The requirements for filing bankruptcy in Oklahoma are precise and must be met for you to be eligible to file. Bankruptcy is not something that you will want to enter blindly. It will likely require some foresight and planning. Because it can be a life-altering decision, you will want to educate yourself on the process and what some requirements for filing bankruptcy are as your case unfolds. To be sure, the law requires that you gather specific documents, fill out forms, and attend and complete pre-bankruptcy education classes before you can file. These requirements are not optional, and failing to complete them could potentially derail your case. Here’s more on what is required to file for bankruptcy.
Types Of Bankruptcy
The two most common forms of bankruptcy for individuals are Chapter 7 and Chapter 13. While both types may allow you to eliminate debt, there are a few key differences. Chapter 7 is usually used by people who do not have significant income and wish to shed unsecured debt. This form is most suitable if you have credit card debt or past-due medical bills. If your income is too high for Chapter 7, then you may qualify for Chapter 13.
Chapter 13 bankruptcy is most often used by individuals whose income makes them ineligible for Chapter 7. Chapter 13 consolidates your debt into a repayment plan that typically lasts for three to five years. Once all payments have been made, any remaining debt may be eliminated.
What Do I Need To File?
For both forms of bankruptcy, you will need to fill out forms relating to your income, assets, liabilities, expenses, and overall financial health. If you own a home, you will likely need to gather your mortgage documents and past payment history. Some of your bills may be in collection at this point. In this case, you will also need to obtain all documents relating to the collection efforts. If you have been sued for an unpaid bill, then you will want to have a copy of the court judgment as well. In what ever type bankruptcy you file there are certain things to be careful about doing just before you file. If you follow the requirements things will be just fine and your case will go through just fine.
On-Line Bankruptcy Credit Counseling Course
You likely will not be able to file for bankruptcy until you have completed an approved bankruptcy education course. The cost of this course is around $25. These courses are designed to educate you on the bankruptcy process and make you aware of the effects and consequences of filing for bankruptcy. Another benefit is that completing the course will ensure that you have exhausted all available alternatives to bankruptcy before you file.
After the course, a recommendation will be made based on your financial situation. The recommendation is not binding, so even if filing for bankruptcy is not recommended, you can still move forward with your bankruptcy case if you desire. The truth about this court is that its an on-line course. You should not take the on-line case until you meet with your bankruptcy attorney. This is because the attorney will have a recommendation on the least expensive on line counselor. Also, the course expires within in a few months and if you take it at the wrong time you will have to take it again. So, don’t take it until you meet with your attorney.
Tulsa Oklahoma Bankruptcy Lawyer
Bankruptcy is a complex process but with the right attorney its easy. This is because bankruptcy attorneys can guide you and kame the process simple. If you are dealing with an unmanageable debt situation and are planning on filing for bankruptcy, you should consult with a bankruptcy attorney right away. With years of experience helping clients resolve financial dilemmas, Kania Law Office knows how to help you resolve your situation. To learn how our bankruptcy lawyers can help you, get in touch with Kania Law Office by calling (918) 743-2233 or contacting us online.
Tulsa's Local Bankruptcy Lawyers
Are you looking for Tulsa attorneys who will fight aggressively for you? Our team of bankruptcy attorneys have the experience needed in Oklahoma law to secure the outcome you deserve.
Call us today for a free consultation 918-743-2233 or contact us online.