Filing Bankruptcy in Oklahoma

Do’s and Dont’s Before Filing Bankruptcy in Oklahoma:

Filing bankruptcy is an emotional event for many people. The truth of the matter is that while the pressure associated with filing is understandable following some common do’s and dont’s before filing bankruptcy in Oklahoma.

Dont’s Before Filing Bankruptcy in Oklahoma:

  1. If you have a retirement plan don’t withdraw large sums of money from it just before filing. The two main reasons are that the money you withdraw, once withdrawn is no longer exempt. Leave the money alone. Regardless of how much money is in your retirement, it’s an exempt asset and you won’t lose it your Filing Bankruptcy In Oklahoma | Tulsa Bankruptcy Lawyersbankruptcy. The next reason is that withdraws from retirement plans will increase your income. Because Chapter 7 is means-tested to determine if you qualify for money that increases your income, it may impact your ability to qualify.
  2. Absolutely do not transfer any car or boat titles out of your name. Oklahoma allows for certain bankruptcy exemptions and your car is one. So don’t transfer any titles.
  3. Don’t borrow money if you know that you are going to file bankruptcy in the near future.  Doing so puts your bankruptcy in danger.

Things To Do Before Filing Bankruptcy in Oklahoma:

  1. You should gather six months of your payroll just before we file your case. This shows that your income is below the allowable level for you to qualify for a Chapter 7. If a Chapter 7 is what you are filing.
  2. You should gather up six months of both checking and savings account history. This is done to show the bankruptcy court that you haven’t been moving large sums of cash out of your accounts to in violation of bankruptcy law.
  3. You should gather up two years of tax returns. This is required so that we can provide the court with income history. It also shows which bankruptcy–Chapter 7 or Chapter 13–that you qualify for.

Contact a Bankruptcy Attorney in Tulsa Oklahoma:

If you are having trouble paying your bills bankruptcy may be the perfect solution for you.  Filing bankruptcy in Oklahoma doesn’t have to be so difficult and with a little help and guidance you will get through it. Call today and get a free consultation with one of our Oklahoma bankruptcy attorneys.


Comments are closed.