If you’re considering filing bankruptcy in Oklahoma, 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, or any other state in the United States, is governed by federal bankruptcy laws, specifically the U.S. Bankruptcy Code. The eligibility criteria and processes are generally consistent across states, with some variations. To determine whether you qualify for bankruptcy in Oklahoma, it’s important to understand the two most common types of consumer bankruptcy: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy:

1. Means Test: To qualify for Chapter 7 bankruptcy in Oklahoma, you must first pass the “means test.” This test compares your income to the median income in Oklahoma for a household of your size. If your income is below the median, you automatically qualify for Chapter 7. However, if your income exceeds the median, you will need to complete a more detailed means test that assesses your disposable income and expenses. If you have little disposable income after allowable expenses, you may still qualify for Chapter 7.
2. Income and Expenses: When calculating your income for the means test, you should include all sources of income, such as wages, self-employment income, rental income, and any other regular income. It’s crucial to provide accurate and complete information regarding your financial situation.
3. Exemptions: Oklahoma has its own set of bankruptcy exemptions that determine what property you can keep during bankruptcy. If your assets are primarily protected by these exemptions, you are more likely to benefit from Chapter 7. Common exemptions include homestead, personal property, and retirement accounts.
4. Credit Counseling: Before filing for bankruptcy, you must complete a credit counseling course from an approved agency. This requirement ensures that you explore alternatives to bankruptcy and understand the implications of filing.
5. No Recent Discharge: If you’ve previously received a Chapter 7 discharge, you must wait eight years from the date of the previous filing to file for Chapter 7 again.

Chapter 13 Bankruptcy:

1. Regular Income: Chapter 13 bankruptcy is often referred to as a “wage earner’s plan” because it’s designed for individuals with a regular income source. You need to show that you have enough income to meet your basic living expenses and make payments towards your debts.
2. Debt Limits: There are debt limits for Chapter 13 bankruptcy. These limits are adjusted periodically to account for inflation.
3. Proposed Repayment Plan: To qualify for Chapter 13, you must submit a viable repayment plan that outlines how you intend to repay your debts over a period of three to five years. This plan should prioritize secured debts and address arrearages, such as missed mortgage or car loan payments.
4. Credit Counseling: Similar to Chapter 7, you must complete credit counseling before filing for Chapter 13 bankruptcy.
5. No Recent Discharge: If you’ve previously received a Chapter 13 discharge, you must wait two years from the date of the previous filing to file for Chapter 13 again. If you’ve previously filed for Chapter 7 and received a discharge, you must wait four years to be eligible for Chapter 13.

It’s essential to consult with a qualified bankruptcy attorney in Oklahoma to assess your specific financial situation, discuss your options, and determine which chapter of bankruptcy is the best fit for your needs. Bankruptcy can have significant and long-lasting implications on your credit and financial future, so seeking professional guidance is advisable.

RESOURCES:

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

Filing for bankruptcy in Oklahoma, like in many other states, does not necessarily require hiring a lawyer, but it is highly recommended to have legal representation due to the complex nature of bankruptcy laws and the potential consequences of making mistakes during the process.

Here are some important points to consider when deciding whether you need a lawyer to file for bankruptcy in Oklahoma:

