Filing bankruptcy can eliminate stress and DEBT from your life. Each day we meet hard-working people who have tried to keep up with their bills, but can't. Sometimes their debts stem from medical problems, losing a job, getting "over-extended", going through a divorce, cut backs at work, or from co-signing on a note with someone else (Like a child on a car note. When they stop making payments- the co-signer gets stuck paying the bill!)
***Please PRINT OUT THE PACKET and fill in as much of the information as possible to bring to your appointment. Whatever you are unable to complete, or have questions about, simply ask Kimberly to clarify during your appointment.
We service Bankrupty Clients all over the Western District of Oklahoma. Western District for Bankruptcy includes the followig counties:
Roger Mills County,
Bankruptcy hearings are held in Chickasha, Enid, Guthrie, Lawton, Mangum, Oklahoma City, Pauls Valley, Ponca City, Shawnee, and Woodward.
Written by attorney, author, and former Mrs. America, Kimberly J. Brasher
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Hello, I'm Kimberly Brasher, bankruptcy lawyer. I have met really good, hard-working people here in Oklahoma, who don't want to file Bankruptcy, but "LIFE" happens and forces Bankruptcy upon them.
Often these same people use up their retirement monies, run up equity lines, etc. just to KEEP from filing bankruptcy, and yet, in the end, need to file bankruptcy afterall. I would rather meet them BEFORE they use all their "food" money and retirement assets up.... because many can be saved.
We feel good when a client leaves our office feeling more optimistic about their future. So Call and set a time today for us to meet and explore whether Bankruptcy is right for you.
Office phone number is (405) 341-5522 or you can email me at KJBlawyer@gmail.com. -
Kimberly J. Brasher, B.A., J.D. Attorney at Law for 25 years
Chapter 7 bankruptcy Attorney
Chapter 13 bankruptcy Attorney
Need Debt Relief or Bankruptcy Help?
Concerned about foreclosure and need foreclosure
bankruptcy? Medical bankruptcy, or credit card bankruptcy?
All medical bills, most credit card bills*, most signature loans, and most judgments** are all dischargeable, as well as deficiency judgments on repossessions, and foreclosure actions are all dischargeable. Most contract actions are also dischargeable.***
*depending on when the last charges on credit card occurred
**and depending on what type of judgement exists against debtor
*** depending on whether or not fraud is involved
Can I file Chapter 7 Bankruptcy?
Qualifications for Chapter 7 Bankruptcy:
You must have resided in the state in which you file for 6 months or more. You must not have filed for Chapter 7 Bankruptcy in the previous 8 years, and you must have limited disposable income after allowable debts (as determined by the IRS regs for your county). ,A filing fee is required by law to be paid. Currently $335 in Chapter 7 and $310 in Chapter 13 cases, that fee is paid directly to the Bankruptcy court. You will also be responsible for your Attorney fees and credit report fee as needed. You must attend at least one 341 meeting of creditors, and complete both a pre- and post filing credit counseling course to receive a discharge of your debts.
Can I file Chapter 13 Bankruptcy?
You must not have filed for Chapter 7 Bankruptcy in the previous 4 years, and must wait 2 years from prior case discharge in between Chapter 13 cases. Your current income will determine how long your Chapter 13 will last. For those who would otherwise qualify for a Chapter 7 bankruptcy, their plan may be as short as 3 years, and for those with a higher income, or who need longer time to pay for their arrearages on their secured property a 5 year plan, (or 60 months) is the maximum length of a Chapter 13 plan. A filing fee is required to the court. The debtor must have a source of ongoing income to service the plan payment. Debtor will be required to pay the trustee a monthly payment to pay for secured debts either in arrears, or which will pay off during the life of the plan. You have to wait 4 years in between a previous Chapter 7 and a new Chapter 13 case, or if your prior case was a chapter 13 and your new case is a chapter 7 you must wait 6 years before filing. A Business would not qualify for a Chapter 13, it is reserved for Individuals with primarily consumer debt. If an individual's income would otherwise qualify them for a Chapter 7, and they have limited assets, but want to save a house from foreclosure, or save a car from being repossessed they usually do not have to pay any monies to their unsecured creditors. But if their income is too high to qualify for Chapter 7, they will have to pay an equitable percentage of their "disposable income" to their unsecured creditors.
A house and car are considered secured assets. The simple answer is, if a debtor wants to retain secured property in a Chapter 7, they must be current on their payments and the creditor must also be willing to continue the relationship. If debtor's house payment is behind in a Chapter 7, thecreditor may file to take away their house. If Debtor is behind on his house payments he should file a chapter 13 to save his house and cure the arrearages. Chapter 13 is the only bankruptcy option for catching up arrearage payments on a house or car. To file Chapter 7, a debtor must be current before the filing date (and then remain current after completion of the Chapter 7- This is especially true if no reaffirmation agreement is signed between debtor and creditor). Some creditors are now requiring a reaffirmation be signed in order to keep the secured property after discharge.
