Oklahoma Bankruptcy HelpWhat is a Tulsa, Oklahoma Bankruptcy Discharge?

Most people living in Tulsa, Oklahoma may be eligible for debt assistance through the U.S. Bankruptcy Court system.

However, in recent years bankruptcy laws have become tougher due to problems with people abusing the system.

There are a number of requirements to receive an Oklahoma bankruptcy discharge, which is a permanent dissolution of approved pre-existing debts such as credit card bills.

Initiating an Oklahoma Bankruptcy Discharge

Before a debtor (or his Tulsa bankruptcy attorney) is even permitted to formally ask for an Oklahoma bankruptcy discharge, he must attend a court-approved credit counseling session.

Only in rare cases, such as a natural disaster affecting the debtor’s geographic area, will an exception be made. Any exception would only be temporary, as debtors can complete this requirement over the telephone, via the Internet, or in person at an office.

Before a judge finalizes a bankruptcy request, the debtor must go to another credit management session. Lawmakers back in 2005, who passed the Bankruptcy Abuse Prevention and Consumer Protection Act, hoped this education requirement would reduce the number of people who file multiple bankruptcies in Tulsa.

Additional Requirements

A debtor must either file his last three Oklahoma state and federal tax returns or prove he did not have to do so. Copies of these returns are required to file bankruptcy.

Again, bankruptcy reform laws of 2005 enacted this requirement. People who owe recent tax bills must handle such matters through the taxation agency, not the U.S. Bankruptcy Court.

Information proving someone’s income, or lack thereof, is also required. People who want to enter a partial debt remediation program under Chapter 13 will have an easier time filing bankruptcy than those who want virtually complete assistance under Chapter 7.

However, Chapter 13 just like Chapter 7 is a complex legal process; getting the advice of a Tulsa bankruptcy lawyer can save a debtor costly financial mistakes.

Generally, a Chapter 7 debtor must earn less than Oklahoma’s yearly average income figure as outlined by the U.S. Census Bureau. The amounts vary according to household size and could range from $43,058 per year for a single Tulsa resident to $75,319 annually for a family of five seeking an Oklahoma bankruptcy discharge.

Free 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 free initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.