Comments on: What is Chapter 7 bankruptcy in Oklahoma?

By: Dan Nunley

Dan Nunley — Wed, 01 Feb 2012 15:26:31 +0000

Penny,

It depends on what exemption statutes your Mother will be using. Exemption statutes vary greatly from state to state. Oklahoma law provides an exemption of $7,500.00 equity in a motor vehicle.

Dan Nunley

By: Penny

Penny — Wed, 01 Feb 2012 15:01:50 +0000

What is the current vehicle exemption limit? My mother is going to be filing and owns a car worth about $10K.

By: Dan Nunley

Dan Nunley — Wed, 19 Oct 2011 18:23:21 +0000

Erik,

Chapter 7 may be a viable option for you but until I know more about your specific financial situation including income, expenses, debts and assets, I won’t have the information necessary to determine whether you would qualify financially to be a Chapter 7 debtor. Feel free to contact me and we can schedule an initial consultation during which I can obtain the information that I need in order to give you good legal advice and answer all of your questions.

Dan Nunley

By: Erik

Erik — Wed, 12 Oct 2011 00:25:44 +0000

I have recently had a suit filed from a business interest I helped a relative start when I was 18 and i had thought I had been removed from. I currently have a mortgage and moderate revolving debt. My relative has no means of repaying the debt and I’m afraid they’ll come after me. Is Chapter 7 an option if any or is it too late?

By: Dan Nunley

Dan Nunley — Fri, 02 Sep 2011 15:00:42 +0000

Jason,

Your son’s Social Security income would be excluded from the Means Test but should be included in your monthly income if the Social Security benefits are used for family expenses. If the benefits were deposited into a savings account owned by your son and therefore not spent on family expenses, then in my legal opinion the Social Security benefits could be excluded from your monthly income. However, the savings account would need to be either properly disclosed and exempted if you also are listed on the account or the funds declared as property under your control that belong to another.

Dan Nunley

By: Jason

Jason — Fri, 02 Sep 2011 14:48:20 +0000

Hi. When filing a chapter 7 bankruptcy, do we have to list our minor child’s SSI monthly payments as part of our monthly income?

By: Dan Nunley

Dan Nunley — Fri, 02 Sep 2011 13:04:09 +0000

Melissa,

When you file Chapter 7 bankruptcy, you must disclose each and every debt that you owe. So yes you would list the payday loans and they would be discharged.

Dan Nunley

By: Melissa

Melissa — Fri, 02 Sep 2011 11:36:01 +0000

My husband and I are considering filing chapter 7. We have approx $35,000 in debt, 4 kids, no real property, and can hardly afford to live. We have signature loans from little loan places that let you renew every 2 – 3 months when you make a payment, which basically gets you your payment back that you made that day, which we have to do a lot of the time just to get by. We’ve had those the past 2 – 3 years. Can we list those on our chapter 7?

By: Dan Nunley

Dan Nunley — Sun, 28 Aug 2011 11:48:07 +0000

Ashley,

A Sallie Mae student loan would generally be non-dischargeable in a Chapter 7 bankruptcy. In order to have a student loan discharged in bankruptcy, you would also need to file an adversary proceeding in conjunction with the bankruptcy case and have the find that an “undue hardship” exists regarding your ability to repay the student loan.

Bankruptcy exemptions apply to assets not debts. A Sallie Mae student loan is a debt not an asset. Therefore, the student would not be “exempt” but instead would be non-dischargeable in a Chapter 7 bankruptcy absent a finding of undue hardship.

For more information, read this post that I wrote about student loans in bankruptcy.

Dan Nunley

By: Ashley

Ashley — Sun, 28 Aug 2011 04:27:37 +0000

I was just wondering would say a sally mae loan be exempt from a chapter 7?