An Overview of the Bankruptcy Filing Fees in Oklahoma
Filing for bankruptcy can be a complex process, especially when it comes to understanding the associated costs. In Oklahoma, as in other states, individuals and businesses must pay specific fees when filing for different types of bankruptcy. This article provides an overview of the bankruptcy filing fees in Oklahoma, ensuring that you are well-informed before making such an important decision.
The primary bankruptcy filings available in Oklahoma are Chapter 7 and Chapter 13. Each type has its own fees and requirements that must be met.
Chapter 7 Bankruptcy Filing Fees
Chapter 7 bankruptcy is often referred to as liquidation bankruptcy. The filing fee for Chapter 7 in Oklahoma is approximately $335. This fee covers the administrative costs related to processing your bankruptcy case.
In addition to the filing fee, debtors are typically required to complete credit counseling from an approved agency before they can file. This counseling usually comes with its own fee, ranging from $10 to $50, depending on the provider. It is essential to obtain a certificate of completion from this session, as it must be filed with the bankruptcy court.
Debtors may also incur other costs related to obtaining necessary documents, such as credit reports, which can add another $10 to $30 to the overall expenses.
Chapter 13 Bankruptcy Filing Fees
Chapter 13 bankruptcy is designed for individuals with regular income to help them repay their debts over time, typically in a three to five-year plan. The filing fee for Chapter 13 bankruptcy in Oklahoma is approximately $310.
Similar to Chapter 7, individuals filing for Chapter 13 must also undergo credit counseling. The fee for this service remains consistent, between $10 and $50. Additionally, you will need to prepare a repayment plan, and while there may not be a direct fee for this, hiring an attorney to assist with this process can increase costs significantly.
Additional Costs
Aside from the filing fees and credit counseling, individuals may face other costs during the bankruptcy process. These could include:
- Attorney Fees: Hiring a bankruptcy attorney is highly recommended for navigating the complexities of the process. Fees can range from $1,000 to over $3,500, depending on the attorney's reputation and complexity of the case.
- Document Preparation Fees: If you opt to use a professional service to prepare your bankruptcy documents, expect to pay an additional fee, which can vary widely.
- Miscellaneous Costs: Such as mailing fees, costs for obtaining necessary court documents, and any other expenses related to the bankruptcy filing.
Waiving the Filing Fee
In certain cases, individuals who cannot afford the bankruptcy filing fees may qualify for a fee waiver. To request a waiver, the individual must demonstrate their financial inability to pay the fee. Form B 103B must be completed and submitted along with the bankruptcy petition.
Conclusion
Understanding the filing fees associated with bankruptcy in Oklahoma is crucial for anyone considering this option. Chapter 7 and Chapter 13 each have their specific fees, with additional costs that may arise throughout the process.
Before proceeding, it is advisable to consult with a bankruptcy attorney who is well-versed in Oklahoma law. This will not only help you budget for the costs but also guide you through the process more efficiently.