Oklahoma Bankruptcy HelpDo I Qualify for Bankruptcy in Oklahoma?
If you are considering filing for bankruptcy in Oklahoma, you’re likely overwhelmed by debt. Perhaps you lost a job, went through a divorce, or had unexpected medical expenses. Or you simply spent beyond your means. Whatever the reason, most people can qualify for bankruptcy in Oklahoma.
How to Qualify for Chapter 7
Chapter 7 is usually the most desired type of bankruptcy in Oklahoma. It completely eliminates your obligation to pay most past and existing debts, with a few exceptions such as recent tax bills and most student loans.
Generally, you must earn less than the annual median income level that corresponds to your household size. These are the figures as of April 2020:
- A single person: $49,198
- A two-person household: $59.495
- Three-person household: $66,585
- Four-person household: $76,691
Source: U.S. Trustee Program/Department of Justice
If you earn too much money, you must either apply for a rare exception or pursue Chapter 13 bankruptcy in Oklahoma.
Qualifying for Chapter 13
Chapter 13 is a “wage earner’s” plan. Thus, you cannot qualify if you are unemployed or underemployed.
This type of bankruptcy in Oklahoma allows you to partially repay your creditors over a three-to-five-year period. The court will supervise and administer your payments. If your financial situation dramatically changes, your payments could increase.
Debts Ineligible for Bankruptcy in Oklahoma
Some debts cannot be discharged in Oklahoma bankruptcy. You cannot under any circumstances include child support, alimony, court fines, or debts incurred through the commission of a crime in your bankruptcy case.
Also, if you lied to get credit or incurred debts knowing that you were going to file bankruptcy, you cannot include these in your case. In addition, you could be criminally prosecuted for bankruptcy fraud.
How We Can Help You
Our mission at Financial Freedom Bankruptcy Lawyers of Tulsa is to provide you the information and legal representation you need to climb out of debt and get back onto solid financial ground.
And with a discharge of your debt, you can often rebuild your credit rating much more quickly. When your debt exceeds your earnings and the value of disposable assets, it is time to consider how you could benefit from bankruptcy.
Every person’s financial situation is unique. So, while bankruptcy tools are standardized, an experienced attorney can help guide you through the process so that you get the best possible debt relief for you.
Likewise, your Tulsa bankruptcy attorney can help you retain the assets that are important to you. You have worked hard for your home. You don’t want to lose it to debt.
Bankruptcy law and its forms are complicated, and mistakes will cost you. It is important to get the forms right the first time.
Your attorney can help you understand the process and what debts you will likely be required to pay, which debts are secured with collateral, and what property is exempt.
Because we have worked with so many clients, we know how to do the filings right and how to make the process efficient. Our goal is to make affordable debt relief in Tulsa available to anyone who needs to get out from under debt and back on top of their financial life.
Get out from under by calling for the help you need today. We are here to help.
Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer
To get the best possible outcome in your case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.
To receive your free initial bankruptcy analysis, call Financial Freedom Bankruptcy Lawyers of Tulsa today at 918-786-9600.
