Tulsa Bankruptcy Attorneys
Chapter 7 bankruptcy total flat fee starting at $1699.00
(Includes credit report, filing fees, & attorney fees)
We offer $0 down and monthly payment plans
Most people work hard to manage their finances and pay their debts. But even the most financially frugal can at times become overwhelmed with debt leaving them unable to make ends meet. This usually results in harassing phone calls and letters from debt collectors, mortgage foreclosures, repossession, and wage garnishments. When debt becomes insurmountable with no way out, many people and businesses are eligible for debt relief via bankruptcy. Robinson Law Offices P.C. – Tulsa bankruptcy attorneys have the knowledge and experience to help free you from the bondage of excessive financial debt. We’ll help you to
- Stop debt collectors harassing phone calls and letters
- Stop mortgage foreclosure
- Stop automobile repossession
- Stop wage garnishment
- Stop creditor lawsuits
- Do a Bankruptcy Means Test Evaluation
- Explain Bankruptcy Exemptions
- Get your Bankruptcy Questions Answered
- Understand the Different Types of Bankruptcy
- Determine if you should file for Chapter 7, Chapter 13, or Chapter 11 Bankruptcy
- Determine if you should file bankruptcy individually or as a married couple
- Obtain sound financial advice to know if bankruptcy is an option for you
- Know your options with IRS Tax Collectors and Student Loans
- Determine What Bankruptcy Forms you Need
- Have the Costs of Filing Bankruptcy Explained to You
- Obtain an affordable, low-cost bankruptcy
- Use a Bankruptcy Payment Plan to Pay for Your Bankruptcy
- Gain Perspectives for Christians struggling with Bankruptcy
- Offer Virtual Bankruptcy Service where you can submit your documents electronically and you can review your petition electronically before it is filed!
We’ll put our experience and knowledge to work for you so you can live free again without the weight of debt’s burden. Then, we’ll advise you on how to rebuild your credit and qualify for a car loan and home mortgage again after your bankruptcy discharge.
Chapter 7 Debt Discharge
Chapter 7 bankruptcy is called a fresh start because it allows persons to discharge some or all of their debt and enjoy a fresh start! Once a petition is filed, it will stop creditors from harassing you with calls, lawsuits, wage garnishing, or threats of repossession.
Chapter 7 bankruptcy is about a 90-day process from the filing date to discharge. It allows you to discharge all debts except tax debt under three years old, child or spousal support, and guaranteed student loans. Debts that business owners, sole proprietors, partners, and self-employed individuals have personally guaranteed or owe are also completely discharged in chapter 7.
As knowledgeable and experienced bankruptcy attorneys, we’ll explain how Chapter 7 Bankruptcy can strip your debts, and how you can keep your house and car. If you are considering filing Chapter 7 Bankruptcy, it is important that you give us a call. We will determine if you qualify, via a “Means Test”, as required under the Bankruptcy Reform Act established by Congress in 2005.
To qualify for a Chapter 7 bankruptcy, you must have little disposable income. The amount you earn should be approximately the same as your expenses for housing, car payments, food, utilities, insurance, and other expenses. Before You Transfer Assets or Drain Your Retirement, give us a call. Most of your assets are protected by state exemptions if properly claimed on the schedules. Others may be abandoned by the US Trustee. Others are secured by a lien.
An experienced Bankruptcy Lawyer can help you determine what assets are at risk and what your options are. Do not do any of the following: Transfer property to a friend, family member, or business associate’s name within a year prior to filing bankruptcy! Sell your asset for less than the market value which may be considered an illegal transfer by the court! Pay family members for debts owed to them in the year prior to filing bankruptcy! Pay off some creditors but not others right before filing bankruptcy! Charge more than $600 on any credit card 90 days prior to filing bankruptcy! Spend a tax refund without consulting with a bankruptcy attorney! Drain your retirement accounts or borrow from home equity to pay the unsecured debt!
Means Test
In 2005 Congress Changed the Law and Required that a Debtor Qualify for Chapter 7 based on the results of Income Calculations in the Means Test.
The Means Test is a Calculation of the Debtor’s Income and Living Expenses not Counting Debt to be Discharged. The Test is a Two Part Test.
- The Total Gross Household Monthly Income for the Past Six Months Prior to Filing the Petition is Doubled to Determine the Debtor’s Total Gross Annual Household Income for Qualification Purposes. The Guidelines in the Debtor’s State of Residence and Filing are based on the Median Monthly Income in a Household the Same Size as other households in the Debtor’s Home State. Determining Total Gross Annual Income Requires Precise Calculations. If the debtor’s income is less than the guidelines for that State, the debtor is qualified to file a Chapter 7 under the Means Test.
- If the Debtor’s Total Gross Household Income is Higher than the Guidelines for the Debtor’s State, The Attorney Can Perform Further Calculations under the Long Form Means Test to Determine if You Can Qualify for Chapter 7 Bankruptcy. Your Attorney Can Use a Marital Adjustment if Only One Spouse is Filing, or Profit and Loss Statements for Self Employed Debtor’s to Determine Your Qualification for Chapter 7. The Attorney may also Adjust Total Gross Income on the Long Form Means Test by Including Secured Debt, Tithes and IRS Debt.
