Oklahoma Bankruptcy HelpHow Do I File Chapter 13 in Oklahoma?
If you are overwhelmed with non-business debts but have some assets and steady income, you may wish to file Chapter 13 in Oklahoma. This type of bankruptcy is less damaging to your credit and assets than Chapter 7, but is still a serious undertaking. Read on to learn more about how to file Chapter 13 in Oklahoma.
Initial Steps
Before filing bankruptcy, you must compile a number of documents, including the following:
- A full list of all your creditors, including doctors, landlords, utility companies, banks, and auto or home mortgage lenders.
- A full list of all your assets, including jewelry, vehicles, land, residential property, bank accounts, and retirement accounts.
- Your last three federal income tax returns or proof that you did not need to file taxes. If you have been delinquent in filing your tax returns, you must file them (even if you can’t pay the actual tax bills) before filing Chapter 13 in Oklahoma.
- Evidence that you completed pre-bankruptcy credit counseling from a federally approved agency. This has been a requirement since bankruptcy reform in 2005.
Costs for Chapter 13 in Oklahoma
All people filing Chapter 13 must pay costs mandated by the U.S. Bankruptcy Court. As of November 2019, it cost $310 to file Chapter 13.
Bankruptcy courts only accept credit cards, debit cards, or checks from attorneys representing debtors. If you are representing yourself, the court will only accept cash or a money order for payment of bankruptcy fees.
While you do not need to hire a Tulsa bankruptcy attorney to file Chapter 13 in Oklahoma, it is highly recommended. You can obtain a free bankruptcy analysis today by calling Financial Freedom Bankruptcy Lawyers of Tulsa at 918-786-9600.
The Process
Once you or your Tulsa bankruptcy attorney file a petition with the U.S. Bankruptcy Court, you will be required to attend a 341 meeting of creditors. This allows your creditors to object to your bankruptcy. Most 341 meetings are brief and uneventful; however, your creditors can object — especially if they believe you lied to get credit or are hiding assets.
The good news is once you file Chapter 13 in Oklahoma, all collection activity must stop. Your creditors cannot legally call you, write to you, sue you, or garnish your wages.
A court trustee will be appointed to handle your case. He or she will work to create a repayment plan that will both relieve your financial burdens and partially satisfy your creditors.
Important Time Frames
The fact that you filed Chapter 13 in Oklahoma will negatively affect your credit rating for seven years. The good news is the seven-year time frame begins with the day that you or your attorney filed bankruptcy paperwork.
For three to five years, you will be required to make payments on your Chapter 13 plan. During this time, your finances are the business of your bankruptcy court trustee. Therefore, you cannot get any new credit without his or her permission. Also, any financial windfalls (e.g., bonuses, gifts, inheritances, and the like) could be partially or fully used to satisfy your creditors.
Free Consultation: Chapter 13 in Oklahoma Attorney
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.
To receive your free initial bankruptcy analysis, call Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.
