and frustrating to an individual or family. Ease your mind and financial burden by finding the best bankruptcy lawyer with the Tulsa Attorney Directory.