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The automatic stay is one of the most important protections available in bankruptcy. When a person files Chapter 7 or Chapter 13 bankruptcy in Tulsa, the automatic stay generally begins immediately. It works like a court-ordered pause on many collection efforts. This gives the debtor breathing room and prevents creditors from continuing collection activity while the bankruptcy case is pending. For many people, the…
Filing bankruptcy in Tulsa can feel overwhelming, but knowing what to expect can make it easier. Many people wait longer than they should because they feel embarrassed or assume bankruptcy means they failed financially. In reality, bankruptcy is a legal tool designed to help individuals and families address debt and regain control of their financial future. The process depends on whether you file Chapter…
There are certain criteria to qualify for Chapter 13 bankruptcy. Chapter 13 bankruptcy is often called a wage-earner’s bankruptcy because it allows individuals with regular income to reorganize their debt through a court-approved repayment plan. Instead of immediately discharging qualifying debt like Chapter 7, Chapter 13 allows you to make monthly payments over three to five years. At the end of a successful plan,…
There are certain criteria you need to meet to qualify for Chapter 7 Bankruptcy. Chapter 7 bankruptcy is often called a “fresh start” bankruptcy because it can eliminate many types of unsecured debt for people who qualify. In Tulsa, Chapter 7 may help with credit cards, medical bills, payday loans, personal loans, certain judgments, and deficiency balances after repossession or foreclosure. It may also…
A college fund In bankruptcy is often exempt from the bankruptcy court and creditors. As parents many of us have struggled to make sure we set aside money in a college fund for our kids. With the ridiculous cost of college its important to plan for our children’s future. Although the government offers some aid for college students the bulk of the money owes…
Bankruptcy Caused by The Pandemic is rising at a dizzying rate. Top companies in our State are facing bankruptcy situations because of this terrible pandemic that has been ongoing for almost a year now. Slow digital transition and poor financial management has, in particular, affected certain retailers. There have been several cases of some brick and mortar retailers not being able to pay their…
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