If you’re considering filing bankruptcy in Oklahoma City, OK, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Qualifying for bankruptcy in Oklahoma City, OK, or anywhere in the United States, involves meeting certain eligibility criteria established under federal bankruptcy law. Bankruptcy is a legal process designed to help individuals and businesses overwhelmed by debt obtain a fresh financial start. In Oklahoma City, residents can file for bankruptcy under Chapter 7 or Chapter 13 of the Bankruptcy Code, and the eligibility requirements differ for each chapter.

Chapter 7 Bankruptcy Eligibility: Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, is designed for individuals and businesses that are unable to repay their debts and wish to have their non-exempt assets sold to pay off their creditors. To qualify for Chapter 7 bankruptcy in Oklahoma City, you must meet the following criteria:

1. Means Test: The means test is a crucial determinant of Chapter 7 eligibility. It assesses your income, expenses, and family size to determine if your income falls below the state’s median income for your household size. If your income is below the median, you generally qualify for Chapter 7. If your income is above the median, you may still qualify after deducting certain allowable expenses, but it’s more complex and requires a detailed analysis.
2. Credit Counseling: Before filing for Chapter 7 bankruptcy, you must complete a credit counseling course from an approved agency. You will need to provide a certificate of completion when filing your bankruptcy petition.
3. Previous Bankruptcy Discharge: If you have received a Chapter 7 discharge within the past 8 years, you may not be eligible for another Chapter 7 discharge. Similarly, if you previously filed for Chapter 13 bankruptcy and received a discharge, you may need to wait 6 years before filing for Chapter 7.
4. Good Faith Filing: You must file for Chapter 7 bankruptcy in good faith. The court will review your case to ensure you are not attempting to abuse the bankruptcy process.

Chapter 13 Bankruptcy Eligibility: Chapter 13 bankruptcy, often called “reorganization” bankruptcy, is designed for individuals with a regular income who want to restructure their debts and create a manageable repayment plan. To qualify for Chapter 13 bankruptcy in Oklahoma City, you must meet the following criteria:

1. Regular Income: You must have a reliable source of income to fund your Chapter 13 repayment plan. This could be from employment, self-employment, retirement benefits, or other sources.
2. Debt Limits: There are debt limits for Chapter 13 bankruptcy. These limits may be adjusted periodically to account for inflation.
3. Credit Counseling: Like Chapter 7, you must complete a credit counseling course before filing for Chapter 13 bankruptcy.
4. Good Faith Filing: As with Chapter 7, you must file for Chapter 13 bankruptcy in good faith and not to abuse the system.

It’s essential to consult with an experienced bankruptcy attorney in Oklahoma City to determine your eligibility and explore the best bankruptcy option for your specific financial situation. Bankruptcy law is complex, and a lawyer can help you navigate the process, ensure that you meet all eligibility requirements, and provide guidance on how to protect your assets and interests throughout the proceedings.

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Do You Need a Lawyer to File For Bankruptcy in Oklahoma City, OK?

While it is possible to file for bankruptcy in Oklahoma City, OK, without an attorney (also known as filing pro se), doing so can be complex and risky. Hiring a qualified bankruptcy attorney is strongly recommended for several reasons:

1. Legal Expertise and Experience: Bankruptcy law is intricate, and the procedures and requirements can be challenging to navigate on your own. A seasoned bankruptcy attorney in Oklahoma City has the knowledge and experience to guide you through the process efficiently, ensuring you comply with all relevant laws and regulations.
2. Asset Protection: A bankruptcy attorney can help you understand which assets are exempt from the bankruptcy process and work to maximize your exemptions. This means you may be able to retain more of your property while still receiving a discharge of your debts.
3. Correctly Assessing Your Eligibility: Determining your eligibility for bankruptcy, as discussed in the previous response, can be complex. An attorney can help you assess whether you qualify for Chapter 7 or Chapter 13 bankruptcy, and they can identify any potential issues that might arise during the means test or other eligibility determinations.
4. Debt Discharge Maximization: An experienced bankruptcy attorney will help you structure your bankruptcy case to discharge as much debt as possible while protecting your interests. They can help identify which debts can be discharged and which may not be eligible.
5. Avoiding Costly Mistakes: Filing for bankruptcy without legal representation can lead to costly errors that could jeopardize your case. Missing deadlines, improperly filling out forms, or failing to disclose all relevant financial information can result in your case being dismissed or even facing legal consequences.
6. Handling Creditor Interactions: Bankruptcy attorneys can communicate with your creditors on your behalf, helping to stop harassing phone calls, letters, and legal actions like wage garnishments or foreclosure proceedings. They can also negotiate with creditors to achieve more favorable repayment terms in a Chapter 13 plan.
7. Court Representation: If your case requires a court appearance or involves complex legal issues, having an attorney by your side is invaluable. They can represent your interests in court, making sure you are well-prepared and understand the proceedings.
8. Peace of Mind: Dealing with overwhelming debt and the bankruptcy process can be incredibly stressful. Having an attorney on your side provides peace of mind, knowing that a legal professional is advocating for your best interests.
9. Long-Term Financial Planning: A bankruptcy attorney can also provide guidance on rebuilding your credit and managing your finances after bankruptcy. They can help you develop a plan to regain your financial footing and work toward a more stable future.

