The Bankruptcy Filing Process in Oklahoma: Key Dates and Deadlines

Filing for bankruptcy can be a complex and daunting process, particularly in Oklahoma. Understanding the key dates and deadlines is crucial for a smooth bankruptcy filing. This article outlines the essential steps and timeline you need to be aware of when filing for bankruptcy in the state.

1. Pre-Filing Credit Counseling

Before you can file for bankruptcy in Oklahoma, you are required to undergo a credit counseling session with a government-approved agency. This must be completed within 180 days prior to filing. You’ll receive a certificate from the agency, which you must include with your bankruptcy paperwork.

2. Choosing the Right Bankruptcy Type

The next step is deciding whether to file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is typically quicker and involves liquidating non-exempt assets, while Chapter 13 allows you to create a repayment plan over three to five years. Understanding the differences and eligibility requirements is essential for determining the best path for your financial situation.

3. Filing the Bankruptcy Petition

The actual filing date is significant, as it marks the beginning of your bankruptcy case. You must submit your bankruptcy petition to the Oklahoma United States Bankruptcy Court. Along with the petition, you must provide a variety of documents, including a list of creditors, your income information, and your asset disclosures. It is crucial to ensure that all forms are complete and accurate to avoid delays.

4. Automatic Stay

Once your bankruptcy petition is filed, an automatic stay goes into effect. This stay halts all collection actions against you, including lawsuits, wage garnishments, and foreclosure proceedings. This protection lasts until your case is closed or dismissed.

5. Meeting of Creditors (341 Meeting)

After filing your petition, you will be required to attend a Meeting of Creditors, or 341 meeting. This typically occurs about 20 to 40 days after you file your bankruptcy petition. During this meeting, you will answer questions from the bankruptcy trustee and your creditors regarding your financial situation. Make sure to bring the necessary identification and documents to this meeting.

6. Financial Management Course

Before your bankruptcy case is finalized, you must complete a financial management class. This course is designed to help you understand how to manage your finances post-bankruptcy. You need to complete this course and submit the certificate to the court within 60 days after the Meeting of Creditors.

7. Confirmation Hearing (for Chapter 13 only)

If you’re filing under Chapter 13, you’ll have a confirmation hearing, which typically takes place around 20 to 45 days after the 341 meeting. During this hearing, the court will review your repayment plan and ensure it complies with legal requirements. You need to be present at this hearing to answer any questions the judge may have.

8. Discharge of Debts

In a Chapter 7 case, debts can be discharged roughly four to six months after filing. For Chapter 13, the discharge happens after completing the repayment plan, which can take three to five years. Once debts are discharged, you will receive a notice, and your obligation to repay those debts will cease.

Conclusion

Understanding the key dates and deadlines in the bankruptcy filing process in Oklahoma is vital for ensuring a successful outcome. From pre-filing credit counseling to the financial management course, each step is crucial in navigating your financial future. For personalized advice, consider consulting with a qualified bankruptcy attorney in Oklahoma.