There have been changes to various United States’ bankruptcy laws since credit was established. According to the National Association of Consumer Bankruptcy Attorneys (NACBA), the government never represented the interests of consumers and, to some extent, still doesn’t. Some Oklahoma Bankruptcy attorneys claim that passing these kinds of laws make it more difficult to declare a Chapter 7 bankruptcy in which there are no repayments to creditors and will force more people to declare Chapter 13 requiring some level of monthly payment. The bankruptcy community is very concerned about this, especially since one of the provisions of the new law will carefully analyze the leftover revenues at the end of the month.
Getting out of debt
Various laws have ensured many obstacles are put in the way of those who are covered by Chapter 7. The NACBA says that these laws will hurt the neediest sectors and opposition to it has come from all consumer advocacy groups, women, lawyers, economists, religious organizations, and leading newspapers such as the New York Times and Washington Post. The timing for this type of reform cannot be any worse. Ninety percent of bankruptcies are motivated by job losses, high medical bills, or divorces. The unemployment rate is still high and has increased by millions since the housing bubble burst in 2008.
Bankruptcy application process
When individuals file for bankruptcy pursuant to Chapter 7 or Chapter 13 of the United States Bankruptcy Law, they must file the application with a bankruptcy court. The process can be very long and confusing. It is for this reason that experts recommend hiring a chapter 7 bankruptcy attorney.
In the case of an application under Tulsa chapter 7 bankruptcy, the applicant requests to be exempted from all corresponding financial obligations. There are several forms and documents that must be completed and presented in a timely manner. Otherwise, the court’s decision will be unfavorable to the granting of the Tulsa Okla bankruptcy order. Required documents include a “means” test, a list of all known creditors, a detailed listing of all assets and their corresponding values, records and balances of bank accounts, and any other financial information.
This information is also required for a person filing for Chapter 13 bankruptcy, but the applicant must also include a viable proposed payment plan. This is the amount to be paid by the applicant to the trustee for a certain period until the debt is considered to have been canceled. A payment plan under Chapter 13 usually lasts between three and five years.