Difference Between a Chapter 13 and a Chapter 7 Bankruptcy

Difference between a chapter 13 and a chapter 7 bankruptcy

One of the complicated things about bankruptcy in Oklahoma is deciding between a chapter 13 and a chapter 13.  The major difference between a chapter 13 and a chapter 7 bankruptcy is that a chapter 13 is more like a reorganization of both secured and unsecured debt. On the other hand a chapter 7 bankruptcy forgives most unsecured debt without forcing you to pay anything…

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Oklahoma Bankruptcy Law And Taxes-Discharging taxes in chapter 7 Bankruptcy

Tulsa Bankruptcy Attorneys-Will My Back Taxes Be Discharged In Bankruptcy: Chapter 7 Bankruptcy: Can you discharge Tax Debt? On any Chapter 7 Bankruptcy consultations, the prospective Debtor is always advised of a general caveat that certain debts classified as priority debts are not dischargeable including domestic support obligations such as child support and taxes due to the government and in most instances they are…

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Means Testing and Oklahoma Bankruptcy Law

Means testing and Oklahoma bankruptcy go hand in hand. In order to qualify for chapter 7 bankruptcy you must not make above a certain amount of money per year. Means testing in bankruptcy determines which chapter of bankruptcy you qualify to file. Means Testing Qualifies You Your income determines which chapter of bankruptcy you qualify to file. If you’d like to file a chapter…

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Tulsa Bankruptcy-Value Of Your Car For the Purpose Of Bankruptcy

How do you value your car for the purposes of bankruptcy Exemptions? Since Oklahoma has opted out of the federal exemptions, it provides for their own exemption statutes under title 31 of the Oklahoma Statutes section (A)(1) and under 31 O.S. §A (1) (13) and individual may exempt a vehicle for its value up to $7,500.00 in equity. In today’s world, with numerous vehicle…

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Will An Oklahoma Bankruptcy Hurt My Credit

Bankruptcy Hurt My Credit

Bankruptcy and your credit score: Will bankruptcy hurt my credit is a question people have.  The answer to this question is that it really depends on your particular circumstances.  In reality many of my clients are facing judgements for unpaid credit card bills, car repossessions, and foreclosures.  In those situations the answer is that in an odd way bankruptcy may help. This is because…

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