Filing for Bankruptcy in Oklahoma City?

Get Our Attorney's 20+ Years’ Experience Behind Your Case

At Alexander Hilton & Associates, we understand how serious a decision filing for bankruptcy is. Before you take the next step, you need to think through all of the implications and alternatives available to you. When you are ready to pursue this option, you can find supportive counsel and guidance at our firm. As a leading bankruptcy lawyer in Oklahoma City, Attorney Hilton brings more than two decades of experience to the table. He also provides flexible payment plans for clients and personalized legal counsel. With the highest client satisfaction rates in all of the state, he knows how to help individuals successfully file for bankruptcy.

Considering filing for bankruptcy? Fill out a case evaluation now.

While bankruptcy is often seen as a last resort option, this financial tool has helped countless consumers start fresh, with a great foundation for repairing their credit and their financial standing. If you are ready to begin the next step towards a debt-free future, be sure to reach out to our firm for counsel and guidance you can rely on.

Steps Required to File for Bankruptcy

Prior to being eligible to file for bankruptcy in Oklahoma, you must go through a mandatory credit counseling program within a six months of trying to file. Following the completion of your filing, the state requires that you complete a debtor education course before a discharge will be granted. Before you sign up for this course, though, you must get through bankruptcy.

Follow the steps below to prepare for your filing:

  • Determine what chapter to fill under (Chapter 7 requires a means test)
  • Gather bills and files documenting all relevant financial matters
  • Collect your tax returns, deeds to property, and vehicle titles
  • Review property and assets and determine what is eligible for exemption
  • File a petition and schedules with your Oklahoma district bankruptcy court
You need to file in the designated court for your specific geographical area. Find the court nearest you below:
  • Western District: Oklahoma City
  • Eastern District: Okmulgee and McAlester
  • Northern District: Tulsa

Once you have filed, you will likely have an automatic stay put in place, which will put a stop to all creditor and collection actions. From there, a trustee will be assigned to your case and call a meeting with creditors. If you filed Chapter 13, your suggested repayment plan must be approved before proceeding. If you qualified to file under Chapter 7, your assets will need to be liquidated to pay offer as much of your debts as possible and satisfy your creditors.

What exemptions does Oklahoma offer?

Oklahoma only allows consumers to use state exemptions, not federal ones. However, you can still use federal non-bankruptcy exemptions, which protect assets such as veterans’ benefits and federal retirement accounts. These exemptions are designed to help consumers keep as much of their property as eligible after filing for bankruptcy.

The main exemptions the state offers include the following:

  • Up to 160 acres outside of the city (1 if inside)
  • Limited household furnishings
  • One vehicle valued at $7,500 or $15,000 if married
  • Up to $10,000 worth of tools for a specific trade
  • Certain amounts of livestock
  • Firearms valued at up to $2,000
  • No more than $3,000 for wedding rings
  • Up to $4,000 worth of clothes
  • Tax exempt retirement accounts
  • Unemployment compensation or Social Security

When you file, you need to make sure you capitalize on the correct exemptions, which is why it is so crucial that you work with a legal professional who understands these exemptions and how to utilize them to avoid and discharge debts.

Start the process today by calling on our Oklahoma City bankruptcy attorney.

Contact Our Office

Request a free initial consultation from our firm to learn about your legal options.

Send My Information