Oklahoma Bankruptcy HelpThe Basic Elements of Bankruptcy In Oklahoma

Filing for bankruptcy in Oklahoma is remedy for people who simply cannot afford to pay their bills and are at risk of losing their home and other property to creditors.

Unlike criminal law, there are no “elements” you must prove in order to file for bankruptcy.

However, before you can file bankruptcy in Oklahoma, you must satisfy a series of legal requirements.

Complete Credit Counseling

Before you file for bankruptcy, you must complete credit counseling with an approved organization. This must be done within the six months prior to your filing bankruptcy in Oklahoma.

The U.S. Trustee maintains a list of approved credit counselors in Oklahoma. That list can be found here.

Determine Your Exemptions

Every person who files for bankruptcy may get to keep certain property when they file for bankruptcy. This means that you can keep your property without having to pay the remaining amount or will have to pay a reduced amount.

Although some states allow you to choose between the federal and state exemption list, Oklahoma law requires you to use their state exemption list. This list includes your home, personal property, and up to $7,500 in your vehicle’s equity.

The entire list can be found here, but an attorney can fully explain your options to you.

Chapter 7 vs. Chapter 13 Bankruptcy in Oklahoma

When you file for bankruptcy in Oklahoma, you will have to determine if you qualify to file Chapter 7 or Chapter 13. This is determined by what is called means testing.

Under the means test, you will compare your income and financial status for the past six months to Oklahoma’s average income.

If your average income for the past six months is less than the state average, you will qualify for Chapter 7 bankruptcy in Oklahoma.

If it is greater than the state average, you will qualify for Chapter 13.

Initial Debt Relief Analysis: Tulsa Bankruptcy Lawyer

To better understand the ins and outs of bankruptcy in Oklahoma, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible. We can quickly determine a bankruptcy filing plan for you.

To receive your low-cost initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.