The Pros and Cons of Joint Bankruptcy

If you and your spouse are struggling with debt, you have the option of filing individual or joint bankruptcy petitions. While many couples opt to file jointly, especially when they hold joint accounts or cosigned on debts for one another, doing so has pros and cons that need to be taken into account before reaching a decision. Pros of Joint Bankruptcy The advantages of filing for bankruptcy with your spouse Read More

Will Bankruptcy Affect Future Employment?

When people prepare to file for bankruptcy, their initial concern is how insolvency will affect their credit. Their next concern is how it can affect their future employment. It’s safe to say that in most cases, filing for bankruptcy will not affect your current job at all. Your employer may not even learn about it unless your wages were being garnished (in which case they will be notified that the garnishment Read More

A Brief Overview of Your Debt Relief Options

When you’re struggling with debt, it affects more than your financial well-being. Falling behind on your monthly obligations and dealing with creditor calls can also have a detrimental effect on your physical, mental, and emotional health, which is why it’s important to understand your debt relief options. Below is an overview of different options that may be available to you, depending on your circumstances. Read More

Unexpected Hardship: An Introduction to Emergency Bankruptcy

When you file for bankruptcy, the automatic stay prevents most creditors from continuing to collect from you. The filing process, however, takes time. You meet with an attorney, complete several forms, and pay the retainer and filing fee. What can you do when one of the following collection actions is suddenly imposed on you? Wage garnishment Foreclosure Repossession Collection lawsuit To stop these Read More

Understanding the Role of the Bankruptcy Trustee in a Chapter 7 Bankruptcy

When you file for Chapter 7 in Oklahoma, the court will appoint a trustee to manage and administer your case. This position comes with a fiduciary obligation to protect your rights and the interests of your creditors. Although your trustee plays a central role in your bankruptcy, the first and possibly the only time that you will meet them is when you appear at the meeting of creditors. If you have a no-asset Read More

Bankruptcy 101: The Proof of Claim

When you file for Chapter 7, 12, or 13 bankruptcy, your creditors must file a proof of claim before they can be paid from the bankruptcy estate. Some debts, like child support arrears and an income tax balance, are treated as priority obligations and paid first, which in some cases can leave other claimants with nothing. Secured creditors, such as automobile finance companies or mortgage lenders, must file a claim in Read More

Filing Again: Understanding Chapter 22 Bankruptcy

If there was such a thing as a unicorn in the U.S. Bankruptcy Code, Chapter 22 would be it, because there’s really no such thing. When a business files for Chapter 11 bankruptcy more than once, they are commonly referred to as filing for Chapter 22. Radio Shack made the news in 2017 when it filed for Chapter 22. That second Chapter 11 came only two years after it underwent a restructuring in 2015. Instead of Read More

Learn from the Past: 4 Ways to Bounce Back From Tough Times

Financial hardship can be triggered by a wide variety of situations. Perhaps you’ve been through a long and difficult divorce, or maybe you were laid off and lost your home to foreclosure before you found another job and regained your financial footing. You may even have made some personal mistakes by living beyond your means. Whatever the reason, you can bounce back from hard times. Some of these methods are Read More

Bankruptcy Alternatives: What Is a Receivership?

Receivership is a legal process in which a receiver appointed by a court, creditor, or another authorized party takes control of a troubled company’s operations and assets. The receiver restructures the company and manages its assets and liabilities. In some cases, assets may be liquidated to improve financial flow. The goal is to help the company avoid bankruptcy and return to a profitable state. Receivership may Read More

How a Bankruptcy Will Impact Your Credit Score

Many people are so worried about the impact of a bankruptcy filing on their credit score that they put off seeing an attorney until a wage garnishment order comes in or they find their bank account frozen and no means of paying the rent. Their concern is understandable. With so many lifestyle decisions, such as housing, access to a motor vehicle, and even some jobs relying on a good credit score, people will struggle Read More

B David Sisson


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