Oklahoma Bankruptcy HelpWhat Are the Basic Tulsa, Oklahoma Bankruptcy Rules?
Due to widespread complaints of bankruptcy fraud, the George W. Bush administration in 2005 enacted the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA.) These federal laws made it much more difficult for people to demand legal forgiveness of their debts under Tulsa, Oklahoma bankruptcy rules. With the help of a Tulsa bankruptcy attorney, if you follow the rules, honest bankruptcy filings still provide consumers a way to get out from under burdensome debts. Here’s how.
Initial Oklahoma Bankruptcy Rules
All people filing for bankruptcy in Tulsa must complete two credit-counseling sessions with a federally approved agency. One session must be completed before court officials will even accept bankruptcy paperwork. The second must be completed before a judge will finalize a personal bankruptcy case.
The sessions can be completed online, over the telephone, or in-person. These sessions educate the debtor on just what bankruptcy means and attempts to teach skills that will hopefully keep the debtor from landing in financial trouble in the future.
Additional Oklahoma Bankruptcy Rules
Under Oklahoma bankruptcy rules, debtors must have filed their last three tax returns before they or their Tulsa bankruptcy attorney can file the papers required for Chapter 7. Those individuals who do not have to file tax returns must prove they do not have to do so.
The main reason behind this change in Oklahoma bankruptcy rules is that debtors can no longer include recent tax debts in any bankruptcy case. The person owing the funds must make some type of deal with the state or federal agency involved before his bankruptcy case can be finalized.
If you want to ask for close-to-complete debt assistance under Chapter 7, you either must earn less than Oklahoma’s yearly average salary figure or prove your financial despair through a government-approved means testing worksheet. As of 2016, the yearly median salary level ranges from $43,058 for a single Oklahoma resident to $67,219 for a family of four living in Oklahoma.
Low-cost Bankruptcy Planning: Tulsa Bankruptcy Lawyer
To get the best possible outcome in your bankruptcy case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.
If you’re ready to file, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible.
To receive your low-cost initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.
