How do I know if I'm eligible to file for bankruptcy?

In Oklahoma, you must meet certain criteria to determine if you are eligible to file for bankruptcy. Generally, you must meet two main criteria: having enough debt to qualify and having enough income to pay off the debt. To meet the debt criteria, you must have more debt than you can afford to pay off within the next three to five years. It’s important to note that any debt that is secured with collateral (such as a mortgage or car loan) can’t be included when determining your debt-to-income ratio. To meet the income criteria, you must have a stable source of income that is enough to cover your living expenses and pay off your debt. This includes wages from a job, Social Security, disability payments, alimony, pension payments, or other income-generating sources. Additionally, there are certain restrictions on who can file for bankruptcy in Oklahoma. These include having filed bankruptcy within the past eight years, being an active service member in the military, or having your debts discharged in a previous bankruptcy. If you meet all of the above criteria and can provide evidence that you are unable to pay off your debt, then you may be eligible to file for bankruptcy in Oklahoma. In order to be certain, it is always best to contact a local attorney to review your case and determine your eligibility for filing bankruptcy.

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How do I know if I'm eligible to file for bankruptcy?

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