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Oklahoma Bankruptcy Law Change Overview
On October 17, 2005, the long awaited bankruptcy reform legislation officially went into effect. Due to the upcoming changes, millions of Americans and thousands of people in Oklahoma rushed to file before the bankruptcy laws official changed. So what’s so bad about the current bankruptcy law, you ask? For unsecured creditors, very little. For consumers, however, there is a lot that does not sit well.
1) You must wait at least eight years before you can file Chapter 7 bankruptcy again. In other words, consumers who cannot afford using debt consolidation services but happen to be overwhelmed by credit cards again, they are left with no other option but Chapter 13 bankruptcy, which is notorious for its inability to provide adequate debt relief, especially for unsecured debts.
2) If your income exceeds the median income in Oklahoma, you will be required to pass the “means test” if you want to qualify for Chapter 7 bankruptcy (unless you show “special circumstances” which is undefined). The means test is more or less a set of questions used to determine whether or not the consumer can pay back part of their personal debt.
Detailed below is the median income information for Oklahoma as of 2006:
2-person families: 44,942
3-person families: 47,381
4-person families: 55,031
5-person families: 52,094
6-person families: 50,153
7-or-more-person families: 50,958
When you factor in that filing bankruptcy now necessitates you jumping through more hoops (mandatory pre-bankruptcy credit counseling programs) and the credit consequences are severe, more consumers in Oklahoma and throughout the United States are turning to credit card settlement and debt counseling as viable alternatives to bankruptcy.
Want to learn about other Oklahoma debt issues, read these pages:
Oklahoma Consumer Credit Counseling Services
Oklahoma Bankruptcy Laws
Oklahoma Debt Collection
Bankruptcy Data for Oklahoma
2004: 25,993
2005: 38,487
2006: 6,906
Oklahoma bankruptcy filings dropped by 82% between 2005 and 2006. That amounts to 31,581 less total cases than in 2005. So far in 2007 bankruptcy filings still appear to be a fraction of what they were in 2004 and 2005, although they are up from the lows in 2006. Underlying this trend of course are the new bankruptcy laws that went into effect in October of 2005. With more consumers no longer eligible for Chapter 7, many more Oklahomans are seeking out the help of credit card debt services & programs.
Oklahoma Bankruptcy Law Change Overview
On October 17, 2005, the long awaited bankruptcy reform legislation officially went into effect. Due to the upcoming changes, millions of Americans and thousands of people in Oklahoma rushed to file before the bankruptcy laws official changed. So what’s so bad about the current bankruptcy law, you ask? For unsecured creditors, very little. For consumers, however, there is a lot that does not sit well.
1) You must wait at least eight years before you can file Chapter 7 bankruptcy again. In other words, consumers who cannot afford using debt consolidation services but happen to be overwhelmed by credit cards again, they are left with no other option but Chapter 13 bankruptcy, which is notorious for its inability to provide adequate debt relief, especially for unsecured debts.
2) If your income exceeds the median income in Oklahoma, you will be required to pass the “means test” if you want to qualify for Chapter 7 bankruptcy (unless you show “special circumstances” which is undefined). The means test is more or less a set of questions used to determine whether or not the consumer can pay back part of their personal debt.
Detailed below is the median income information for Oklahoma as of 2006:
2-person families: 44,942
3-person families: 47,381
4-person families: 55,031
5-person families: 52,094
6-person families: 50,153
7-or-more-person families: 50,958
When you factor in that filing bankruptcy now necessitates you jumping through more hoops (mandatory pre-bankruptcy credit counseling programs) and the credit consequences are severe, more consumers in Oklahoma and throughout the United States are turning to credit card settlement and debt counseling as viable alternatives to bankruptcy.
Want to learn about other Oklahoma debt issues, read these pages:
Oklahoma Consumer Credit Counseling Services
Oklahoma Bankruptcy Laws
Oklahoma Debt Collection
Bankruptcy Data for Oklahoma
2004: 25,993
2005: 38,487
2006: 6,906
Oklahoma bankruptcy filings dropped by 82% between 2005 and 2006. That amounts to 31,581 less total cases than in 2005. So far in 2007 bankruptcy filings still appear to be a fraction of what they were in 2004 and 2005, although they are up from the lows in 2006. Underlying this trend of course are the new bankruptcy laws that went into effect in October of 2005. With more consumers no longer eligible for Chapter 7, many more Oklahomans are seeking out the help of credit card debt services & programs.