Contact our Tulsa bankruptcy lawyers today for a free legal evaluation
Our Tulsa bankruptcy lawyers believe that it is part of their professional duty to stand up for the rights of those who find themselves facing difficult financial decisions. That is one of the many reasons they sponsor educational efforts such as Total Bankruptcy. As experienced professionals in consumer financial law, our Tulsa bankruptcy lawyers realize that the majority of clients filing bankruptcy cases are doing so because of unforeseen problems, such as divorce, job loss and medical bills.
Total Bankruptcy provides important information on a variety of topics needed by anyone that may be considering debt consolidation and liquidation. We will help you get informed about your rights and your legal representation. With our in-depth articles we want to make your decision process easier. The more information you receive, the better informed your decisions could be and the better your chances will be for a full recovery.
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What everyone should know about the bankruptcy laws.
Bankruptcy laws call for financially troubled Americans to be subjected to a "means test" to determine their eligibility for a Chapter 7 filing. Generally, consumers whose incomes are higher than the median income level in their state, and who have disposable income of $100 a month that can be used to repay $6,000 over five years, would be pushed into a repayment plan under Chapter 13.
The means test has been characterized as "over-inclusive" and "painfully inflexible." It follows guidelines set up by the IRS for tax evaders and imposes severe limits for allowable expenses: about $200 a month for food and less than $800 for housing and utilities, for example. In addition, the means test may subject consumers to lengthy and expensive hearings in the courts.
While homes are exempt in certain states, the new provisions require home ownership for a minimum of 40 months. In other words, if you file within 3.3 years of purchasing a home, it would no longer be off limits to creditors, even if the home is situated in a state that offers the homestead exemption.
Only a few new areas of exemption seem to be positively affected. Up to $1 million in retirement benefits could be shielded from creditors.
If you would like to know more, all you need to do is call our toll free number, 1 (877) 349-1309 or fill out our secure online case evaluation form with a few details about your situation. All information is kept strictly confidential. One of our legal professionals will contact you to set a convenient time for a free consultation.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.