Oklahoma Bankruptcy HelpWhat is a Tulsa, Oklahoma Bankruptcy Means Test?
Ever since bankruptcy reform laws were enacted in 2008, it has been much more difficult for average Tulsa citizens to request Chapter 7 bankruptcy.
One question people often ask is regarding what is an Oklahoma bankruptcy means test. The Oklahoma bankruptcy means test literally determines who can file a case.
FAQ: Oklahoma Bankruptcy Means Test
The main rule of thumb is people earning less than their Oklahoma’s annual median income level automatically have the right to file for Chapter 7 or as-close-as-you-can-legally-get to total bankruptcy.
As of 2016, a single Tulsa resident could earn as much as $43,058 annually and still qualify to file Chapter 7, according to the U.S. Census Bureau.
A couple could jointly bring in up to $54,857 per year and not need to take special steps to file Chapter 7, while a family of three could earn up to $58,191 annually and qualify for bankruptcy relief.
The qualifying income level for a family of four living in Oklahoma is no more than $67,219 per year. Larger families need to add $8,100 for each household member when completing their Oklahoma bankruptcy means test.
Potential Exceptions
People who earn more money or “fail” their Oklahoma bankruptcy means test may still be able to qualify for Chapter 7 bankruptcy. However, they must complete a government-designed form to determine whether they have the ability to even partially repay creditors.
The goal of bankruptcy in Tulsa is to free a debtor from excessive financial obligations, but in that the courts do not want creditors to be cheated.
In other words, cable television or Internet is not considered an essential living expense. So if you’re spending too much money on items and services that could be seen as luxuries, the Oklahoma bankruptcy means testing formula detects that.
Therefore, you could be compelled to either request a partial debt remediation plan under Chapter 13 or forget about bankruptcy as an option. A qualified Tulsa bankruptcy attorney is the best resource for advice in such situations.
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.
