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Oklahoma Bankruptcy Law 2018-01-19T21:43:38+00:00

Garrett Law Group

Bankruptcy Law

Filing for Bankruptcy can be a complicated process for people who are overwhelmed by debt. There are Bankruptcy laws in place to protect people in your situation but you will need an attorney to guide you through this process. Our bankruptcy attorney will help you understand the bankruptcy courts and know how to help you decide under which Chapter to file.

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How Much Will it Cost Me to File for Bankruptcy in Oklahoma?

There are several types of Bankruptcy. The most common for consumers are Chapter 7 bankruptcy, where most all of your debts will be forgiven; and Chapter 13, which reorganizes your debts into a repayment plan. When filing for Bankruptcy you can expect to face two expenses: the court filing fees to handle your case, and attorney fees for the Bankruptcy lawyer who files your petition, helps you through the means test and represents you in court. Although the filing fees are the same statewide, the fess that a Bankruptcy attorney or lawyer may charge you are not. For Chapter 7 the filing fee is $335.00 and for Chapter 13, the filing fee is $310.00. In the state of Oklahoma attorney or lawyer fees could be as high as $3500.00 for Chapter 7 and $6000.00 for Chapter 13, thus making the total $3835.00 for Chapter 7 and $6310.00 for Chapter 13. This is money that you would need in order to file for Bankruptcy. Here at Garrett Law Group, we pride ourselves on making legal representation as affordable as possible for our fellow Oklahomans.

Garrett Law Group Bankruptcy Rates:

Northern District of Oklahoma:………………………………………………………………………………………………………..$1335.00

Eastern District of Oklahoma:…………………………………………………………………………………………………………..$1335.00

Western District of Oklahoma:………………………………………………………………………………………………………….$1500.00

How does a Chapter 7 Bankruptcy differ from a Chapter 13 Bankruptcy?

A Chapter 7 Bankruptcy is often referred to as a Fresh Start bankruptcy. It is the Chapter under which the innocent but unfortunate debtor whose income is below or at least close to the median income for their household size is able to discharge certain unsecured debts. Upon filing, a trustee is assigned to your case. This trustee’s purpose is to liquidate any assets that are not exempt to pay creditors. Oklahoma law exempts most property that a normal household owns. The trustee will sell non-exempt assets (boats, motor homes, ATVs, and real property that does not make up the debtor’s primary residence) and distribute the money received amongst the creditors based on priority established under the Bankruptcy Code. Child support, alimony, certain taxes, and employment benefits are considered debts of higher priority over other debts. Approximately, 2-6 months after filing the Petition the debtor will receive a discharge.

A Chapter 13 Bankruptcy works differently in that, if the debtor has a stable household income that exceeds the median for their household size, it is presumed that they can pay back their debts to a certain extent. A Chapter 13 Bankruptcy allows a debtor to keep certain non-exempt assets but must formulate a plan to pay their creditors back over a 3-5 year (depending on their income) period. This is paid in monthly installments based upon the Means test calculations and is generally wage-deducted by the employer once confirmed by the court. After all payments have been made under these circumstances, the debtor will receive a discharge.

There are many factors to consider when deciding which Chapter to file and we can help.

Credit Counseling Sites:
– Online Pre-Filing Bankruptcy Counseling
– Online Debtor Education Course

Free Credit Report Sites:
– Annual Credit Report

LET GARRETT LAW GROUP WORK FOR YOU

We’re here to help answer your questions. Legal matters can be complicated, our expert intake specialists are on hand to help inform you of every aspect regarding your topic of concern.

Contact Garrett Law Group