How To File Bankruptcy In Oklahoma

Filling out forms How To File Bankruptcy In OklahomaBankruptcy should not be taken lightly and it should be used as a last resort. Because bankruptcy can have lasting effects on your credit score, it’s important to consult with an experienced attorney at Marty Martin Bankruptcy Law before filing for bankruptcy in Oklahoma. This guide on how to file for bankruptcy in Oklahoma will walk you through each step of the process, making it easier to file for yourself or letting you know when it’s time to seek legal counsel.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a liquidation proceeding in which the debtor’s nonexempt assets are sold by the trustee and the proceeds are distributed to creditors. The debtor is then discharged from most debts.

Initial Meeting With An Attorney

First, schedule an initial meeting with an attorney. During this meeting, you will discuss your financial situation and the different types of bankruptcy that may be available to you. The attorney will also answer any questions you have about the process. You should not sign anything before this meeting. If it is determined that a Chapter 7 bankruptcy is right for you, the attorney will help you get all the necessary paperwork completed in time for your court date.

Confirming Eligibility For Filing

In your meeting with your attorney, they will help confirm your eligibility. In order to do this, you’ll need to take a means test. The means test will help to determine if your income is low enough that you are eligible to file for Chapter 7 bankruptcy. If it is, you will be able to move on to the next step.

Credit Counseling

The next step on how to file for bankruptcy in Oklahoma is to attend a credit counseling session with an approved provider. This must be done within six months of filing. During the session, you’ll receive information about alternatives to bankruptcy, your rights and responsibilities, and a budget analysis.

Completing Necessary Forms And Submitting Documents

After meeting with an attorney, and taking the means test, you will need to complete the necessary forms. These forms will require information about your assets, debts, income, and expenses. Once you have completed the forms, you will need to submit them to the bankruptcy court. You can do this by faxing or mailing the documents to the bankruptcy court in your area. You may also be able to file these documents electronically.

Getting Notified Of Discharge

You will be notified by the court of your discharge date. The notice will be sent to the address you have on file with the court. Once you receive your notice, you can begin rebuilding your credit. You can also start the process of reestablishing financial stability. Get a job and make sure that your new employer reports your earnings to the credit bureaus. If you are self-employed, make sure that you keep good records and pay all of your bills on time. Pay off any outstanding debts as soon as possible so that they don’t become collector accounts which negatively affect your credit score for years after being settled.

Post-Discharge Tips

Congratulations on completing the bankruptcy process! Here are a few tips to help you get back on your feet after the discharge:

  • Keep up with payments.
  • Stay in contact with creditors.
  • File taxes as required.
  • Don’t try to borrow money from friends or family.

Contact an attorney at Marty Martin Bankruptcy Law today for help on how to file for bankruptcy in Oklahoma today.