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

Am I Qualified for Bankruptcy?

Filing for bankruptcy is a legal process that allows individuals and businesses to seek relief from overwhelming debts and obtain a fresh financial start. Bankruptcy laws in the United States are federal laws, but they are administered and enforced at the state level. Therefore, the qualifications and requirements for filing bankruptcy in Tulsa, Oklahoma, are governed by federal bankruptcy laws and supplemented by state-specific rules.

1. Types of Bankruptcy:

In the United States, there are primarily two types of bankruptcy that individuals and some businesses can file under: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy:

• Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, is designed for individuals and businesses who cannot afford to repay their debts.
• To qualify for Chapter 7 bankruptcy in Tulsa, OK, you must pass the means test. This test compares your income to the median income for a household of your size in Oklahoma. If your income is below the median, you typically qualify for Chapter 7. If it’s above the median, you may still qualify if you can demonstrate that you have limited disposable income after covering essential expenses.
• Additionally, you cannot have had a Chapter 7 bankruptcy discharge within the past eight years or a Chapter 13 discharge within the past six years.

Chapter 13 Bankruptcy:

• Chapter 13 bankruptcy, also known as “reorganization” bankruptcy, allows individuals to create a repayment plan to gradually pay off their debts over three to five years.
• To qualify for Chapter 13 bankruptcy in Tulsa, OK, you must have a reliable source of income to fund the proposed repayment plan. You must also have secured debts below a certain limit and unsecured debts below a different limit.
• There are no income limits for Chapter 13, but you must have enough disposable income to meet your ongoing living expenses and fund the repayment plan.

2. Residency and Filing Location:

• Generally, you can file for bankruptcy in the district where you have lived, had your principal place of business, or maintained property for the majority of the preceding 180 days. For Tulsa residents, this typically means filing in the Northern District of Oklahoma’s bankruptcy court.

3. Mandatory Credit Counseling:

• Before filing for bankruptcy, you must complete a credit counseling course from an approved agency. This is a requirement for both Chapter 7 and Chapter 13 bankruptcy filers. The certificate of completion must be filed with your bankruptcy petition.

4. Bankruptcy Costs:

• There are filing fees associated with bankruptcy, which vary depending on the type of bankruptcy you file. If you cannot afford the fees, you may request a fee waiver or pay in installments.

5. Bankruptcy Attorney:

• While it is possible to file for bankruptcy without an attorney (pro se), it is highly recommended that you seek legal counsel. Bankruptcy laws are complex, and an attorney can help you navigate the process, ensure you meet all requirements, and protect your rights.

6. Debtor Education Course:

• After filing for bankruptcy but before receiving a discharge, you must complete a debtor education course. This course is designed to provide financial management education and help you avoid future financial difficulties.

7. Eligible Debts:

• Bankruptcy can discharge many types of unsecured debts, such as credit card debt, medical bills, and personal loans. It can also address secured debts like mortgages and car loans, allowing you to keep the property if you can make the necessary payments or surrender it to discharge the debt. However, certain debts, like child support, alimony, most student loans, and recent tax debts, are generally not dischargeable.

The qualifications for filing bankruptcy in Tulsa, OK, are primarily determined by federal bankruptcy laws, including the means test for Chapter 7 and the income requirements for Chapter 13. Additionally, you must meet residency requirements, complete mandatory credit counseling and debtor education courses, and consider the costs associated with bankruptcy. It’s essential to consult with a qualified bankruptcy attorney to assess your specific situation and determine the best course of action for your financial relief. Bankruptcy can be a powerful tool to regain control of your finances, but it should be approached with a thorough understanding of the requirements and implications.

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

Filing for bankruptcy in Tulsa, Oklahoma, does not strictly require the use of a lawyer, but it is highly recommended for several important reasons. While some individuals may choose to file for bankruptcy pro se (without an attorney), doing so can be risky and may not be advisable for everyone.

Here are some key considerations when deciding whether to hire a lawyer for bankruptcy in Tulsa:

1. Complex Legal Process: Filing for bankruptcy involves navigating a complex legal process with specific rules, procedures, and paperwork. Bankruptcy laws in the United States, including those in Tulsa, are intricate and constantly evolving. An experienced bankruptcy attorney is well-versed in these laws and can help you understand and comply with all the requirements.

2. Legal Expertise: Bankruptcy attorneys have the knowledge and expertise to assess your financial situation accurately and determine which type of bankruptcy (Chapter 7 or Chapter 13) is most suitable for your needs. They can also advise you on alternative debt relief options if bankruptcy is not the best choice for your circumstances.

3. Protection of Your Rights: A lawyer can ensure that your rights are protected throughout the bankruptcy process. They can help you avoid common pitfalls and mistakes that may jeopardize your case, such as failing to disclose all assets or making errors on bankruptcy forms.