1. Complexity of the Bankruptcy Code: Bankruptcy laws in the United States are governed by federal law, specifically the U.S. Bankruptcy Code. This code is intricate and can be difficult for individuals without legal training to navigate effectively. An experienced bankruptcy attorney is well-versed in the complexities of the code and can help you understand your rights and obligations.
2. Legal Expertise: Bankruptcy lawyers specialize in bankruptcy law. They have a deep understanding of the legal processes involved, including the different chapters of bankruptcy (Chapter 7, Chapter 13, etc.), eligibility requirements, and the intricacies of filing, such as completing the required forms and meeting deadlines.
3. Customized Advice: A bankruptcy attorney can provide personalized guidance tailored to your specific financial situation. They can assess your assets, debts, income, and expenses to help you make informed decisions about which type of bankruptcy to file, what exemptions to claim, and how to structure your repayment plan if applicable.
4. Protection from Mistakes: Filing for bankruptcy involves a significant amount of paperwork and documentation. A single mistake or omission on your bankruptcy forms can lead to complications, delays, or even the dismissal of your case. An attorney can help ensure that all required information is accurately and completely provided, reducing the risk of errors.
5. Representation in Court: While bankruptcy cases do not always require a court appearance, there may be situations where you need to attend a hearing or meet with a bankruptcy trustee. Having an attorney by your side can be invaluable in these situations, as they can represent your interests and help you navigate any legal proceedings.
6. Creditor Negotiations: If you have creditors who are disputing your bankruptcy or objecting to the discharge of their debts, a lawyer can negotiate on your behalf to reach a resolution. Their experience in handling creditor disputes can be essential in protecting your rights.
7. Maximizing Exemptions: Oklahoma has its own set of bankruptcy exemptions that determine what property you can keep during bankruptcy. An experienced attorney can help you take full advantage of these exemptions to protect your assets while still getting relief from your debts.
8. Long-Term Financial Planning: Bankruptcy can have lasting effects on your credit and financial future. A bankruptcy attorney can provide advice on how to rebuild your credit and manage your finances after bankruptcy to ensure a smoother financial recovery.
9. Peace of Mind: Bankruptcy is a stressful and emotional process. Having an attorney on your side can provide peace of mind, knowing that you have a knowledgeable advocate working to protect your interests and guide you through the process.

While you have the legal right to file for bankruptcy pro se (without an attorney), it’s essential to recognize the potential risks and pitfalls of doing so. Mistakes or oversights in your bankruptcy filing can have serious consequences, including the dismissal of your case or the loss of valuable assets.

Cost to File Chapter 7 Bankruptcy in Oklahoma

The cost to file Chapter 7 bankruptcy in Oklahoma consists of several fees, including filing fees and potential attorney fees. It’s important to understand these costs if you’re considering filing for Chapter 7 bankruptcy in the state.

1. Filing Fees: The primary cost associated with filing for Chapter 7 bankruptcy in Oklahoma is the filing fee required by the United States Bankruptcy Court. However, please note that these fees can change over time, so it’s crucial to check the most current fee schedule on the official website of the U.S. Bankruptcy Court for the Western District of Oklahoma or consult with your bankruptcy attorney.
2. Credit Counseling and Debtor Education Courses: Before and after filing for bankruptcy, you are required to complete credit counseling and debtor education courses from approved providers. These courses typically cost between $27 and $58 each, though fees can vary. It’s important to ensure that you select a court-approved provider to fulfill these requirements.
3. Attorney Fees: While it’s not mandatory to hire an attorney to file for Chapter 7 bankruptcy, many individuals choose to do so for legal guidance and assistance throughout the process. Attorney fees can vary significantly depending on factors such as the complexity of your case and the attorney’s experience. Some attorneys offer flat fees for Chapter 7 cases, while others charge hourly rates. On average, attorney fees for a Chapter 7 case in Oklahoma can range from $1,150 to $2,820 or more.
4. Miscellaneous Costs: There may be additional costs associated with your bankruptcy case, such as fees for obtaining credit reports, notary services, postage, and any expenses related to providing required documentation or information to your attorney or the bankruptcy court.
5. Exemption for Low-Income Debtors: If your income falls below a certain threshold and you cannot afford to pay the filing fee in full upfront, you may be eligible for a waiver or installment plan for the filing fee. This option is available to low-income debtors who meet the criteria established by the court.

It’s important to note that the costs mentioned above are associated with filing for Chapter 7 bankruptcy, which is often referred to as a “liquidation bankruptcy.” In Chapter 7, your non-exempt assets may be sold to pay off your debts, and certain types of debts can be discharged. It’s essential to consult with a bankruptcy attorney to assess your specific financial situation, determine if Chapter 7 is the right option for you, and get a more accurate estimate of the total costs involved.

