What is a Chapter 7 Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information

Chapter 7, or “fresh start” bankruptcy, is the most widely known form of bankruptcy. It is designed to eliminate unmanageable unsecured debt and to give you a fresh start. However, some debts cannot be eliminated, such as child support and alimony; criminal fines; debts arising from drunk driving or fraud; some tax debts, and student loans. As soon as a … 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

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