Fifth Circuit Court of Appeals Rewrites The Bankruptcy Code

by Paul R. Tom News, Updates, Law Changes

 Linda Trenett McCoy hadn’t filed her Mississippi income tax returns for 1993 through 2000.  By September of 2002, the Mississippi State Tax Commission (“MSTC”) had made no-file assessments (MSTC’s version of IRS’s SFR) for 1993 through 1997 and for the year 2000.  However, MSTC had not assessed tax against McCoy for 1998 or 1999.  On September 11, 2002, McCoy filed … Read More

Basic Oklahoma Bankruptcy Advice

by Paul R. Tom Basic Bankruptcy Information

You can only file a Chapter 7 every 8 years plus 1 day from the previous filing. There are some time limits and restrictions on refiling a bankruptcy after a previous bankruptcy has been dismissed. If you are going to reaffirm and keep property with a mortgage or lien on it, unless we tell you otherwise, you must continue to … Read More

Common Bankruptcy Terms

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

The “Means Test” Here’s a simple explanation of how the means test, or whether or not your bankruptcy case will be allowed by the courts, works: If your family’s gross income is below Oklahoma’s published median income for your size of family, then the means test does not apply to you and your bankruptcy filing will not be challenged as a substantial … Read More