Can I Qualify For Bankruptcy In Tulsa Okahoma

by Zach Waxman on April 2, 2013

Qualifying For Chapter 7 Bankruptcy In Tulsa Oklahoma

Qualifying for a chapter 7 bankruptcy in Tulsa is often the first step to getting a fresh start in Oklahoma. A Chapter 7 Bankruptcy will stop garnishments, foreclosures, and end creditor harassment. In order to qualify a person who is thinking about filing bankruptcy, a simple phone call may be all that is required.   If your current monthly income (CMI) is less than the median income for a household of your size in Oklahoma, you pass.  So, most of the time an experienced bankruptcy attorney will be able to qualify you in a few minutes by looking at: 1) the income of all members of your household, and 2) the number of members of your household. This is called a “short means test.” The median income changes every few months, so it is best just to pick up the phone and find out if you pass.  If you pass and you’re interested in filing a chapter 7 fresh start bankruptcy, you’ll come in for a more in-depth consultation and your attorney will explain the process in more detail so that he or she can help you determine if chapter 7 bankruptcy is the right option for you.

The bankruptcy laws in the U.S. offer several options for consumers, so if you do not pass the short means test over the phone, you should still come in to speak with an experienced Oklahoma bankruptcy attorney. For example, chapter 13 bankruptcy might be another available option.  The short means test is only one way of determining if you qualify for a fresh start. Your attorney may even be able to qualify you for a chapter 7 bankruptcy by doing what is called a “long means test.” We will look at other factors, such as your mortgage payments as well as other monthly expenses, to qualify you.  In order to do so, we will probably have you fill out a bankruptcy homework packet and bring it back. Again, even if you don’t qualify for a chapter 7 bankruptcy under the long means test, there are other options that we can help you with.

Before you come in to speak with an experienced Oklahoma bankruptcy attorney there are several things you can look for that might help you pass the long means test such as:

  • Taxes and other involuntary deductions from your income, including your retirement payments;

  • Health and life insurance payments;

  • Payments on your mortgage or car loans;

  • Alimony or child support payments (ordered by the court);

  • Health care expenses due to chronic conditions;

  • Child care or additional expenses for a disabled family member; or

  • Regular charitable contributions.

If you want to start preparing for your  Tulsa Oklahoma chapter 7 bankruptcy means test, you can also bring in copies of your and your household members’ pay check stubs for the last six months.  This will give us more accurate information to qualify you with.  All of this information is in the homework packet, so gathering it now will save you time down the road. All in all, it can take as little as ten days to two weeks to file your case, once you’ve completed the homework packet and brought in all the required documentation.    Once we have the information and have filed your case, you’ll have very little to do.

So, if you’re considering an Oklahoma bankruptcy, contact an experienced Tulsa Oklahoma bankruptcy attorney.  We’ll look at all the information and do our best qualify you for a chapter 7 bankruptcy. Even if we are unable to do so, our expertise in the area will help you determine what other options are available to you.

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