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Most of these cases were Chapter 7 bankruptcy cases filed by individuals or married couples. Chapter 7 bankruptcy is a legal means for people who are overwhelmed by debt to get a fresh start. The U. In a Chapter 7 bankruptcy case, the debtor can usually discharge, or eliminate the obligation to pay, most unsecured debt.

This type of debt can typically be eliminated even if the creditor has already filed a lawsuit, or has obtained a judgment and is garnishing your wages. Some people who are considering filing for Chapter 7 bankruptcy protection are uneasy about creditor claims. Similarly, many people are concerned about losing property in Chapter 7, because they may have heard that the bankruptcy trustee can sell non-exempt property to make partial payment to creditors.

Those fears are also usually unfounded. Even when the debtor has some non-exempt property, the value is often low enough that it is not worthwhile for the trustee to pursue a sale. An experienced bankruptcy attorney can assess the listed debts and assets and fully advise the potential Chapter 7 petitioner about any risks or downsides before the debtor makes a decision about filing. See also: How Chapter 7 Bankruptcy Works. People file for Chapter 7 bankruptcy for many different reasons.

Some simply make mistakes, such as running up too much credit card debt or making a bad investment. Others have their financial stability disrupted by an unexpected event, such as an illness, serious injury, or job loss. What matters is taking steps to regain control and build a more stable financial future. Chapter 7 bankruptcy is most likely to help people who:. Eligibility for Chapter 7 bankruptcy is determined through a complex formula involving income, allowable living expenses, and debt.

The median income figures used for this calculation are updated regularly. As of December , the applicable Oklahoma median incomes are:. Some debtors whose income is above the median may still qualify, depending on other factors. While some states allow bankruptcy petitioners to choose between Oklahoma state exemptions and federal bankruptcy exemptions, Oklahoma does not.

In the US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Even if a debtor proves all three elements, a court may permit only a partial discharge of the student loan.

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Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt. Bankruptcy fraud is a white-collar crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements.

Falsifications on bankruptcy forms often constitute perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U. Bankruptcy fraud should be distinguished from strategic bankruptcy , which is not a criminal act since it creates a real not a fake bankruptcy state. However, it may still work against the filer. All assets must be disclosed in bankruptcy schedules whether or not the debtor believes the asset has a net value. This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value.

The future ramifications of omitting assets from schedules can be quite serious for the offending debtor.

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In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U. The trustee may then seize the asset and liquidate it for the benefit of the formerly discharged creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U. In Argentina the national Act " In Australia, bankruptcy is a status which applies to individuals and is governed by the federal Bankruptcy Act If a person commits an act of bankruptcy, then a creditor can apply to the Federal Circuit Court or the Federal Court for a sequestration order.

All bankrupts must lodge a Statement of Affairs document with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be annulled until this document has been lodged. A Bankruptcy Trustee in most cases, the Official Receiver is appointed to deal with all matters regarding the administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available.

For the duration of their bankruptcy, all bankrupts have certain restrictions placed upon them.

Chapter 7 and Chapter 13 Bankruptcy

For example, a bankrupt must obtain the permission of their trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details of income and assets.

How Long Does a Bankruptcy Stay on Your Credit Report?

If the bankrupt does not comply with the Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further five years. The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as protected assets. These include household furniture and appliances, tools of the trade and vehicles up to a certain value. All other assets of value are sold. If a house or car is above a certain value, the bankrupt can buy the interest back from the estate in order to keep the asset.

If the bankrupt does not do this, the interest vests in the estate and the trustee is able to take possession of the asset and sell it. The bankrupt must pay income contributions if their income is above a certain threshold. If the bankrupt fails to pay, the trustee can issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may seek to extend the bankruptcy for a further five years. Bankruptcies can be annulled prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes a bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed.

If the creditors accept the offer, the bankruptcy can be annulled after the funds are received.

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After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt" for some years. The maximum number of years this information can be held is subject to the retention limits under the Privacy Act.

How long such information is on a credit report may be shorter, depending on the issuing company, but the report must cease to record that information based on the criteria in the Privacy Act. In Brazil , the Bankruptcy Law It does not apply to state-run companies.

Current law covers three legal proceedings. Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy is to liquidate company assets and pay its creditors. The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity.

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  3. Oklahoma Bankruptcy.

It's a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. Bankruptcy, also referred to as insolvency in Canada, is governed by the Bankruptcy and Insolvency Act and is applicable to businesses and individuals, for example, Target Canada , the Canadian subsidiary of the Target Corporation , the second-largest discount retailer in the United States filed for bankruptcy in January 15, , and closed all of its stores by April The office of the Superintendent of Bankruptcy , a federal agency , is responsible for overseeing that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Canada.

Trustees in bankruptcy, individuals licensed to administer insolvencies, bankruptcy and proposal estates and are governed by the Bankruptcy and Insolvency Act of Canada. In , the Superintendent of bankruptcy reported that trustees in Canada filed , insolvent estates. Consumer estates were the vast majority, with estates.

This represented a reduction of 8. Commercial estates filed by Canadian trustees in 4, estates, 3, bankruptcies and 1, Division 1 proposals.

Chapter 7 Bankruptcy in Oklahoma: What You Need to Know

Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes:. In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors.

A typical proposal would involve a debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors.

Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money. The creditors have 45 days to accept or reject the consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month or as otherwise stipulated in their proposal , and the general creditors are prevented from taking any further legal or collection action.

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If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal these are virtually the same although the terms are not interchangeable. A Proposal Administrator is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators.

In , there were 98, personal insolvency filings in Canada: 79, bankruptcies and 19, consumer proposals. In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debtload and a more positive financial future. The People's Republic of China legalized bankruptcy in , and a revised law that was more expansive and complete was enacted in Bankruptcy in Ireland applies only to natural persons.