Cost to File Chapter 11 Bankruptcy in Oklahoma

Filing for Chapter 11 bankruptcy in Oklahoma can be significantly more complex and expensive compared to Chapter 7 or Chapter 13 bankruptcy, primarily because Chapter 11 is typically used by businesses and individuals with substantial assets and debts. The cost of filing for Chapter 11 bankruptcy in Oklahoma can vary widely depending on the specific circumstances of your case. Here are some key factors to consider:

1. Court Filing Fees: The initial filing fee for a Chapter 11 bankruptcy case in Oklahoma is substantial. It’s essential to note that court filing fees can change over time, so it’s crucial to check the most current fee schedule on the official website of the U.S. Bankruptcy Court for the Western District of Oklahoma or consult with your bankruptcy attorney.
2. Attorney Fees: Chapter 11 bankruptcy is highly complex and involves negotiating with creditors, creating a reorganization plan, and seeking court approval. Attorney fees for Chapter 11 cases are typically much higher than those for Chapter 7 or Chapter 13 bankruptcies due to the extended duration and increased complexity. The cost of legal representation in a Chapter 11 case can vary significantly depending on the size and complexity of your financial situation and the complexity of your reorganization plan.
3. Court Costs and Administrative Fees: In addition to the filing fee, Chapter 11 cases may incur ongoing court costs and administrative fees associated with the management of the case. These fees can add up over time, and it’s essential to budget for them.
4. Professional Fees: In some Chapter 11 cases, individuals or businesses may need to hire financial professionals, such as accountants or appraisers, to assist in valuing assets, preparing financial statements, or developing a reorganization plan. These professionals typically charge fees for their services.
5. Debtor-in-Possession (DIP) Financing Costs: If you require financing to fund your business operations during the Chapter 11 process, there may be costs associated with obtaining and servicing DIP loans. These costs can include interest, fees, and legal expenses related to securing the financing.
6. Reorganization Plan Costs: Developing a reorganization plan is a critical aspect of Chapter 11 bankruptcy. Costs associated with developing and presenting the plan, such as legal and accounting fees, should be factored into your overall expenses.

It’s important to emphasize that Chapter 11 bankruptcy is a complex and time-consuming process that is primarily designed for businesses and individuals with substantial assets and debts. It allows for the reorganization of debts and the development of a plan to repay creditors over an extended period. Given the complexity and potential costs involved, it is strongly recommended to consult with an experienced bankruptcy attorney in Oklahoma who specializes in Chapter 11 cases.

Cost to File Chapter 13 Bankruptcy in Oklahoma

The cost to file for Chapter 13 bankruptcy in Oklahoma consists of several fees, including court filing fees, attorney fees, and costs associated with mandatory credit counseling and debtor education courses. Chapter 13 bankruptcy is often chosen by individuals with regular income who want to reorganize and repay their debts over a period of three to five years. Here’s a breakdown of the costs involved:

1. Court Filing Fees: The primary cost associated with filing for Chapter 13 bankruptcy in Oklahoma is the court filing fee. Please note that court filing fees can change over time, so it’s crucial to verify the most current fee schedule on the official website of the U.S. Bankruptcy Court for the Western District of Oklahoma or consult with your bankruptcy attorney.
2. Attorney Fees: While you can technically file for Chapter 13 bankruptcy without an attorney, it is highly advisable to hire an experienced bankruptcy attorney to guide you through the process. Attorney fees for Chapter 13 cases can vary depending on your specific circumstances, the complexity of your case, and the attorney’s fee structure. On average, attorney fees for a Chapter 13 case in Oklahoma may range from $2,370 to $4,560 or more. These fees typically cover the attorney’s services for preparing and filing your case, developing a repayment plan, representing you in court hearings, and assisting with negotiations with creditors.
3. Credit Counseling and Debtor Education Courses: Before and after filing for Chapter 13 bankruptcy, you are required to complete credit counseling and debtor education courses from court-approved providers. These courses typically cost between $25 and $60 each, though fees can vary. It’s essential to ensure that you select providers approved by the bankruptcy court to fulfill these requirements.
4. Miscellaneous Costs: There may be additional costs associated with your Chapter 13 bankruptcy case, such as fees for obtaining credit reports, notary services, postage, and any expenses related to providing documentation or information to your attorney or the bankruptcy court.