It’s essential to consult with a qualified bankruptcy attorney in Oklahoma City who can evaluate your specific financial situation, provide personalized advice, and guide you through the bankruptcy process to ensure the best possible outcome for your unique circumstances. Keep in mind that the cost of hiring an attorney is an investment in your financial future and can lead to a smoother, more successful bankruptcy process.

Cost to File Chapter 7 Bankruptcy in Oklahoma City, OK

The cost to file Chapter 7 bankruptcy in Oklahoma City, OK, consists of several components, including court filing fees, attorney fees, and mandatory credit counseling and debtor education course costs.

Here’s a breakdown of these expenses:

1. Court Filing Fees: The court filing fee for Chapter 7 bankruptcy in the Western District of Oklahoma, which includes Oklahoma City, is $375. This fee is subject to change and may have increased since then, so it’s essential to check the current fee schedule on the U.S. Bankruptcy Court’s website or contact the court directly for the most up-to-date information.
2. Attorney Fees: Hiring a bankruptcy attorney is highly advisable when filing for Chapter 7 bankruptcy because the process can be complex, and having legal guidance is crucial. Attorney fees can vary widely depending on the complexity of your case, your location, and the attorney’s experience. On average, you can expect attorney fees for a Chapter 7 case to range from $1,175 to $2,890 or more. Some attorneys offer payment plans to help clients manage the cost.
3. Credit Counseling and Debtor Education Costs: Before filing for Chapter 7 bankruptcy, you are required to complete two mandatory credit counseling courses. The cost for these courses can vary but typically ranges from $58 to $118 for each course. It’s essential to choose a reputable agency approved by the U.S. Trustee Program to ensure that the courses meet the bankruptcy court’s requirements.

Other Potential Costs: In addition to these primary expenses, there may be other costs associated with your Chapter 7 bankruptcy, such as:

• Bankruptcy trustee fees: In some cases, the bankruptcy trustee may charge fees for administering your case. These fees are usually deducted from any non-exempt assets that are sold to pay creditors.
• Miscellaneous administrative fees: There may be additional costs for things like notarization, photocopying, and postage related to your bankruptcy case.

The cost of filing Chapter 7 bankruptcy in Oklahoma City will depend on various factors, including your specific circumstances, the attorney you choose, and any additional expenses that may arise during your case. While the costs associated with bankruptcy can seem significant, it’s important to weigh them against the potential benefits, such as the discharge of your eligible debts and the relief from creditor harassment. Consulting with a bankruptcy attorney in Oklahoma City is an essential step to understand the total costs involved and to navigate the bankruptcy process effectively.

Cost to File Chapter 11 Bankruptcy in Oklahoma City, OK

Filing for Chapter 11 bankruptcy in Oklahoma City, OK, can be a complex and expensive process, as Chapter 11 is typically used by businesses and individuals with significant assets or debts who wish to reorganize their financial affairs. The costs associated with Chapter 11 bankruptcy can vary widely depending on the size and complexity of the case. Here are some key factors that contribute to the cost of filing for Chapter 11 bankruptcy:

