Qualifying for an Oklahoma bankruptcy isn’t that difficult. Sometimes people will fight to pay bills because they think that filing bankruptcy is difficult. They also worry about the rules and if they qualify. Each year thousands of Oklahoman’s file bankruptcy and get the protection they need. The key to bankruptcy is understanding that you’re not alone and that qualifying isn’t that hard. Once you file and the case is over the relief you feel is huge. At this point you can restart your life and get a fresh financial start.
Things Needed To Qualify to File Bankruptcy:
1. You cant have filed a previous chapter 7 within 8 years. The dates run from the time the prior bankruptcy was actually filed not when the case closed.
2. Family income must not exceed the median family income for a family of your family’s size. The median family income is determined by the IRS. Its also different depending on what part of the country you live in. The median income limit changes from time to time so check with one our bankruptcy lawyers to determine the latest limit. In the event you don’t meet the median income requirements to qualify for a chapter 7 you may consider filing a chapter 13
3. Must have lived in Oklahoma for six months before the date you file. To qualify for the bankruptcy exemptions in Oklahoma you must have lived in Oklahoma for 2 years next proceeding the filing of your bankruptcy case. In the case of a chapter 7 this may not matter at all. The truth is that most of your personal property is yours to keep. Additionally the house you live in and your vehicle are also yours to keep.
4. In the case you’re required to file taxes you must have filed them. If its a chapter 7 that you’re filing you need two years of taxes. If, on the other hand, you’re filing a chapter 13 you are required to have four years of taxes. The trustee will require that you have the entirety of the taxes and not just a summary.
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Qualifying For An Oklahoma Bankruptcy isn’t that hard. Most people meet the requirements. If you do and you file you’re in good shape. You’re going to find out that bankruptcy isn’t all that hard. Once you get past the stress and emotion of having to file you’ll find the process isn’t that bad. The big day for you is the day we file your case. From that date on all collection activity against you stops. This means that if you’re being garnished the garnishment stops the day we file. It also means that if your home is being foreclosed on it also is put on hold. Call email our bankruptcy attorneys and lets find out what type of bankruptcy you qualify for.