4. Communication with Creditors: An attorney can handle communications with creditors, debt collectors, and the bankruptcy court on your behalf. This can help alleviate the stress and harassment often associated with overwhelming debt.

5. Filing Requirements: Bankruptcy paperwork is extensive and must be completed accurately and on time. Missing deadlines or providing incomplete or inaccurate information can lead to your case being dismissed or delayed. An attorney can help you gather the necessary documentation, fill out the forms correctly, and meet all deadlines.

6. Maximizing Exemptions: In a Chapter 7 bankruptcy, you may be able to protect certain assets through exemptions provided by state and federal law. An experienced attorney can help you maximize the use of these exemptions to keep valuable property while still obtaining debt relief.

7. Debt Discharge and Repayment Plans: For Chapter 13 bankruptcy, your attorney can help you create a feasible and fair repayment plan that satisfies both the court and your creditors. They can negotiate terms and conditions that work within your budget.

8. Handling Complications: Bankruptcy cases can become complicated, especially if creditors or the bankruptcy trustee raise objections or disputes. An attorney can represent your interests in court and work to resolve any issues that arise.

9. Avoiding Fraudulent Transfers: Transferring assets or property prior to bankruptcy to protect them can lead to accusations of fraudulent transfers. An attorney can guide you on how to handle your assets legally and prevent potential complications.

10. Post-Bankruptcy Guidance: Even after your bankruptcy case is concluded, you may have questions or issues related to credit reporting, rebuilding your credit, or addressing any remaining financial concerns. A bankruptcy attorney can provide valuable post-bankruptcy guidance.

While hiring an attorney for bankruptcy in Tulsa, OK, involves legal fees, the benefits often outweigh the costs. It can help you achieve a more successful outcome, protect your rights, and minimize the stress associated with the bankruptcy process.

Cost to File Chapter 7 Bankruptcy in Tulsa, OK

The cost to file for Chapter 7 bankruptcy in Tulsa, Oklahoma, consists of several components, including court filing fees and attorney fees. Here’s a breakdown of the typical costs associated with filing Chapter 7 bankruptcy in Tulsa:

1. Court Filing Fees:
   • The mandatory court filing fee for Chapter 7 bankruptcy in the Northern District of Oklahoma (which includes Tulsa) is $390. This fee is paid to the bankruptcy court when you submit your bankruptcy petition and other required documents.
2. Credit Counseling and Debtor Education Fees:
   • Before filing for bankruptcy, you are required to complete credit counseling and debtor education courses from approved agencies. These courses often come with fees, which can vary but typically range from $28 to $60 for each course. Some agencies offer reduced fees or fee waivers for individuals with financial hardship.
3. Attorney Fees:
   • While you have the option to file for bankruptcy without an attorney (pro se), it’s strongly recommended to hire an experienced bankruptcy attorney in Tulsa, OK, to guide you through the process. Attorney fees can vary widely based on factors such as your location, the complexity of your case, and the attorney’s experience. In Tulsa, attorney fees for a Chapter 7 bankruptcy typically range from $1,165 to $2,900 or more. It’s important to discuss fees and payment arrangements with your chosen attorney upfront.
4. Miscellaneous Costs:
   • There may be other minor costs associated with your bankruptcy, such as obtaining credit reports, notary fees, and document copying expenses. These costs can add up but are generally relatively modest.

It’s important to note that bankruptcy court filing fees can change over time, so it’s advisable to check the most current fee schedule on the official website of the U.S. Bankruptcy Court for the Northern District of Oklahoma or consult with your bankruptcy attorney.

If you’re unable to afford the court filing fee upfront, you may request a fee waiver by filing an official form and demonstrating that you meet certain income and expense criteria. If your fee waiver request is approved, you won’t have to pay the filing fee.

Additionally, some bankruptcy attorneys may offer payment plans to help you manage their fees over time. Be sure to discuss payment options with potential attorneys during your initial consultation.

