Filing for bankruptcy in Oklahoma can be a complex and overwhelming process, but with the right guidance, you can navigate it successfully. In this article, we’ll provide a step-by-step guide on how to file bankruptcy in Oklahoma, including the different types of bankruptcy, eligibility requirements, and the filing process.
Types of Bankruptcy in Oklahoma
Oklahoma residents have two main options for how to file bankruptcy in oklahoma:
Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, Chapter 7 involves selling off non-exempt assets to pay off creditors. This type of bankruptcy is ideal for individuals with limited income and few assets.
Chapter 13 Bankruptcy: Also known as reorganization bankruptcy, Chapter 13 involves creating a repayment plan to pay off a portion of your debts over a period of three to five years. This type of bankruptcy is ideal for individuals with a steady income and significant assets.
Eligibility Requirements
To know how to file bankruptcy in oklahoma, you must meet certain eligibility requirements, including:
Residency: You must have lived in Oklahoma for at least 91 days before filing for bankruptcy.
Income: Your income must be below the median income for Oklahoma, or you must pass the means test.
Debt: You must have unsecured debts of at least $15,000 or secured debts of at least $10,000.
Gathering Required Documents
These are the documents you will need before filing for bankruptcy:
Identification: This is a government-issued ID such as a driver’s license.
Proof of income: Pay stubs, tax returns and other documents that may help prove your earnings.
List of debts: A detailed list of all the people who lent money to you with amounts borrowed and type of credit e.g. student loan.
List of assets: All possessions for example real estate, vehicles, personal property, etc
Credit counseling certificate: It is necessary to have a certificate from an approved agency which teaches on how to manage debt and prepare a budget after completing a course not more than 180 days ago. Bankruptcy Filing in Oklahoma
Take these steps when filing for bankruptcy in Oklahoma
Determine the Best type of Bankruptcy for You: Decide whether Chapter 7 or Chapter 13 works best depending on income, liabilities, and assets.
Complete the Required Forms: The voluntary petition document, schedules plus statement of financial affairs are among those that must be filled accurately.
File the Petition: The petition should be sent along with its filling fee (currently $335 under chapter 7 and $310 under chapter 13) to the Oklahoma Bankruptcy Court.
Attend Meeting with Creditors: There is always a meeting held between creditors and bankrupts where some questions about their financial situations and bankruptcy cases are asked.
Complete the bankruptcy process: If you’re filing for Chapter 7, your non-exempt assets will be sold to pay off creditors. If you’re filing for Chapter 13, you’ll begin making payments according to your repayment plan.
Conclusion
Filing for bankruptcy in Oklahoma can be a complex and overwhelming process, but with the right guidance, you can navigate it successfully. By understanding the different types of bankruptcy, eligibility requirements, and filing process, you can take the first step towards a fresh financial start. Remember to seek the advice of an experienced bankruptcy attorney to ensure a smooth and successful bankruptcy filing
Leave a Reply