Oklahoma Bankruptcy HelpWhat Are My Oklahoma Bankruptcy Options?

If you live in Tulsa and cannot pay your bills as promised, you might need to explore Oklahoma bankruptcy options.

Any type of non-traditional debt relief is a serious proposition that can negatively impact your credit rating.

However, most people who file bankruptcy in Oklahoma do not regret it because of the immense financial relief a properly executed case offers.

Oklahoma Bankruptcy Options – Chapter 7

Out of the available Oklahoma bankruptcy options, Chapter 7 is the closest concept to a total bankruptcy. But you generally must earn no more than the state’s annual median income level.

If you are a single Oklahoma resident, you can earn up to $43,058 a year and as of 2016 still declare Chapter 7. The annual median income level for a couple is $54,857, while the figure for a four-person Tulsa household is $67,219.

Additional Considerations

If you earn too much money to file Chapter 7, you have three options.

1. You can complete a federally devised means testing worksheet and attempt to prove that you cannot reasonably be expected to repay your creditors while covering basic living expenses. If a court trustee accepts your explanation, you can then choose Chapter 7 from the available Oklahoma bankruptcy options.

2. You can request to repay part of your bills in a Chapter 13 case. It typically takes three to five years to finish this type of repayment plan.

3. You can forego Oklahoma bankruptcy options. Some people choose to avoid paying their credit card bills, while others request a hardship program from the lender. Reputable credit counseling companies can often work with you to create a partial debt repayment plan that is similar to Chapter 13.

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.