The B word is something that more and more people are considering as the economy remains bad and debt becomes overwhelming. If you are experiencing any or a combination of the following scenarios, then declaring bankruptcy for debt relief in Oklahoma may be a good option:
- Accumulating huge medical bills
- Continuing unemployment
- Failing to pay for bills
- Falling behind on mortgage payments
- Paying only the minimum on credit cards
Exclusions in bankruptcy as debt relief in Oklahoma
But before you do, you may want to know that not all your debts will go away when you file for bankruptcy in Oklahoma. Exceptions include
- Back taxes
- Student debt
- Child support
- Non-essential purchases made 90 day or less from filing over $550
3-in-1 for debt relief in Oklahoma
If you still think that filing for bankruptcy for debt relief in Oklahoma is a good idea, you will need to know which court serves your county. There are three bankruptcy courts in Oklahoma, while most states have only one, and these are found in Oklahoma City, Tulsa and Okmulgee. Each court or district has a different process for filing bankruptcy, and you will probably need a lawyer who is familiar with your assigned district to ensure that there are no errors made or document overlooked.
If you are filing on your own behalf, then you need to find out how to do it properly. Be careful. An error in filing can lead to a dismissal, and you will not be allowed to file again for 180 days.
There are two types of bankruptcy for debt relief in Oklahoma. One is Chapter 7, which is essentially a liquidation of unprotected assets, if any, to pay off a portion of outstanding debt and calling it good; the other is Chapter 13, which is a court-mandated repayment scheme.
In general, eligibility for a favorable Chapter 7 ruling requires that your household income is below Oklahoma’s median income. If it isn’t, you may still qualify for Chapter 13 if your secured debt is less than $1,010,650, unsecured debt is less than $336,900, and you have a steady income. All payments must be completed within 5 years.
Bankruptcy lawyers recommended
It is not at all easy to file for bankruptcy. It is a complex process that only someone with the legal training and experience can readily undertake. If you feel you must file for bankruptcy, consult with a bankruptcy lawyer first.
Aside from knowing what to do, an experienced bankruptcy lawyer familiar with the Oklahoma bankruptcy courts will be able to advise you on your chances of getting the ruling you need. The lawyer can give you information that will help in the final decision.
And if your case has merit, you will need the lawyer even more. Because you are already so deeply in the whole, you feel you can’t afford a lawyer, but that’s being pound foolish. You don’t want to ruin your chance at debt relief in Oklahoma by failing to follow the proper procedure.