It’s important to consult with a bankruptcy attorney in Oklahoma to discuss your specific financial situation, assess whether Chapter 13 is the right option for you, and get a more accurate estimate of the total costs involved. Bankruptcy laws and fees can change over time, so ensure that you have the most up-to-date information by checking the official website of the U.S. Bankruptcy Court or consulting with a knowledgeable bankruptcy attorney in Oklahoma before proceeding with your bankruptcy filing.

Reliable Bankruptcy Attorneys in Oklahoma

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

Brown Law Firm, P.C
715 S Elgin Ave, Tulsa, OK 74120, United States

Hanson & Hanson Law Firm, PLLC
4527 E 91st St, Tulsa, OK 74137, United States

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

Oklahoma Zip Codes We Proudly Serve:

Oklahoma City

73160, 73170, 73120, 73112, 73110, 73159, 73119, 73162, 73132, 73127, 73107, 73109, 73135, 73115, 73129, 73130, 73114, 73139, 73142, 73108, 73118, 73106, 73122, 73111, 73116, 73165, 73117, 73179, 73105, 73149, 73134, 73150, 73103, 73128, 73102, 73131, 73121, 73173, 73145, 73141, 73169, 73104, 73151

Tulsa

74133, 74136, 74137, 74105, 74115, 74112, 74135, 74107, 74129, 74145, 74106, 74114, 74146, 74134, 74127, 74110, 74128, 74104, 74126, 74132, 74108, 74120, 74116, 74119, 74131, 74103, 74130, 74117

​​Norman

73072, 73071, 73069, 73026, 73019

More Oklahoma Zip Codes we serve:

74720, 74820, 74330, 73901, 73520, 74331, 74824, 74521, 74522, 73002, 73716, 74825, 73521, 73717, 73004, 73718, 73719, 73005, 74523, 73006, 73620, 73007, 73401, 74901, 73832, 74826, 74525, 74827, 74001, 73931, 74002, 74006, 74003, 74722, 73932, 74421, 74723, 73622, 73008, 74724, 74332, 74630, 73009, 73720, 74008, 74631, 73526, 73010, 74528, 74333, 73933, 74726, 74930, 74829, 74727, 74830, 74422, 73011, 74423, 74632, 73012, 74010, 74012, 74014, 74011, 74728, 74530, 73834, 74931, 74633, 73722, 73430,

73624, 73625, 74831, 73527, 74729, 74730, 73014, 74531, 73835, 74932, 74425, 74533, 73724, 73626, 73726, 73015, 74832, 73727, 73627, 74731, 73016, 74833, 74015, 73017, 74534, 74834, 73528, 74426, 74016, 73728, 73838, 73628, 73018, 73020, 74337, 74017, 74535, 74536, 73729, 74020, 73601, 74538, 74733, 74338, 73432, 74021, 73021, 73529, 74339, 74836, 74427, 74022, 73632, 73024, 74428, 73425, 73730, 74429, 73027, 73638, 73028, 74837, 74430, 74023, 73639, 73029, 73731, 74540, 74026, 73530, 73030, 74636,

74027, 74028, 73531, 74431, 74029, 73641, 74340, 73032, 73733, 73734, 73735, 74030, 73532, 73533, 74701, 73642, 74839, 74734, 73033, 74840, 73013, 73034, 73003, 73036, 73537, 73538, 73644, 73539, 73433, 73703, 73701, 73705, 73645, 74342, 74432, 74637, 74343, 73736, 73737, 74935, 73840, 73540, 73646, 73937, 74543, 74842, 74843, 73541, 73938, 73038, 74434, 73503, 73841, 74735, 73647, 73434, 74844, 73542, 73842, 73843, 74936, 73738, 74736, 73844, 73040, 73543, 74032, 74033, 73739, 73939, 74435, 73041,

