Protection of Property in Bankruptcy

by admin on October 4, 2010

Oklahoma Exemptions Under Bankruptcy Law

One of the first questions everyone has when considering filing Bankruptcy is “Will I lose everything?”. The answer is “no”, in most cases. In Oklahoma, state law  protects most property against liquidation through various “exemptions”.  For example, under  31 Okla. Stat., Section 1. A., a person’s home, household and kitchen furniture, wearing apparel, vehicle, and retirement funds are all exempt and thus may not be taken for the satisfaction of unsecured debt.  These exemptions are subject to a number of limitations and exceptions. As your Attorney in a bankruptcy case, one of our jobs is to review the exemptions and make sure that the property you wish to keep fits within the available exemptions, and is not subject to any limitations or exceptions. We’re happy to answer any questions you have about property exemptions.

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Bankruptcy and Divorce

by admin on February 10, 2009

Sadly, financial and marital problems tend to go hand in hand. If you need help with this, you might think about which area to address  first. After financial stress is removed from the relationship, the couple may discover that their marriage is still viable. Even if the marriage can’t be saved, it may be beneficial to get rid of debts through bankruptcy before divorce.  Every case is different. Give us a call if you’re facing these issues.

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