Bankruptcy Laws in Oklahoma Are Favorable
Video Transcribed: I am Oklahoma Bankruptcy Attorney, James Wirth, and that is the topic for this video, Bankruptcy Attorney in Oklahoma. It’s a term that is searched on Google 480 times per month. If you’re finding this video you might be one of those people.
So what is the information you need to know? The first thing you’re probably going to want to know is do you qualify for bankruptcy? And most of the time when we talk about qualifying for bankruptcy we talk about qualifying for a Chapter 7 bankruptcy.
We’re going to look at a six-month period, the month prior to your filing going back six months, and extrapolate that to an annual figure, and then compare that to the median income in the state of Oklahoma.
What that means is that you are very likely to qualify, the great majority of people that contact us regarding bankruptcy do pass the means test in the sense that they do qualify for Chapter 7 bankruptcy because half the state does. And most of the time the other half is not in need of filing a bankruptcy.
So the bankruptcy laws in Oklahoma are quite favorable, not only because the means-testing, which is a nationwide standard, but also Oklahoma has some of the best exemptions in the state of Oklahoma, and exemptions are the list of property you can keep while discharging all of your debts that are unsecured through a Chapter 7 bankruptcy. We’ve got an unlimited homestead exemption, and we also have a favorable vehicle exemption, and other exemptions much better than the average state.
So if you’ve got questions about whether you qualify, what you can get discharged in bankruptcy, what assets you’ve got, you want to keep by still getting your debts discharged, that is an excellent question. We’d love to hear from you to schedule a consultation with our bankruptcy attorney.