How do you know if you are eligible for filing bankruptcy?
All families who are saddled with debt are eligible for some kind of debt relief, but what kind depends on a number of circumstances, including their relative debt, income, and assets. A skilled Tulsa bankruptcy attorney can assist you with determining what kind of bankruptcy you may be eligible for and counsel you as to whether this is the best way forward for you and your family in getting a new lease on your financial life.
Can you keep your home and vehicle when you file for bankruptcy?
The court allows a person filing bankruptcy in Oklahoma to keep certain property. These possessions are known as exempt property. Oklahoma is one of the most liberal states in the US when it comes to exempting property from the claims of creditors. With a few restrictions, a debtor can keep his or her home, clothes, personal belongings, furniture, a vehicle, tools that they use for work or to work a farm, and can even keep a certain amount of livestock.
During a Chapter 7 bankruptcy, you may be at risk of losing these assets unless you are current on your payments, while with a Chapter 13 bankruptcy you may be allowed to hold on to this property even if you are significantly behind on them. Your bankruptcy attorney can tell you more about the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy and how the law may apply in your own case when it comes to retaining these important assets.
Which is better: a will or a trust?
Whether a will or a trust might be better for you and your family depends largely on the specifics of your financial situation. Families with less complex asset portfolios can benefit from the affordability and simplicity a will provides, while families who require a more versatile estate plan may find the extra time, expense, and energy that a trust requires well worth it. Your estate planning lawyer can help you evaluate your own financial situation in determining whether a will or a trust may be better for you.
How can an attorney help during the probate process?
One of the primary advantages of a trust is that they aren’t required to go through probate in order to become legally valid. Probate is the process by which a will becomes valid in the State of Oklahoma and is overseen by a personal representative who is often named in the will itself. A good probate attorney can often save a personal representative significant time and expense and help them protect the assets of a testator for the sake of future generations.
Why should you hire a criminal defense attorney after an arrest?
Hiring an aggressive criminal defense lawyer following an arrest for a misdemeanor or felony crime in the State of Oklahoma can greatly increase your chances of avoiding a conviction and the associated penalties, including serving prison time, paying expensive fines, and attending mandatory counseling.
Do you need a real estate attorney if you’re buying a home?
While it’s perfectly legal to purchase a piece of property without legal representation, working with a Tulsa real estate lawyer during such a transaction can help protect your significant investment both in the short term and for years to come. Let Matthew E. Riggin Bankruptcy Attorney at Law review any contracts you are a party to and help you be sure that you’re not making any errors that may come back to haunt you later. Also, by working with a real estate lawyer, you’ll be shielding yourself against the prospect of fraud or frivolous litigation. Contact our Broken Arrow office today to get started.