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The Chapter 7 bankruptcy limit in Oklahoma usually refers to the income limit used in the bankruptcy means test. Chapter 7 does not have a simple debt limit like Chapter 13. Instead, most consumer debtors must qualify by showing that their household income is low enough under the means test or that their allowed expenses leave little or no disposable income available to repay…
Chapter 11 bankruptcy is a powerful but complex form of bankruptcy designed to reorganize debt. It is most often used by businesses that need time and legal protection to restructure their finances, continue operating, and propose a plan to repay creditors over time. In some situations, individuals with unusually large or complicated debts may also use it when Chapter 7 or Chapter 13 does…
An adversary proceeding in bankruptcy is a lawsuit filed within, or related to, a bankruptcy case. Although it is connected to the bankruptcy, it is more formal than an ordinary motion or objection. It has a plaintiff, a defendant, a complaint, a summons, deadlines, discovery, motions, possible settlement negotiations, and, if not resolved, trial before the bankruptcy judge. In Oklahoma bankruptcy cases, adversary proceedings…
The cost to file for bankruptcy in Tulsa depends on the chapter you file under, the court filing fee, required bankruptcy courses, attorney fees, and the complexity of your case. A simple Chapter 7 case usually costs less than a Chapter 13 case, but Chapter 13 may allow some attorney fees to be paid through the repayment plan. Before filing bankruptcy, you should understand…
Bankruptcy exemptions are laws that protect certain property from creditors and the bankruptcy trustee. These exemptions determine what property you may be able to keep when you file Chapter 7 or Chapter 13 bankruptcy. One of the biggest fears people have before filing for bankruptcy is losing everything they own. Many people delay speaking with a bankruptcy attorney because they assume bankruptcy means giving…
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