Cost to File Chapter 11 Bankruptcy in Tulsa, OK

Filing for Chapter 11 bankruptcy in Tulsa, Oklahoma, is a complex and expensive process, primarily used by businesses and individuals with substantial assets and debts who seek to reorganize their financial affairs. The costs associated with a Chapter 11 bankruptcy can be significant and typically include the following:

1. Attorney Fees:
   • Chapter 11 bankruptcy cases are highly intricate and require extensive legal expertise. As a result, attorney fees for Chapter 11 cases are substantial and can vary widely depending on the complexity of the case and the attorney’s experience. In Tulsa, OK, Chapter 11 attorney fees may range from tens of thousands to hundreds of thousands of dollars. Attorneys often charge an upfront retainer fee and bill hourly for their services.
2. U.S. Bankruptcy Court Filing Fee:
   • The filing fee for a Chapter 11 bankruptcy case in the Northern District of Oklahoma (which includes Tulsa) is $2,000. This fee is paid to the bankruptcy court when the case is initially filed. It’s important to check the most current fee schedule on the official website of the U.S. Bankruptcy Court or consult with your attorney, as fees may change over time.
3. U.S. Trustee Fees:
   • In Chapter 11 cases, the U.S. Trustee assesses quarterly fees based on the debtor’s disbursements and income. These fees can be substantial, and they are meant to cover the administrative costs of overseeing the case. The specific calculation of these fees can vary depending on the circumstances of the case.
4. Other Professional Fees:
   • In complex Chapter 11 cases, debtors often require the services of other professionals, such as financial advisors, accountants, and appraisers. The fees for these professionals can add to the overall cost of the bankruptcy.
5. Filing Requirements and Administrative Costs:
   • Chapter 11 debtors are subject to various administrative requirements, including the preparation and filing of detailed financial reports. There are costs associated with complying with these requirements, such as the preparation of financial statements and court-approved disclosure statements.
6. Creditor Committee Expenses:
   • In some Chapter 11 cases, a committee of unsecured creditors may be appointed. The expenses associated with the committee’s legal and professional representation are typically paid by the debtor’s estate.

It’s essential to note that Chapter 11 bankruptcy is a highly individualized process, and the costs can vary significantly based on the complexity and unique circumstances of each case. Additionally, Chapter 11 bankruptcy cases can be lengthy and may involve ongoing expenses throughout the reorganization process.

Cost to File Chapter 13 Bankruptcy in Tulsa, OK

Filing for Chapter 13 bankruptcy in Tulsa, Oklahoma, is a viable option for individuals seeking to restructure their debts and create a manageable repayment plan. The costs associated with a Chapter 13 bankruptcy typically include the following:

1. Attorney Fees:
   • Hiring a bankruptcy attorney is crucial when filing for Chapter 13 bankruptcy, as the process is legally complex. Attorney fees in Tulsa, OK, for Chapter 13 cases can vary depending on the attorney’s experience, the complexity of your case, and local market conditions. Generally, attorney fees may range from $2,900 to $4,700 or more. Many attorneys offer payment plans to help you manage these costs.
2. U.S. Bankruptcy Court Filing Fee:
   • The filing fee for a Chapter 13 bankruptcy case in the Northern District of Oklahoma (which includes Tulsa) is $370. This fee is paid to the bankruptcy court when you submit your bankruptcy petition and other required documents. It’s essential to verify the most current fee schedule on the official website of the U.S. Bankruptcy Court or consult with your attorney, as fees may change over time.
3. Credit Counseling and Debtor Education Fees:
   • Before filing for Chapter 13 bankruptcy, you must complete credit counseling and debtor education courses from approved agencies. These courses typically come with fees, which can vary but are generally in the range of $30 to $65 for each course. Some agencies offer reduced fees or fee waivers for individuals with financial hardship.
4. Miscellaneous Costs:
   • There may be other minor costs associated with your Chapter 13 bankruptcy, such as obtaining credit reports, notary fees, and document copying expenses. While these costs are generally modest, they can add up.
5. Chapter 13 Trustee Fees:
   • In a Chapter 13 case, a trustee is appointed to oversee the repayment plan and distribute payments to creditors. The trustee’s fees are typically a percentage of the payments made to creditors and are included in your repayment plan. These fees can vary but are usually reasonable and structured to ensure that your plan remains affordable.

Overall, the cost of filing for Chapter 13 bankruptcy in Tulsa, OK, can vary depending on several factors, including attorney fees, court filing fees, and other associated expenses. It’s crucial to budget for these costs and explore payment options with your attorney if needed. Consulting with an experienced bankruptcy attorney can help you understand the specific costs associated with your case and navigate the Chapter 13 bankruptcy process effectively.

Reliable Bankruptcy Attorneys in Tulsa, OK

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

Bankruptcy Attorneys Of Tulsa
601 S Boulder Ave Ste 600, Tulsa, OK 74119, United States

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

Robinson Law Offices PC
9175 S Yale Ave #250, Tulsa, OK 74137, United States

Matthew E Riggin PLLC
2121 S Columbia Ave Ste. 210, Tulsa, OK 74114, United States

Tulsa, OK Zip Codes We Proudly Serve:

74008, 74012, 74014, 74015, 74021, 74037, 74055, 74073, 74103, 74104, 74105, 74106, 74107, 74108, 74110, 74112, 74114, 74115, 74116, 74117

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