Means Test for Bankruptcy in Oklahoma
KANIA LAW OFFICE is a Tulsa, Oklahoma Bankruptcy Law Firm
We help Oklahoma residents file for bankruptcy under the U.S. Bankruptcy laws.

Oklahoma Chapter 7 Bankruptcy Means Test

Prior to the bankruptcy reform act of 2005, an individual considering bankruptcy would choose which chapter of the U.S. Bankruptcy code the person would file under. This normally would entail deciding between a Chapter 7 bankruptcy (Fresh Start) and a Chapter 13 bankruptcy (Consolidation / Reorganization).  Since the new law, determining which chapter the Oklahoma filer files under is largely a function of his or her income. Oklahomans wishing to file a Chapter 7 bankruptcy generally must pass the "Means Test" in order to presumptively qualify for a Chapter 7 fresh start bankruptcy. This "Means Test" compares the filer's average income to that of other residents in the person's home state.

Median Income Test in Oklahoma

The "Means Test" in a Chapter 7 bankruptcy is a straightforward comparison of the filer's current monthly income to that of the state's median income for a family of the same size. The median family income is a figure set by the Internal Revenue Service and is based on the filer's state of residence and the number of dependents in the filer's family along with other factors better left to be explained by your Oklahoma bankruptcy attorney. If the Oklahoma filer's current monthly income is less than that of Oklahoma's median family income then the presumption of abuse, as set out in the new bankruptcy laws, does not arise and the filer is eligible to seek a Chapter 7 discharge. It is important to understand that one's current monthly income for the purpose of means testing is not necessarily equal to actual income. Rather, one's current monthly income is based on the average monthly income received from all sources during the six (6) months prior to filing the bankruptcy case. This average income is calculated by averaging the filer's last six (6) months income and is then projected forward so as to calculate the filer's ability to meet financial obligations and thereby qualify for a Chapter 7 bankruptcy in Oklahoma.

Free Means Test Evaluation

The Kania Law Office and its Tulsa, Oklahoma Bankruptcy Lawyers offer free "Means Testing" consultations via telephone to any resident of the State of Oklahoma.  If you would like to see if you qualify for a Chapter 7, complete discharge of unsecured debts, call (918) 743-2233 and ask for your free "Means Testing" evaluation.  Or, you can fill out this form to send an email to one of the Kania Law Office's attorneys.

KANIA LAW OFFICE: Tulsa Lawyers 
The Kania Law Office's Tulsa Bankruptcy Lawyers represent Oklahomans with debt problems, helping them to navigate through the Federal Bankruptcy Codes and stop collection calls, foreclosures, and judgments, while protecting their assets.  If you would like a free consultation with a Tulsa, Oklahoma bankruptcy attorney from the Kania Law Office please call (918) 743-2233 or fill out this form. 

We are an Oklahoma debt relief agency. We help people file for relief under the Bankruptcy Code.