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Bankruptcy May Be Your Option

Financial relief for those struggling with debt in Oklahoma

Being an adult comes with a great deal of responsibilities. Unfortunately, these responsibilities often leave a person struggling with debt which can quickly accumulate. Many times, people in Oklahoma are left wondering if they will ever be debt free again. Fortunately, there are options available to provide some degree of relief.

One option is Chapter 7 bankruptcy; indeed, an approved filing can help wipe out overwhelming debt. To qualify, however, a petitioner must meet several criteria. One of these criterion involves passing a means test, which examines a person's average monthly income based on his or her income in the six months prior to the filing. If the individual's income is at or below the state median, the test is passed.

If not, a person could still qualify by passing the second part of the test. In this part, the court will examine how much income the filer has left after considering allowable expenses, such as rent. Depending on how much is remaining the petition could be approved or dismissed or converted to a Chapter 13 filing.

There are other requirements that must be met. For example, a person seeking Chapter 7 protection must undergo credit counseling unless unable to do so due to disability, mental incapacity or military service. Additionally, a person cannot file if he or she had a petition dismissed in the previous six months due to fraud, violation of a court order or a request for dismissal after a creditor requests that the court lift an automatic stay.

There are a variety of options available for people who are struggling with debt in Oklahoma. Chapter 7 bankruptcy could be the option that allows a person to achieve a clean financial slate. Learning about all the available options by meeting with a bankruptcy attorney could be the first step toward true financial relief.

Source: FindLaw, "Who Can File for Chapter 7 Bankruptcy?", Accessed on Jan. 5, 2016

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