Can I Protect My Cosigners?

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

A Chapter 7 bankruptcy releases you from your debts, but does not release your cosigners. Your creditors will demand payment from them if you don’t pay. Lenders want cosigners so that they will have someone else to pursue if you fail to make payments or discharge the debt in bankruptcy. One way to protect your cosigners is to continue to … Read More

Will My Employer Find Out? Will I Be Discriminated Against After Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information, News, Updates, Law Changes

Your employer generally has no way of knowing that you have filed a Chapter 7 bankruptcy proceeding. The bankruptcy court will not contact your employer, nor will your attorney. Usually the only way that your employer may know that you filed bankruptcy is if your employer is also a creditor, or if your employer has received a garnishment on your … Read More

What Debts Can’t Be Eliminated In Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information, News, Updates, Law Changes

Although the type of debts which can be eliminated in Chapter 7 and Chapter 13 are quite different, certain debts cannot be discharged in either proceeding – for example, debts such as child support, support alimony, property settlements, criminal fines/restitution, and damages arising from drunk driving. However, you may be able to repay obligations of these types in a Chapter … Read More

What is a Chapter 13 Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information

Chapter 13 is a type of federal bankruptcy proceeding available to individuals and sole proprietorship businesses used to reorganize or eliminate debt. You file a repayment plan with the bankruptcy court that provides for you to pay all, or a percentage, of your debts, usually over a three to five year period. The repayment plan, also called the “Chapter 13 … Read More

How Much Does Bankruptcy Cost?

by Paul R. Tom Basic Bankruptcy Information

We want to give you a true and correct look at your costs for filing a Chapter 13 or Chapter 7 bankruptcy in Oklahoma. Be aware that many attorneys will advertise or quote you a low price, and then tell you that your costs will be higher because of “your specific situation” or because they don’t include court filing fees … Read More

When is a Chapter 13 Bankruptcy Preferable to a Chapter 7 Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information, News, Updates, Law Changes

Chapter 13 is usually preferable to a Chapter 7 when you need or want to reorganize and repay your debts. Examples include preventing repossession of your car, foreclosure of your home, taxes, fines, restitution, student loans, and child support delinquencies, as well as getting your driver’s license back. When your home is set for foreclosure sale because you are behind … Read More