Have medical bills gotten too expensive? Are you having a hard time keeping up with your mortgage or credit cards? Do you owe back taxes? Mr. DeArman is available to assist you in these matters. All is not lost. Because of his childhood experiences living in developing nations, Mr. DeArman made a decision long ago to get his law degree. Immediately upon graduation from law school, he began practicing bankruptcy. Whether you are losing your house due to foreclosure or have accumulated high medical bills due to the fact that you have no health insurance, Mr. DeArman is here to offer you some solace and a solution to your nightmare. He has filed hundreds of bankruptcies, both Chapter 7s and Chapter 13s.

Chapter 7 bankruptcy is what people commonly refer to as “straight bankruptcy”. In this type of bankruptcy the trustee will take your non-exempt assets and sell them at auction. Any money made from these sales will then be distributed to your creditors on a percentage basis. The good news, however, is that there are many things exempt from this process, such as the equity in your vehicle (up to $7,500.00), the equity in your home, most household goods and furnishings, most retirement plans, and a wide variety of other assets. When you come out of this bankruptcy you will be allowed to keep your cars and your home, even if there are liens against them, as long as your payments are current, while erasing all of your unsecured debts (there are always exceptions to every rule, however). Furthermore, there is a complicated “means test” that was established in the most recent bankruptcy amendments, which limits the income individuals can earn while still being allowed to file for Chapter 7 bankruptcy. If you file for Chapter 7, you must pass the “means test.” You need an attorney who is knowledgeable of the changes in the law and experienced in the use of the “means test” in order to determine your eligibility.

Chapter 13 bankruptcy is commonly referred to, or understood, as “reorganization bankruptcy.” In this type of bankruptcy the debtor must make payments to the bankruptcy trustee based on his or her disposable income. This type of bankruptcy is required for those who exceed the median income and fail to pass the “means test,” as well as for others who, for reasons beyond their control, have fallen behind on their car or mortgage payments, or owe a tax debt.

This type of bankruptcy gives debtors a three to five year period to catch up on delinquent payments. The trustee will distribute your disposable income first to the secured creditors or tax agencies, and if anything remains, the rest will be paid to unsecured creditors. At the end of this bankruptcy period you will be caught up on all of your secured debts and relieved of any remaining unsecured debt. Preparing Chapter 13 bankruptcy can be very complicated, and there are many roadblocks along the way. It is important for you to choose an attorney who cares about your future, and is intricately familiar with bankruptcy law.

Also, anyone considering filing bankruptcy should know that prior to filing for bankruptcy, he or she will be required to take a credit counseling class. Then, before a discharge is received, he or she will take a financial management class. These classes are relatively inexpensive, but are required by the latest bankruptcy laws. There are several credit counseling bankruptcy services in Oklahoma, including those online, from whom you can take these classes. Although Mr. DeArman's offices are in Moore and cater to those who wish to file bankruptcy in Moore or Norman, he has a very broad client base and welcomes clients from throughout the Oklahoma City area.

For a good blog on bankruptcy, see http://blog.startfreshtoday.com/blog

Bankruptcy Statements and Disclosures. © 2015 Ryan P. DeArman, P.L.L.C. All rights reserved.

“WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.”