Oklahoma Bankruptcy Law (OK)

How Oklahoma laws affect filing forms, documents and schedules

Most Oklahoma bankruptcy laws are fairly well established, yet the almost constant stream of amendments and changes requires careful attention. Any error, omission, or intentional misrepresentation can, at a minimum, result in dismal. The laws and rules governing the submission of forms requires strict compliance. Software programs catch many errors and inconsistencies, yet omissions of vital information are more problematic and raise the suspicion of the trustee and courts.

The statement of Financial affairs requires accurate disclosure of all financial accounts, current, closed, and dormant. Stock broker accounts, mutual fund accounts, and even safety deposit accounts are especially of interest to trustees. During the 341 meeting, trustees routinely ask debtors about these accounts and disposition of balances over the year preceding the filing of the original petition. If accounts are nominal, and no significant non-exempt assets are found, trustee usually decline forfeiture if balances are below a few hundred dollars. Because of the high likelihood of questions regarding forms and disclosures, careful review and planning when filing prevents many common problems. If you retain legal counsel, these problems can be minimized or eliminated altogether.