Oklahoma Bankruptcy HelpChapter 7 Bankruptcy Income Limits in Tulsa Oklahoma
Answering Your Biggest Chapter 7 Bankruptcy Questions
Chapter 7 bankruptcy income limits
is a topic ripe with questions. Questions such as “Do I qualify for bankruptcy” or “How do I file for bankruptcy?” are extremely common. Despite the frequency of such questions, the answer is always different. One person being eligible for bankruptcy does not mean you should file for it too.
Take, for example, a fast-food worker who makes $23,000 a year and has mountains of student loan debt. They are eligible for bankruptcy, but discharging their debts is impossible because federal student loans will not discharge under Chapter 7 bankruptcy. This applies to some tax debts and child support as well. If your debt situation is different, then bankruptcy may be a valid option for you.
Rules of Chapter 7 Bankruptcy
There are many components that make up a valid bankruptcy petition. What most people first consider when accumulating debt is “how much do I have to make to file for bankruptcy in Oklahoma?” The type of debt one has, whether secured or unsecured, determines a substantial part of one’s chapter 7 bankruptcy. Gross income is how much money someone earns before taxes or expenses; deduct that by your expenses, then you have your total net. Your remaining income should pay your affirmations.
For the uninformed, affirmations are debts you continue to pay on property that you intend to keep, especially mortgaged houses and loan cars. Chapter 7 bankruptcy qualifiers must be within the income limits that pertain to their household size. While some states like California and New York have means tests that fluctuate with their cost of living, Oklahoma’s means test hovers around $45,000 to $50,000. If your annual income is within this range, you may be a great candidate for Chapter 7.
If your gross income is above $50,000, you may still be eligible, depending on the size of your family. For every additional member of one’s family, add $10,000 to their income limit. As an example, if you have a family of 2 adults and 1 child, instead of having an income limit of $50,000, you would have an income limit of about $70,000. So people with large nuclear families have more leeway when passing the means test as they have to provide for more people. The best way to figure out your Chapter 7 eligibility is to speak with a bankruptcy attorney in Tulsa.
Calculating Expenses
Once you’ve calculated your gross income, next is determining how much money you spend on expenses. Groceries, clothing, gas, out-of-pocket medical care, overall your calculations should include these as expenses when calculating your income limits. If you are unsure of one of your expenses, read the list of expenses on the United States Department of Justice Means Testing web page. If you are unable to find the list, call a Tulsa bankruptcy lawyer for a thorough explanation of valid expenses during bankruptcy.
Free Consultations With a Bankruptcy Attorney in Tulsa
Your income limit is the first of several requirements you want to monitor alongside the Chapter 7 means test. The next assessment will be an asset evaluation from a court trustee. For more help with Oklahoma Chapter 7 bankruptcy income limits, call a bankruptcy attorney. See if you qualify for a Chapter 7 bankruptcy.
Tulsa bankruptcy attorneys are here for those considering bankruptcy. Feel free to call us and claim your free consultation at (918) 786-9600. You may also fill out our free consultation survey on this page.