There are mixed requirements from creditors on homes; some require the debtor to file a reaffirmation agreement and others do not. However, if a reaffirmation is not signed, many creditors will not report the timely payments to the credit reporting agencies to help rebuild your credit.
In Chapter 7 the debtor must declare their intentions as to their secured property. Meaning, the debtor must state whether they plan to keep their secured property and reaffirm with the creditor, or whether they will surrender the property to the secured creditor, or redeem the property with a lump sum payment. The purchase terms will dictate your repayment terms if you purchased your vehicle within 910 days of your filing date.
Car payments also need to be current to file a Chapter 7 case, but not in a Chapter 13 case. Secured creditors who will be paid-off during the life of the Chapter 13 plan will also be required to be paid through the Debtor's Chapter 13 plan - (regardless of whether the Debtor is current). If debtor's house is current, and it doesn't pay-off during the life of the Chapter 13 plan, it would not need to be paid in the Chapter 13 plan. There is no plan payment in a Chapter 7 bankruptcy case.
Debtor's spouse is not required to file with them. However, a spouse may file with a debtor if they are still married on the date of filing. Further, if there are joint debts shared by a couple, the non-filing spouse will likely be pursued by the creditors seeking payment after the filing spouse has discharged the debts. Further, some credit reporting agencies state "bankruptcy filed" for JOINT debts shared with a filing spouse or X-spouse whether or not the spouse filed the bankruptcy together...
Any bankruptcy will have an effect upon debtor's credit for a period of time. However, the adverse effects will probably be shorter than the adverse effects debtor already experiences from having a debt-to-income ratio that is out of balance. If debtor's amount of debt is large in comparison to their income, not filing will likely have a longer lasting, negative impact on debtor's credit than filing. This happens because it would take years to pay debtor's debts off on a modest income, usually longer than the effects of bankruptcy will last. Sometimes the most conservative thing to do seems most radical in the short term.
Filing for bankruptcy will not rid you of all debts. Student loans are protected from discharge (except in very rare cases), and taxes that are less than 3 years old are not dischargeable. Charges to municipalities are non-dischargeable, and certain other taxes like business sales taxes are not dischargeable. Certain judgments and government fees are also not dischargeable. You may ask the Attorney as to other debts you are concerned about being discharged.
It depends on a number of things. In a Chapter 7, the trustee may take an interest in any property that is not protected by a State or Federal exemption. State and Federal exemptions provide debtor with relief to retain their personal property. However, if there is no exemption to protect the personal property debtor claims, the trustee may, at their option, decide to take an asset and sell it for the benefit of their creditors. In Chapter 13, the Debtor retains their assets and property, but pays a plan payment commensurate with the property debtor retains in relation to debtor's disposable income. Higher disposable income of a debtor will mean a higher plan payment to unsecured creditors when there is disposable income left over and the assets are over the allowable exemptions. Once a debtor meets with an attorney they can discuss the plan payment debtor can expect The first Chapter 13 plan payment is due within 30 days of filing for Chapter 13. Tax returns are an asset that the Trustee may take an interest in for all years prior to, and up to, the month of the filing date in Chapter 7 and after in Chapter 13.
This is a two fold question. We can draft and file your case quickly, but the administration of the case is determined by other factors for each plan:
CHAPTER THIRTEEN BANKRUPTCY,
Chapter 13 period is at least 36 months and up to 60 months depending on your level of income and needs. (As a Chapter 13 bankruptcy attorney we see people file Chapter 13 mostly to save their homes or save rental property or vehicles that are in arrears). If your income level would qualify for a Chapter 7 you will be allowed a minimum of a 36 month plan, but can opt for additional months up to 60 months to cure the arrearage existing on a house if that makes the plan payment more feasible.)
CHAPTER SEVEN BANKRUPTCY,
Filing Chapter 7 bankruptcy lasts approximately 3-6 months from the filing date, but can be delayed for multiple reasons, for example, if the trustee finds assets to be sold for the benefit of creditors, or if there are creditor claims that have not been resolved, in these instances debtor's discharge may be delayed.
Should I file bankruptcy?
If you have at least $6,000 in dischargeable debt, then bankruptcy may be the right option for you. Also, if you are unable to pay more than the minimum payment on your credit card debts and you continue to pay without reducing your principal balance then bankruptcy may be a viable option for you. If you are on a limited budget, and have large credit card or medical debts that seem to be going up instead of down- bankruptcy may be the only way to stop the spiral of debt in your life. If the length of time required to pay off your medical and credit card debts is greater than 5-7 years, then bankruptcy may be the best option for you (Effects of bankruptcy are not usually felt past 5 years, but the notation will remain on your credit report for up to 10 years, but the effect is generally far less.) Once you sit down with one of our Bankruptcy Attorneys and discuss your options you will make an informed decision as to which is the best option for your individual circumstances.
