Should I File an Oklahoma Bankruptcy begins with understanding what bankruptcy you qualify for. The reason for this is that there are several differences between what bankruptcy you file. The one you qualify for is dependent on a couple different things. Basically bankruptcy is not a one size fits all proposition. Rather each person comes to the question with different circumstances that answer the question.
Deciding To File Bankruptcy in Oklahoma
1. The first issue to address is whether or not you qualify for either an Oklahoma chapter 13 bankruptcy or if an Oklahoma chapter 7 is a better solution. Although the particular question is not one that this blog-post will address, I have provided the basic requirements for each chapter of Oklahoma Bankruptcy so simply follow the links to the applicable sections found within this bankruptcy blog
Means Testing Bankruptcy
2. Assuming that you qualify for either bankruptcy chapter the next question may be is your income high enough to meet the bills you incur on a monthly basis. This question seems easy but serious consideration should be given to determining exactly what your current income is and what your current monthly expenses are. When calculating this number I have to caution you to consider those expenses that I call unexpected but that will certainly occur. So, an example might be that you own a car that today runs fine but without a doubt, will require maintenance to keep running. Or in the alternative, consider an unexpected reduction in your current paycheck. Ask yourself, will I continue to receive the overtime that I am working or will my hours be unexpectedly reduced.
The moral of the story this is; calculate your bills and your revenue and always leave yourself a cushion between the two to cover the unexpected expenses. If you do so and you have left yourself room, bankruptcy may not be a viable solution for you. If on the other hand your expenses, including the financial cushion I wrote about, do not meet your expenses then call me and we’ll discuss bankruptcy options.
3. I have past judgement’s but the creditor is not attempting to collect. If this is you then ask yourself, whether the debt has been reported to the credit bureau. If the debt has then it is adversely impacting your credit rating and this same credit rating may be improved with a filing. Also, just because the creditor is not currently attempting to collect he may still try to do so in time. If you decide to file, the judgement will be wiped out, so maybe filing is for you.
You Can No Longer Pay Your Bills
4. I cant make my payments today from my current income but I have a retirement that I’m dipping into and it is helping me meet the obligations. If this is you please consider what you are doing. A retirement is an exempt asset, not something that you loose in a bankruptcy. So many times I have seen clients fight to avoid the inevitable bankruptcy by using retirements or equity in their home. This is fine, but so many of them only end up filing after they have used their retirements, those same retirements could have remained theirs if they would have filed long ago when the writing was on the wall.
If you are interested in speaking to a Tulsa Oklahoma Bankruptcy Lawyer please call our Tulsa lawyers today.