1. Court Filing Fees: The court filing fee for a Chapter 11 bankruptcy case in the Western District of Oklahoma, which includes Oklahoma City can change over time, so it’s crucial to check the most current fee schedule on the U.S. Bankruptcy Court’s website or contact the court directly for up-to-date information.
2. Legal Representation: Hiring an experienced bankruptcy attorney is almost a necessity in Chapter 11 cases due to their complexity. Attorney fees for Chapter 11 cases can be substantial and will depend on various factors, including the size of the business or individual’s assets and debts, the complexity of the case, and the attorney’s hourly rate. It’s not uncommon for attorney fees to range from tens of thousands to hundreds of thousands of dollars in Chapter 11 cases.
3. Additional Professional Fees: In many Chapter 11 cases, additional professionals, such as accountants, financial advisors, and appraisers, may be necessary to assist with the reorganization plan and financial disclosures. These professionals typically charge fees for their services, which can add significantly to the overall cost of the bankruptcy.
4. Court Oversight and Reporting Costs: Chapter 11 cases often require ongoing reporting and compliance with court orders. This can include quarterly fee payments to the U.S. Trustee’s Office, preparation of financial reports, and compliance with court-approved plans. These costs can accumulate throughout the bankruptcy process.
5. Creditors’ Committee Expenses: In some Chapter 11 cases, a committee of unsecured creditors may be appointed to represent the interests of creditors. The expenses associated with the committee’s activities, such as legal and accounting fees, may be borne by the debtor.
6. Miscellaneous Administrative Costs: There may be various administrative costs associated with a Chapter 11 case, including costs for photocopying, postage, notarization, and court-required notifications.

Furthermore, it’s essential to work closely with an experienced bankruptcy attorney who specializes in Chapter 11 cases. Your attorney can help you navigate the complexities of the process, develop a feasible reorganization plan, and minimize costs wherever possible. Ultimately, the cost of filing for Chapter 11 bankruptcy in Oklahoma City, OK, will depend on the specific circumstances of your case and the professionals you engage to assist you.

Cost to File Chapter 13 Bankruptcy in Oklahoma City, OK

The cost of filing for Chapter 13 bankruptcy in Oklahoma City, OK, includes several components, such as court filing fees, attorney fees, credit counseling and debtor education costs, and other potential expenses. Here’s a breakdown of these costs:

1. Court Filing Fees: The court filing fee for a Chapter 13 bankruptcy case in the Western District of Oklahoma, which encompasses Oklahoma City, is $350. This fee is subject to change and may have been updated since then. You should check the most current fee schedule on the U.S. Bankruptcy Court’s website or contact the court directly for the latest information.
2. Attorney Fees: Hiring a qualified bankruptcy attorney is highly advisable when filing for Chapter 13 bankruptcy, as the process can be complex. Attorney fees can vary depending on factors such as the complexity of your case, your location, and the attorney’s experience. On average, Chapter 13 attorney fees may range from $2,900 to $5,000 or more. Some attorneys offer payment plans to help clients manage these costs.
3. Credit Counseling and Debtor Education Costs: Before filing for Chapter 13 bankruptcy, you are required to complete two mandatory credit counseling courses and a debtor education course. The costs for these courses typically range from $60 to $120 each. Ensure that you choose an agency approved by the U.S. Trustee Program to ensure that the courses meet the bankruptcy court’s requirements.
4. Trustee Fees: In a Chapter 13 bankruptcy, a trustee is appointed to oversee your case and administer your repayment plan. The trustee’s fees are typically included in your monthly plan payments. These fees are used to compensate the trustee for their services in distributing payments to your creditors.
5. Miscellaneous Administrative Costs: Additional costs may arise during the Chapter 13 bankruptcy process, such as notarization fees, postage, photocopying, and other administrative expenses related to court requirements.

If you are unable to afford the court filing fees or attorney fees, you may be eligible for a fee waiver or a fee installment plan. To request a fee waiver, you will need to demonstrate to the court that you are unable to pay the fees based on your income and expenses.

Reliable Bankruptcy Attorneys in Oklahoma City, OK

Below is a list of reputable bankruptcy attorneys in Oklahoma City, OK. They can help you with both personal and business bankruptcy information.

Marty Martin Bankruptcy Law
6440 Avondale Dr #200-1, Oklahoma City, OK 73116, United States

Convenient Bankruptcy: by Luke Homen Law, PLLC
Convenient Bankruptcy, 10313 Greenbriar Pkwy, Oklahoma City, OK 73159, United States

The Gooding Law Firm P.C.
204 N Robinson Ave #1235, Oklahoma City, OK 73102, United States

Chris Mudd & Associates, PLLC
3904 NW 23rd St, Oklahoma City, OK 73107, United States

Hammond Law Firm
512 NW 12th St, Oklahoma City, OK 73103, United States

Oklahoma City, OK Zip Codes We Proudly Serve:

73008, 73012, 73013, 73020, 73026, 73036, 73049, 73054, 73064, 73071, 73078, 73084, 73097, 73099, 73102, 73103, 73104, 73105, 73106, 73107

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