I have been studying bankruptcy all day and I have one thing to say...

[Okla-homey]

being an unsecured creditor really succs

P.S. Oklahoma has a sublimely generous homestead exemption. For example, Utah only protects $40K on the house. OUr populist forebears made OUrs unlimited. That is suh-weet because that means you can own a 40 brazilian dollar mansion in Oklahoma(if it ain't mortgaged), file a straight bankruptcy (Ch.7) and keep the whole dang place while Visa, Mastercard and Amex end up sucking air.

[StoopTroup]

So is it better to get the 40 Bazillion Bugillion dollar home before you get the Visa, Mastercard or Amex?

If so I think I did it backards. :D

[badger]

So you're saying that we can max out our credit cards and keep the house we're in forever?

NP, I think it's time to get teh P.S Triple! ;)

[Frozen Sooner]

being an unsecured creditor really succs

P.S. Oklahoma has a sublimely generous homestead exemption. For example, Utah only protects $40K on the house. OUr populist forebears made OUrs unlimited. That is suh-weet because that means you can own a 40 brazilian dollar mansion in Oklahoma(if it ain't mortgaged), file a straight bankruptcy (Ch.7) and keep the whole dang place while Visa, Mastercard and Amex end up sucking air.

That is pretty generous. Florida has all kinds of crazy exemptions as well-I think they've got an unlimited homestead exemption plus exemptions for all kinds of things considered "household goods" that most states won't.

Yeah, let me tell you-showing up for the meeting of creditors when you have an unsecured claim-or a secured claim that's been converted (which was usually a PMSI claim to begin with, which ain't worth doodly/squat)-ain't fun.

Best you can do in that case is try to make the case to the trustee that the debtor filed a false financial statement.

[Taxman71]

Homey, I think the recent overhaul in the bankruptcy code (BAPCPA of 2005) drastically reduced the homestead exemption, even in Oklahoma, by capping the exemption. Outside of bankruptcy, the exemption is still unlimited in amount (although limited to 1 acre in the city).

[Okla-homey]

Homey, I think the recent overhaul in the bankruptcy code (BAPCPA of 2005) drastically reduced the homestead exemption, even in Oklahoma, by capping the exemption. Outside of bankruptcy, the exemption is still unlimited in amount (although limited to 1 acre in the city).

That 'o5 law changed a lot of stuff, but state law still applies on the homestead exemption (unlimited in OK) so long as it was bought more than 3.3 years before of filing for bankruptcy in the state in which you choose to claim the exemption. If later than that, its capped at $136,875 currently.

That keeps people from high-tailing to Oklahoma and buying a house quick-like when they know they're about to go down the tubes. Another thing that can bone you is if more than 25% of the home is used for business purposes. If so, the cap is $5000! Thus, if Marge has a beauty shop in half the house and files bankruptcy, she'll lose the house and only get 5000.00 back to put in her purse.

[StoopTroup]

I never thought owning a beauty parlor would lead to me owning a bazzzzzillion dollar home.

[Jerk]

**** them. They changed the rules in the middle of the game (the bankruptcy changes by Congress in 2005)

I believe it is the biggest reason Republicans lost power.

I hate CC companies. I have zero sympathy for them.

[Rogue]

**** them. They changed the rules in the middle of the game (the bankruptcy changes by Congress in 2005)

I believe it is the biggest reason Republicans lost power.

I hate CC companies. I have zero sympathy for them.

Agree completely. They are modern day pawn brokers, without the collateral. Aggressive marketing, exhorbitant rates, fine print that'll kick yer ***, and the near-promise of "free money" gets them what they get.

Where's the outcry for the ccc's taking responsibility for their bad decisions, worse behavior, and shoddy morals?

[47straight]

Texas has some extra funky rules too. In addition to super-plush house exemptions like Homey noted for OK, with no upper value, you can have up to 10 acres of land in a city or some huge tract outside of town. In addition, there is a laundry list of stuff like X horses, Y guns, Z pigs.

[Frozen Sooner]

Didn't they just make equity lending and mortgages over 80% of appraisal legal in like '97 or something?

[Okla-homey]

Texas has some extra funky rules too. In addition to super-plush house exemptions like Homey noted for OK, with no upper value, you can have up to 10 acres of land in a city or some huge tract outside of town. In addition, there is a laundry list of stuff like X horses, Y guns, Z pigs.

Yepper. We got that too. Included in the homestead in OK, 1 acre if the house is in town, 160 acres if rural. Also, $4000 worth of clothing, the family Bible, "implements of husbandry" (the tractor, and various other tools of a trade), guns (up to 4000.00 worth), pictures and portraits (your Olan Mills photo of Uncle Zeb and Aunt Tillie is safe!), a limited # of chickens, hogs and milk cows, and a year's supply of "provisions" (vittles).

IOW, enough stuff to make a fresh start of it.

Mind you, if the family manse is mortgaged, they can still foreclose and sell the house. But, if all a feller has is other debts, those things above are safe.

[nmsoonergirl]

"Implements of husbandry" makes me giggle.

And didn't make me think of tractors and the like:O

[stoopified]

"Implements of husbandry" makes me giggle.

And didn't make me think of tractors and the like:O Me too . :)

[frankensooner]

So, the bar is the end of the month?


It is amazing, a couple of hours after you are done you will feel all the information oozing out of your brain forever!!!


Seriously, the Oklahoma stuff is just issue spotting. Be sure to be honed up on the multistate!

I would wish you luck, but I know you will pass with no problelm.

[Taxman71]

True, everyone stresses about the Oklahoma essays because you start with a blank page, but the multistate is far away more important. And Oklahoma always puts 1 or 2 questions that nobody studied for just to throw you. I just skipped right on past those.

[47straight]

How are your multi-state scores looking Homey?

[Okla-homey]

How are your multi-state scores looking Homey?

I'm hitting around 60% raw with two weeks to go.:confused:

[Jerk]

I'm hitting around 60% raw with two weeks to go.:confused:

Well, if it don't work out, you can always try the written CDL exam. The Hazardous materials portion has a question that goes something like this:

You're driving a semi-truck, pulling a tanker with 9,000 gallons of rocket fuel, and you break down. What should you use to warn traffic to move over?

A) Orange triangles

B) Flares

[Okla-homey]

Well, if it don't work out, you can always try the written CDL exam. The Hazardous materials portion has a question that goes something like this:

You're driving a semi-truck, pulling a tanker with 9,000 gallons of rocket fuel, and you break down. What should you use to warn traffic to move over?

A) Orange triangles

B) Flares

I 'peciate that homes.

The thing is, they tell me around 60% is a pass on that multi-state dealio.
I took a simulated one from a bar prep outfit called BAR/BRI the week before last. 200 questions in 6 hrs. I did well enough to pass had it been the real deal. My best friend in law school got a 39%. That said, its still nerve-racking.:eek:

[Frozen Sooner]

Well, if it don't work out, you can always try the written CDL exam. The Hazardous materials portion has a question that goes something like this:

You're driving a semi-truck, pulling a tanker with 9,000 gallons of rocket fuel, and you break down. What should you use to warn traffic to move over?

A) Orange triangles

B) Flares

C) An AR-15 with a full-automatic selector switch.