How Often Can I File Bankruptcy in Oklahoma?
Bankruptcy laws are enacted at the federal level. The latest version of bankruptcy law applies to debtors across the country, including those wishing to file for bankruptcy in Oklahoma. You must meet minimum eligibility requirements to obtain a bankruptcy discharge in Oklahoma.
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New Bankruptcy Law
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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 lengthened the waiting times between bankruptcy filings. Under BAPCPA, you must wait eight years between Chapter 7 bankruptcy filings. If, on the other hand, you receive a discharge in a Chapter 7 case, you must only wait six years to obtain a discharge in a Chapter 13 case.
Credit Counseling
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You must complete a government-approved credit counseling course within six months of your expected filing date. You don't need a bankruptcy attorney to sign up for a credit counseling course. For a list of credit counseling agencies in Oklahoma, visit the U.S. Trustee Program's website.
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Eligibility Requirements
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Complete a means test to determine eligibility for a liquidation-type bankruptcy, known as a Chapter 7, or a debt reorganization bankruptcy, known as a Chapter 13. If your income is less than your state's median income level---income levels are based on family size---and you cannot afford to pay $100 each month toward the repayment of debts, you are eligible to file under a Chapter 7 bankruptcy. You must file under a Chapter 13 bankruptcy if you do not meet either eligibility requirement.
Prevention
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Prevent future bankruptcy filings. Create a workable budget that allows you to pay your bills on time and begin saving money for emergencies. While the new bankruptcy law does not limit the number of times you can file for bankruptcy, there is a downside to filing. A Chapter 7 bankruptcy remains on your credit report for 10 years and can significantly damage your credit report and score. A Chapter 10 bankruptcy remains on your credit report for seven years and is just as damaging to a credit report and score as a Chapter 7 filing.
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