How do I know if I qualify for a Chapter 7 bankruptcy?

In Oklahoma, if you would like to file for Chapter 7 bankruptcy, you must qualify by passing what is known as a ‘means test.’ The means test looks at your income and family size to determine if you qualify for Chapter 7. This test compares your average monthly income over the last 6 months to the median income of a family your size in Oklahoma. If your income is less than the state median income, you automatically qualify for Chapter 7. If your income is higher, you must still qualify based on your expenses and other criteria. If you are a business, you do not have to take the means test. However, businesses still have to meet the requirements of Chapter 7 and must show that they cannot pay off their debts or reorganize them. You will also need to attend a credit counseling course as a prerequisite to the bankruptcy filing. The credit counseling must be done within 180 days of filing. Additionally, you must be a resident of Oklahoma and have lived in the state for an extended period of time (at least 91 days) in order to file for bankruptcy. If you meet all the requirements, you may be eligible to file for Chapter 7 bankruptcy in Oklahoma. Bankruptcy laws are complex, and it is important to speak with a qualified attorney who can assist you in understanding the process and your options.

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How do I know if I qualify for a Chapter 7 bankruptcy?

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