Practice Areas

Bankruptcy

Individual Ch 7 Bankruptcy – From $700 + court costs (Western District-Oklahoma)

WE ALL KNOW THAT DEBT AND CREDITORS CAN CAUSE CONSTANT STRESS – PROBLEMS IN A MARRIAGE AND EMPLOYMENT – LOSS OF SLEEP, and DEPRESSION!  WE CAN STOP THE PHONE CALLS, LETTERS AND LAWSUITS!  YOU DON’T HAVE TO DEAL WITH YOUR CREDITORS ALONE.  WE CAN HELP!

DON’T LET A SLIGHT RAISE IN YOUR SALARY, OR A NEW LAW OR REGULATION PREVENT YOU  FROM FILING CHAPTER 7.   THE TIME TO FILE MAY BE NOW!

WE UNDERSTAND FINANCIAL PROBLEMS CAN BE OVERWHELMING. THERE IS AN ALTERNATIVE TO THE STRESS AND PRESSURE OF INCESSANT CREDITOR CALLS. OUR ATTORNEYS CAN STOP THE COLLECTION CALLS AND LETTERS, FORECLOSURES, GARNISHMENTS AND LEVIES.  WE OFFER BANKRUPTCY SERVICES EFFICIENTLY, PROFESSIONALLY AND CORRECTLY.

FREE CONSULTATION AND PAYMENT PLANS.

INDIVIDUAL CHAPTER 7 – $700.00 PLUS FILING FEES.

CHAPTER 13 – $1500.00 INITIAL PAYMENT GETS YOU STARTED. Filing fees excluded.

SUMMARY OF CONSUMER BANKRUPTCY LAW

Statement of Information Required by 11 U.S.C. 341

Introduction:

Pursuant to the Bankruptcy Reform Act of 1994, the Office of the United States Department of Justice, has prepared this information sheet to help you understand some of the possible consequences of filing a bankruptcy petition under chapter 7 of the Bankruptcy Code.  This information is intended to make you aware of…1.     the potential consequences of seeking a discharge in bankruptcy, including the effects on credit history;
2.     the effect of receiving a discharge of debts;
3.     the effect of reaffirming a debt; and
4.     your ability to file a petition under a different chapter of the Bankruptcy code.
 

There are many other provisions of the Bankruptcy Code that may affect your situation.  This information contains only general principles of law and is not a substitute for legal advice.  If you have questions or need further information as to how the bankruptcy laws apply to your specific case, you should consult with your lawyer.

What is a Discharge?

The filing of a chapter 7 petition is designed to result in a discharge of most of the debts you listed on your bankruptcy schedules.  A discharge is a court order that says you do not have to repay your debts, but there are a number of exceptions. Debts which may not be discharged in your chapter 7 case include, for example, most taxes, child support, alimony, and student loans; court-ordered fines and restitution; debts obtained through fraud or deception; and personal injury debts caused by driving while intoxicated or taking drugs.  Your discharge may be denied entirely if you, for example, destroy or conceal property; destroy, conceal or falsify records; or make a false oath.  Creditors cannot ask you to pay any debts which have been discharged.  You can only receive a chapter 7 discharge once every eight (8) years.

What are the Potential Effects of a Discharge?

The fact that you filed bankruptcy can appear on your credit report for as long as 10 years.  Thus filing a bankruptcy petition may affect your ability to obtain credit in the future.  Also, you may not be excused from repaying any debts that were not listed on your bankruptcy schedules or that you incurred after you filed for bankruptcy.

What are the Effects of Reaffirming a Debt?

After you file your petition, a creditor may ask you to reaffirm a certain debt or you may seek to do so on your own.  Reaffirming a debt means that you sign and file with the court a legally enforceable document, which states that you promise to repay all or a portion of the debt that may otherwise have been discharged in your bankruptcy case.  Reaffirmation agreements must generally be field with the court within 60 days after the first meeting of creditors.

Reaffirmation agreements are strictly voluntary – they are not required by the Bankruptcy Code or other state or federal law.  You can voluntarily repay any debt instead of signing a reaffirmation agreement, but there may be valid reasons for wanting to reaffirm a particular debt.

Reaffirmation agreements must not impose an undue burden on you or your dependents and must be in your best interest.  If you decide to sign a reaffirmation agreement, you may cancel it at any time before the court issues your discharge order or within sixty (60) days after the reaffirmation agreement was filed with the court, whichever is later.  If you reaffirm a debt and fail to make the payments required in the reaffirmation agreement, the creditor can take action against you to recover any property that was given as security for the loan and you may remain personally liable for any remaining debt.

Other Bankruptcy Options

You have a choice in deciding what chapter of the Bankruptcy Code will best suit your needs.  Even if you have already filed for relief under Chapter 7, you may be eligible to convert your case to a different chapter.

Chapter 7 is the liquidation chapter of the Bankruptcy Code. Under chapter 7, a trustee is appointed to collect and sell, if economically feasible, all property you that is not exempt from these actions.

Chapter 11 is the reorganization chapter most commonly used by businesses, but it is also available to individuals.  Creditors vote on whether to accept or reject a plan, which also must be approved by the court.  While the debtor normally remains in control of the assets, the court can order the appointment of a trustee to take possession and control of the business.

Chapter 12 offers bankruptcy relief to those who qualify as family farmers.  Family farmers must propose a plan to repay their creditors over a three-to-five year period and it must be approved by the court.  Plan payments are made through a chapter 12 trustee, who also monitors the debtor’s farming operations during the pendency of the plan.

Finally, Chapter 13 generally permits individuals to keep their property by repaying creditors out of their future income.  Each chapter 13 debtor writes a plan which must be approved by the bankruptcy court.  The debtor must pay the chapter 13 trustee the amounts set forth in their plan.  Debtors receive a discharge after they complete their chapter 13 repayment plan.  Chapter 13 is only available to individuals with regular income whose debts do not exceed $1,347,500 ($336,900 in unsecured debts and $1,010,650 in secured debts).

AGAIN, PLEASE SPEAK TO YOUR LAWYER IF YOU NEED FURTHER INFORMATION OR EXPLANATION, INCLUDING HOW THE BANKRUPTCY LAWS RELATE TO YOUR SPECIFIC CASE.

 

Retain the services of one of Oklahoma City’s “Preeminent” law firms as rated by Martindale-Hubbell, the nation’s premier attorney rating service.

The law firm of Strong, Martin and Associates is a Debt Relief Agency as defined by federal bankruptcy law.  We are attorneys with significant experience in United States Bankruptcy Courts and not just form preparers as many other debt relief agencies are.

Strong / Martin Law