Oklahoma Bankruptcy HelpAre Oklahoma Bankruptcy Costs Related to Amount of Debt?

Filing bankruptcy is one way out when you just can’t cope with the financial pressures of your debt anymore. Bankruptcy is done in a federal court, specially designed to handle just bankruptcy proceedings. For Tulsa, that court is the United States Bankruptcy Court Northern District of Oklahoma. If you are filing for bankruptcy in Tulsa, be prepared to face some bankruptcy costs in the process. There are filing fees and attorney costs, if you are using the services of an attorney in your bankruptcy.

And although this is a time when you are strapped for cash, it is highly recommended that you hire an attorney for personal bankruptcy cases.

Bankruptcy Costs Relate to the Type of Bankruptcy Involved, Not Specifically to Debt

There are two different kinds of bankruptcy that an individual can file. Chapter 7 is a liquidation of debt. That means that most of your debt will be discharged, once the court looks at the amount of debt you have and weighs it against your assets.

Chapter 13 bankruptcy is a reorganization of debt. This is basically a reorganization of your debt that is paid off over time according to a plan determined during the bankruptcy proceeding.

Chapter 7 Bankruptcy Fees

In 2018, the fees for filing a personal or business liquidation case is $335. There are a number of ways to handle bankruptcy costs like this.

You can pay it up front. If you cannot do so, you can request to pay bankruptcy costs like this in installments. If the court agrees to this, you can pay bankruptcy costs in up to four installments within 120 days of the bankruptcy filing date.

If you cannot pay in installments, you may qualify for a Chapter 7 fee waiver. The waiver pertains to individual filings. It is not available for corporate filings. You must complete an application for the waiver. It may be granted if your combined family income is less than 150% of the poverty line in Oklahoma. The court will look at your assets and your liabilities, your annual income and your family size to determine if this bankruptcy cost may be waived.

Chapter 13 Bankruptcy Fees

As of this writing, the fees for filing a Chapter 13 personal debt reorganization are $310. The nature of a reorganization plan indicates that you have sufficient assets to enter into a repayment plan through the courts. The plan is monitored by the court, and this particular bankruptcy cost is included as part of the plan.

It costs $1,717 to file a business Chapter 11 debt reorganization plan, and it is considerably more complicated than a Chapter 13 reorganization plan. The advantage of a Chapter 11 plan is that it allows the reorganization of both personal and business debt. This bankruptcy cost may also be paid in installments.

All of these fees are the same for every bankruptcy filed, regardless of district.

You Should Remember Attorney’s Fees

It is always recommended that you hire an attorney to ensure that your bankruptcy discharge is granted. Bankruptcies are complex and complicated. Attorney’s fees vary depending on the type of bankruptcy, the level of complication, and the location of the bankruptcy.

Attorney’s fees are separate from the court filing fees you pay in order to file for bankruptcy, and are negotiated between you and the Tulsa bankruptcy attorney of your choice. Feel free to bring your questions and concerns to an experienced Tulsa bankruptcy attorney.

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.

Tags: Oklahoma bankruptcy costs, Oklahoma bankruptcy laws, Tulsa bankruptcy attorneys