- Finally the Debtor Also Has To Qualify To File Chapter 7 Based On Calculations From Schedule I and J Which Determines Net Disposable Income Left Over Each Month. The Attorney Calculates this by Subtracting The Court Allowed Monthly Living Expenses (as determined by IRS guidelines) From Your Monthly Gross Income, which will give you your Disposable Income. If You Have Too Much Disposable Income The Court Could Require You To File Chapter 13.
- The Calculations to Determine Whether You Can File Chapter 7 are Numerous and Complex. The Attorneys at Robinson Law Offices Each Have Over 30 Years Experience Analyzing Debtor Income, Allowable Expenses and Disposable Income. They Work Hard to Make Sure The Debtor is Qualified to File Chapter 7 Before the Case is Filed and That There are Not Red Flag Issues That Could Come Up After Filing.
The Means Test Demonstrates that there is not enough money to fund a Chapter 13 repayment plan that would at least pay back 25% or more to your Creditors.
If you cannot file under Chapter 7, you can consider filing under Chapter 13. A chapter 13 bankruptcy is a 3 to 5 year debt repayment plan. In a Chapter 13 bankruptcy, your payment plan is based upon what you can afford to pay your creditors, not on what your creditors want you to pay.
Online forms and paralegals can not accurately determine if you qualify because there are many variables and usage of national standards as well as income variations that can affect whether you qualify or not.
Our attorneys will do the “means test” calculation to determine if you are eligible to file under Chapter 7 or if you have to file chapter 13.
Oklahoma Exemptions
Many people are afraid that they will lose their house or car if they file bankruptcy. Oklahoma has a liberal list of exempt property found in Title 31 Section 1 of the Oklahoma Statutes. Our clients are happy to learn that they can keep their car, house, trade tools etc. after meeting with our Tulsa Oklahoma bankruptcy lawyers.
It is very important to list your belongings in the Petition and claim them as Exempt. Guns, Horses, Cows, Furniture, Clothes, Wedding Rings, Electronics, Tools and Retirement Accounts if listed and claimed properly will be exempt and you can keep them!
Brief List of Oklahoma Bankruptcy Exemptions
- Your Principal Residence Located on One Acre Inside the City Limits or Up to 160 Acres Outside City Limits.
- All Household Furniture and Computers held for personal use.
- Cemetary Lots.
- Farming Tools, Business Apparatus, Books and Tools used in any Trade or Profession under $10,000 Aggregate Value Per Debtor.
- All Books, Portraits and Pictures held for Personal Use.
- $4000 Aggregate Value in Clothes Per Debtor.
- $3000 Aggregate Value in Wedding Rings and Jewelry Per Debtor.
- All Medical Equipment.
- Five Milk Cows and Calfs Under 6 Months Held for Personal Use Per Debtor.
- One Hundred Chickens Per Debtor Held for Personal Use.
- Two Horses and Two Bridles and Two Saddles Per Debtor Held for Personal Use.
- Each Debtor’s Equity Free and Clear Interest Up to $7500.00 in a Car.
- Each Debtors Guns under $2000 Aggregate Value Held for Personal Use.
- Ten Hogs for Personal Use of Each Debtor.
- Twenty Sheep of Each Debtor Held for Personal Use.
- All Provisions and Forage on Hand Used for Exempt Stock for One Year.
- Seventy Five Percent of all Current Wages or Earnings “earned” in the Last Ninety Days.
- Each Debtor’s Right to Receive Alimony, Support, Separate Maintenance or Child Support.
- Subject to the Uniform Fraudulent Transfer Act, Section 112 of Title 24, any interest in a retirement account or arrangement qualified for tax exemption or deferment purposes under present or future Acts of Congress, provided, any transfer or rolloever contribution between retirement plans or arrangements which avoids current federal Income taxation shall not be deemed a transfer which is fraudulent as to a creditor under the Uniform Fraudulent Transfer Act. This shall include without limitation trusts, custodial accounts, insurance, annuity contracts and other properties and right constituting a part thereof. By way of example retirement plans qualified for tax exemption purposes or for deferment purposes permitted under present Acts of Congress include defined contribution plans and defined benefit plans as defined under the Internal Revenue Code, individual retirement accounts, individual retrement annuities, simplified emplyee pension plans, Keogh plans, IRC 403(a) annuity plans, IRC 403 (b) annuities, roth individual retirement accounts pursuant to 408A, educational individual retirement accounts created pursuant to IRC 530 and eligible state deferred compensation plans under IRC 457. This provision shall be in addition to and not a limitation of any other species of forced sale for the payment of debts. This provision shall be effective for retirement plans in existence or created after April 16, 1987.
- Such person’s interest in a claim for personal bodily injury, death or workers compensation claim but not including and exemplary or punitive damages in a net amount under $50,000.
- Funds in an individual development account under Section 251 of Title 56.
- Any amount received puruant to the Federal Earned Income Tax Credit.
- Any Interest in an Oklahoma College Savings Plan Account established pursuant to the provisions of Section 3970.1 of OS Title 70.
CALL ROBINSON LAW OFFICES PC AT 918-960-0091
Our Tulsay Bankruptcy Attorneys are here to help!
TAKE ADVANTAGE OF A FREE CONSULTATION TO DISCOVER WHAT PROPERTIES ARE EXEMPT!
