Filing Chapter 7 in Oklahoma City
Chapter 7 bankruptcy provides relief for debtors who have few assets and no way to repay what they owe. The guidelines for filing Chapter 7 are established by both the federal government and state bankruptcy courts. For residents of Oklahoma City, Chapter 7 cases are heard by the Western District Bankruptcy Court. Before you file your petition, it's important to understand what the process involves.
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Things You'll Need
- Federal and local bankruptcy forms
- List of assets
- List of creditors
- List of debts
- Income statements for the previous six months
- Prior year's tax return
Instructions
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Complete a course in credit counseling. Federal law requires that you attend credit counseling through a court-approved agency in the 180 days prior to filing. The Western District Court located in Oklahoma City can provide you with a list of approved agencies in your area. You will need to provide a copy of your credit counseling certification in order to file your Chapter 7 petition.
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Complete the required bankruptcy paperwork, including federal bankruptcy Form 22A. This form is used to determine whether you pass the means test for Chapter 7 eligibility. The means test compares your median income for the previous six months against state median income limits by family size. Your median income must be at or below the allowed limit for your household size to qualify for Chapter 7. As of 2011, a single debtor in Oklahoma was allowed a maximum median income of $36,886. The limit increases to $64,037 for a family of four.
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File your petition with the Western District Court. When you file, you must pay the appropriate filing fees using a cashier's check, money order or cash. As of 2011, the Chapter 7 filing fee was $299. In addition to your voluntary petition and credit counseling certification, you must also provide the court with copies of your prior year's tax return, your income statements for the previous six months, a list of your creditors, a list of your debts, a list of your assets and their value and a statement of financial affairs.
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Determine which property you wish to exempt. A chapter 7 bankruptcy requires you to surrender certain assets to the court but Oklahoma law allows you to claim some exemptions. As of 2010, Chapter 7 debtors could exempt an unlimited amount of home equity value, household furnishings, up to $10,000 in farming equipment, up to $4,000 in clothing, up to $3,000 in wedding rings, a motor vehicle up to $7,500 and firearms up to $2,000.
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Complete the requirements for discharge. There are two basic steps required before you can receive a discharge in a Chapter 7 case. First, you must complete a second course in financial management within 45 days of filing. Second, you must attend the meeting of creditors. At this meeting, the bankruptcy trustee in charge of your case will ask a series of questions in order to verify the information provided in your initial petition. If no new issues are raised, your case will be discharged within 60 to 180 days.
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Tips & Warnings
Consult a qualified bankruptcy attorney to determine if filing Chapter 7 is your only option.
Keep copies of your bankruptcy paperwork for your records.
A Chapter 7 bankruptcy can remain on your credit for up to 10 years after discharge, making it diffuclt to obtain new credit or favorable interest rates.
References
Resources
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