Oklahoma Bankruptcy HelpDo I Earn Too Much Money to File Chapter 7 Bankruptcy in Oklahoma?

Federal reform laws have made it much harder for people to file Chapter 7 bankruptcy in Oklahoma. Generally, a Tulsa resident wishing to declare Chapter 7 must earn no more than a federally specified income level.

Income and Chapter 7 Bankruptcy in Oklahoma

People wishing to declare Chapter 7 bankruptcy in Oklahoma must prove their financial distress through a process called “means testing.”

The most widely accepted evidence of financial distress is annual median income guidelines published by the U.S. Census Bureau.

If you earn more than the annual median income level for your household size, you must get special permission to file Chapter 7 bankruptcy in Oklahoma. Otherwise, you will have to request a partial Chapter 13 bankruptcy or not file for bankruptcy at all.

Income Standards for One and Two-Person Households

If you are a single Tulsa resident filing bankruptcy after Nov. 1, 2015, your maximum annual income level is $43,058. If you have one other dependent in your household (it could be a spouse or a child) then your annual income level should not exceed $54,857.

Income Standards for Three and Four-Person Households

The maximum annual income level for a three-person household in Oklahoma is $58,191, while the yearly figure for a four-person Tulsa household is $67,219.

Additional Considerations

If you have more than four people living in your household, then you can earn an additional $8,100 per person, per year. So you could still file Chapter 7 bankruptcy in Oklahoma – without special permission – as long as your household income does not exceed the standards.

Remember that if multiple people in your home earn income, this could impact your ability to declare Chapter 7 bankruptcy in Oklahoma. It is always best to get competent legal advice for special 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.