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Qualifying for Chapter 7 Bankruptcy in Oklahoma

chapter 7 bankruptcy in oklahoma city

Many people think that after the bankruptcy laws changed in 2005 Chapter 7 Bankruptcy is not available to them. In truth, the laws only made it harder for really high income households to file. Chapter 7 is still available to the vast majority of Oklahomans. The following is the amount of income you can have to automatically qualify:

single $38,929 | 2 person household $50,710 | 3 person household $54,327 | 4 person household $61,81 add $7500 for each additional person.

If you make more than the above listed income, you may still qualify but a more thorough test must be completed examining your deductible expenses from your income. You receive deductions for you mortgage, auto loan, insurance, taxes, domestic support obligations etc. It will be necessary to conduct a further analysis with an experienced bankruptcy attorney.

For more information, or to discuss your situation with an experienced Oklahoma City bankruptcy lawyer, contact us today to arrange your initial consultation. Click here for a free bankruptcy evaulation.

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