How to File for Bankruptcy in Oklahoma
It is important to do research to determine which form of bankruptcy is appropriate before filing a petition with the court. The most common form of bankruptcy is Chapter 7 bankruptcy. Chapter 7 bankruptcy allows for debts to be discharged. Another common form of bankruptcy is Chapter 13 bankruptcy. Chapter 13 bankruptcy allows for a payment plan to be set up through the court to enable a debtor to pay back debts over a period of time. There are also some uncommon forms of bankruptcy that may be appropriate for certain situations. Chapter 12 bankruptcy is an option that's open to fishermen and farmers. Chapter 11 bankruptcy is an option that is available to people with large debt amounts or business-related debts.
Most people will find it necessary to seek the guidance of a bankruptcy attorney when going through the bankruptcy process. The amount of paperwork involved can often be overwhelming for people without legal experience. In addition, any errors in the filing process can result in delays, fees and penalties.
How to Start the Bankruptcy Process in Oklahoma
It is necessary to file a petition with the bankruptcy court in Oklahoma to officially begin the bankruptcy process. A petition will trigger something called an automatic stay. An automatic stay prevents all creditors from contacting a debtor or attempting to collect debts. It is also necessary to complete a means test early in the bankruptcy process. A means test is what is used to determine the form of bankruptcy that a person is eligible for. A debtor is required to provide detailed information regarding income, assets and liabilities as part of a means test.
It is also necessary to complete two separate courses during the bankruptcy process. The first required course is a credit counseling course. This course must be taken during the six months leading up to filing for bankruptcy. A list of approved course providers in the state of Oklahoma can be found here. In addition, a debtor education course must be completed. A list of approved providers for this course can be found here.
All debtors must attend a mandatory meeting called a meeting of creditors at some point during the bankruptcy process. This meeting provides an opportunity for creditors to try to prove that a person filing for Chapter 7 bankruptcy possesses some nonexempt assets that must be forfeited. In addition, creditors can object to the terms of a payment plan created for a Chapter 13 case.
How the Bankruptcy Process Works in Oklahoma
The bankruptcy court in Oklahoma is divided between the United States Bankruptcy Court for the Eastern District of Oklahoma, the United States Bankruptcy Court for the Western District of Oklahoma and the United States Bankruptcy Court for the Northern District of Oklahoma. The United States Bankruptcy Court for the Eastern District of Oklahoma is located in Okmulgee. The United States Bankruptcy Court for the Western District of Oklahoma is located in Oklahoma City. The United States Bankruptcy Court for the Northern District of Oklahoma is located in Tulsa.
The cost to file for Chapter 7 bankruptcy in the state of Oklahoma is $335. The cost to file for Chapter 13 bankruptcy in the state of Oklahoma is $310. A full list of the fees that can be anticipated when filing for bankruptcy of any form in Oklahoma can be found here. The forms needed when filing for bankruptcy in any of the districts in Oklahoma can be found here, here and here.