Filing Bankruptcy in Oklahoma

Bankruptcy helps people get out of debt, it is as simple and as complicated as that. There are two types of bankruptcy most people file for, they are known as chapter seven and chapter thirteen. This article will deal with filing chapter seven bankruptcy as chapter thirteen is different enough to need its own article.

To Use A Lawyer Or Not To Use A Lawyer That Is The Question

If a person has the ability to type, do some research, and the time to fill out the necessary documents themselves a lawyer may not be needed for that particular bankruptcy case. All of the documents needed to file for bankruptcy are available free online at the American bankruptcy court websites, and those specifically for Oklahoma are sorted by northern, eastern and western districts.

If there is property involved, back child support, student loans a person wishes to have removed from their credit and other special circumstances, a person may want to at least consult a lawyer before filing the paperwork themselves.

Alternates To Lawyers

As an alternative to finding all the documents one's self, there are online typing services that will have forms available, all one need do is give the site some information and the typing service inputs it to the proper form. As another alternative some companies sell a software containing the forms, a person would need to fill out the forms in the proper places, then simply print, and mail the forms to their local bankruptcy court.

The 341 Meeting

This can be the most intimidating part of the bankruptcy process. This is because this 341 meeting, also known as the meeting of the creditors, give the creditors a chance to dispute the discharge debtor's (the person filing the bankruptcy) debt to their company. Most information about the meeting says only this.

In many cases no creditors are present, just the Trustee and the debtor(s). In this meeting many people are simply asked to state their name and address, as the Trustee records this information (with a tape recorder) as proof that the debtor attended the meeting. Sometimes the Trustee may ask the debtor a few questions about their ability to repay the debt, for example, around tax time if the taxes haven't been filed or the refund check hasn't been spent the Trustee may require it be used to pay off some outstanding debts.

Take note that the debtor is required to attend the 341 meeting, talk to the Trustee, and any creditors that may want to dispute the debts being discharged whether or not the debtor has a lawyer.

The Waiting Game

After this brief meeting the waiting begins, by the laws in Oklahoma, the bankruptcy isn't discharged for at least sixty days after this meeting of the creditors. It could be more than sixty days but never less than. If there is no problem with any of the paper work the bankruptcy will often be discharged at the sixty days mark.

After the meeting of the creditors the second credit counseling session can be completed. This can be done locally in person or in the convenience of a person's home over the internet or on the phone. There is a list of approved websites and their contact information on the US Bankruptcy court's website.

When Is It Done?

The bankruptcy isn't final until it has been discharged. The debtors are notified by mail when their bankruptcy has been discharged. The Oklahoma Bankruptcy Court also has an automated phone service people can use to access the status of their bankruptcy. As a side note, when the recording states "awaiting 341 creditors meeting" but the meeting has already taken place, this often means the sixty days to discharge haven't passed yet.