Is there a limit to the amount of debt I can have when filing for bankruptcy?

Yes, there is a limit to the amount of debt you can have when filing for bankruptcy in Oklahoma. This limit is determined by what type of bankruptcy you are filing for, typically Chapter 7 or Chapter 13. Chapter 7 bankruptcy involves the liquidation of your assets to pay back creditors. In order to qualify for Chapter 7 bankruptcy, you must have less than $307,675 in liabilities (unsecured debts) and less than $922,975 in combined liabilities (secured and unsecured debts). Chapter 13 bankruptcy allows you to retain your assets and enter into an agreement with your creditors to pay back some or all of your debts over a three-to-five year period. In order to qualify for Chapter 13 bankruptcy, you must have less than $390,250 in liabilities (unsecured debts) and less than $1,184,200 in combined liabilities (secured and unsecured debts). It is important to note that these limits may vary depending on the bankruptcy court that you are filing in. In some courts, the limits may be higher or lower than those listed above. Furthermore, these limits may be adjusted periodically. If you are considering bankruptcy, it is important that you consult with an attorney who can provide you with more information about the applicable debt limits.

Related FAQs

What is the meaning of a bankruptcy discharge?
Are there restrictions on my ability to travel while filing for bankruptcy?
What is the role of the bankruptcy judge?
How can I protect co-signers from being affected by my bankruptcy?
Are there any sites where I can get reliable information about bankruptcy law?
Can I still obtain a loan after filing for bankruptcy?
How does filing for bankruptcy affect my retirement benefits?
What will happen to my creditors if I file for bankruptcy?
What kind of debt counseling is available before and after filing for bankruptcy?
Do I have to pay taxes on any discharged debt?

Is there a limit to the amount of debt I can have when filing for bankruptcy?

Related FAQs

Related Blog Posts