73544, 73042, 73437, 73546, 73547, 74738, 73043, 74344, 73044, 73942, 74546, 74034, 73650, 74845, 73944, 73045, 74547, 74436, 73548, 74740, 73549, 73438, 74937, 73741, 74741, 73444, 73742, 74437, 73743, 73047, 73744, 74438, 73651, 74939, 74848, 73550, 73551, 74035, 74549, 73945, 73746, 74940, 74743, 74441, 74640, 73048, 74745, 73552, 74442, 74036, 73747, 74346, 74037, 74038, 73749, 73049, 74347, 74641, 74039, 74747, 74748, 73946, 74941, 74349, 73947, 74041, 73750, 73439, 74552, 74553, 74849, 74554,

73753, 73754, 74850, 74643, 74555, 74350, 73050, 73848, 73505, 73507, 73501, 73440, 73654, 74942, 74556, 74042, 73441, 74943, 73051, 73052, 73442, 74352, 73443, 73655, 73755, 73053, 73553, 73756, 73757, 73054, 74852, 73446, 73758, 73554, 73555, 74044, 73447, 74045, 74945, 73448, 74644, 73055, 73056, 73556, 74854, 73851, 73057, 74501, 74944, 74851, 73449, 73759, 73557, 74855, 73760, 73058, 74354, 73450, 74046, 74856, 74750, 73059, 74946, 73852, 74445, 73061, 74047, 73559, 73062, 74557, 74948, 73063,

74949, 74403, 74401, 73064, 73853, 74646, 73761, 74558, 74857, 73065, 74647, 73066, 73067, 73068, 74358, 74048, 74050, 74359, 73658, 74051, 74052, 73762, 74446, 73763, 74859, 74447, 74450, 73560, 73764, 74053, 73073, 74054, 73453, 74055, 74860, 74951, 73074, 74451, 73075, 74056, 74058, 74452, 74059, 73077, 74360, 73078, 74560, 74753, 73079, 74902, 74601, 74604, 73766, 74454, 74455, 74953, 74864, 74456, 74457, 74060, 74361, 73080, 73659, 74363, 74561, 74650, 74061, 73562, 73481, 74562, 73455, 74563,

74651, 74458, 74459, 73660, 73456, 74754, 73768, 74062, 73661, 74865, 74954, 73564, 74364, 73855, 74755, 73082, 73565, 74072, 74365, 74955, 74063, 74066, 74867, 74565, 74756, 73662, 74460, 73663, 74868, 73664, 74956, 74068, 73857, 73858, 74801, 74804, 74652, 74070, 74071, 74957, 74567, 73566, 74759, 74869, 74366, 73084, 74760, 74073, 74959, 73458, 73567, 74462, 74074, 74075, 74078, 74960, 74871, 74367, 74872, 74569, 74079, 74570, 73086, 73666, 74761, 74463, 74464, 74080, 74571, 73667, 73487, 74873,

73568, 74081, 73569, 73949, 73459, 73669, 73570, 73460, 74653, 74875, 74572, 73950, 74574, 73089, 74368, 73951, 73090, 74764, 73491, 74082, 73092, 74962, 73859, 74301, 73571, 74467, 74477, 74468, 73771, 73572, 74878, 74083, 73461, 74576, 74469, 73093, 73772, 74963, 74964, 73773, 73573, 73095, 73860, 73096, 74470, 74369, 74880, 74471, 74881, 74965, 74883, 74884, 73097, 74472, 74577, 74578, 73673, 73463, 74966, 73801, 74766, 74370, 73098, 74084, 74085, 73099

---