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Bankruptcy May Be Your Option

March 2015 Archives

You can file your own bankruptcy petition. But should you?

Rugged individualism may not be an exclusively American trait, but it is one that this country was founded upon and which survives to this day in the "Do it Yourself" spirit that people in Oklahoma and across the country exhibit in anything, from starting a small business to home remodeling. In most cases, it is an admirable quality. But sometimes, such as being your own legal representative in a bankruptcy petition, it might not be the best choice.

What happens to spousal support in a bankruptcy?

Filing for bankruptcy might be the best solution for someone facing financial challenges and wants to get a fresh start, but bankruptcy is a complex area of the law. For the person seeking debt relief who has been ordered to pay spousal support by an Oklahoma court, consideration must be given to the special rules that apply to such obligations.

Creating a Chapter 13 payment plan in Oklahoma

As we have discussed in earlier posts, one of the defining characteristics of Chapter 13 bankruptcy compared to Chapter 7 bankruptcy is the centrality of the payment plan as opposed to a focus on debt discharge. Given the payment plan's significance, it is important for any bankruptcy in Chapter 13 for the debtor and his or her attorney to fully understand how to create a plan that will be acceptable to creditors and the bankruptcy court and which will have the best chance of being fully carried out.

Credit card company incentives promote increased consumer debt

An all-out push by credit card company marketing divisions to get their cards into the hands of more consumers in Tulsa, Oklahoma, and throughout the country appears to be working. The $642 billion in consumer debt attributed to credit cards at the end of 2014 represented a significant jump from a year earlier.

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