Sometimes bankruptcy is the only way to reduce the anxiety and sleepless nights and start afresh.
Our office offers a payment plan for Debtors who are unable to pay for all of their fees at once, but fees for Chapter 7 need to be paid in full prior to bankruptcy filing. We can roll a portion of the attorney fees for a Chapter 13 into the plan. Prices for a Chapter 13 are set by the Judge and are higher than a Chapter 7 because the process is longer 3-5 years versus 3-6 months and there are more hearings to attend for the Attorney for the Debtor. For either a Chapter 7 or a Chapter 13, the "up-front" costs and fees at our firm are the same. The first payment of our payment plan is $350. The Debtor will then make a payment every time they are paid until they reach the $1350 fee to our Office and the $335 fee to the Bankruptcy court. These are the fees for a Chapter 7 filing..
Will the Trustee take my tax refund?
The trustee is entitled to take your tax refund if you do not receive your refund until after you have filed for bankruptcy relief. Most of our clients file bankruptcy after they have received their income tax refunds back. We work for the debtor as the debtor's attorney and the trustee works on behalf of the creditors looking for assets to liquidate for the benefit of creditors. The judge sits in the middle of both competing interests. All tax years must be filed or brought current at or about the time of filing. If you expect to receive a refund discuss this with our bankruptcy attorney before filing. Tax refunds may be used for payment of your bankruptcy fees to the Attorney and your court fees.
"Is it time to file bankruptcy?"
Our firm has been filing Chapter 7 and Chapter 13 Bankruptcies for 25+ years now.
And Author of:
*Don't throw good money away on
debts you can discharge-
Affordable bankruptcy attorneys can help
Call for appointment today!
(405) 341-5522 Kimberly J. Brasher
Debt Relief Agent who follows the bankruptcy Court rules to remove your debt
Do I have to complete a Credit Counseling course? Can I do it online?
.What do I take to court with me for the hearing?
Yes, you can choose whichever course you prefer and you can complete it online. We will provide you with several courses to choose from, or you may locate one of your own as well too. After you have completed the course, you must provide the Attorney with the Certificate of Completion to be Filed with the court at the time of your filing. There is both a pre-filing and a Post-filing course to complete. If these courses are not taken timely the Discharge of the Debtor will not take place and the case will be dismissed. We have located options as low as $14.95 per course, per household.
Social Security Card, Drivers license, any new paystubs received since the filing date, any new bank statements received since the date of filing for Bankruptcy, and any car titles with your name appearing on them. Your attorney will provide the Trustee with a copy of your tax returns and other bank statements prior to the hearing date that you have provided to her. The hearing will not go forward without the proof of your Social Security number for the trustee and your license. You can bring a W-2 if you have lost your Social Security Card if prepared by a 3rd party.
BANKRUPTCY PACKET FOR OUR MEETING
Please Complete the bankruptcy questionaire in preparation for our meeting by PRINTING IT OUT. **Bankruptcy Petition requires a lot of information. You can begin recording your information for Attorney, Kimberly Brasher, to advise you on your case. Complete as much as you can.
Reasons people file for Bankruptcy:
LOSS OF JOB
Work Hours limited
Health of spouse
Business went bad
Children cause debt
Co-signed with X
Death of spouse
Helped out elderly
Employer didn't pay
Kimberly has been practicing law for 23+ years in the areas of Bankruptcy and family law.
Oklahoma Bankruptcy Attorney, specializing in Chapter 7 & 13 Bankruptcy
WE CAN DOWNLOAD YOUR CREDIT REPORTS FOR YOU.
Our goal is to help you Re-Establish good credit as soon as your bankruptcy is over. So we need to LIST everyone you owe money to in your bankruptcy to clean up your credit reports. We need the most complete and up to date information with good addresses and account numbers for your creditors, along with updated amounts owed to each.
For $38/ per person (the actual cost), we can download all 3 major credit reporting agencies data into your bankruptcy, so we can list the most up-to-date figures of what you owe. Credit report payments, consultations, and bankruptcies fees are non-refundable, once purchased and secured credit reports can't be canceled.
Just let us know if you would prefer this service. We Recommend it. Listing all your old creditors is the first step to re-establishing good credit and cleaning up your credit report.
1) LUMP SUM PAYMENT
If you have been saving up for your bankruptcy and can pay in full at the time of your first meeting you can receive a $50 discount.
2) PAYMENT PLAN
If you need to pay your fees out. You can make the initial payment of $375 and then make payments of at least $200 every time you get paid until paid in full. We are NOT able to file until all fees are paid in full for Chapter 7 before filing. For Chapter 13 a portion of the court-ordered fees will be paid up front and the remainder will be paid through your plan payments.