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Chapter 13 Bankruptcy Described

Benefits of Chapter 13 Bankruptcy

A typical Chapter 13 bankruptcy repayment plan is 36 to 60 months long, during which time the debtor makes a monthly payment to the Chapter 13 trustee. The trustee will then divide the payment among the individual’s owed creditors, according to the court-approved repayment plan. Chapter 13 bankruptcy is a great solution for the following:

  • Past-due student loans
  • Stopping home foreclosure
  • Preventing vehicle repossession
  • Back taxes
  • Alimony and child support

Filing Chapter 13 Bankruptcy in Oklahoma

If you are considering filing Chapter 13 bankruptcy, your first course of action should be to contact an experienced Oklahoma bankruptcy attorney to schedule an initial consultation. With your bankruptcy attorney’s help, you can determine whether Chapter 13 bankruptcy is right for you, or if Chapter 7 bankruptcy might better suit your financial situation. Once you have made this decision, your lawyer will then submit a petition for bankruptcy, after which he will schedule a meeting with creditors to discuss your debt. At this point, the details of your repayment plan will be determined, and, as long as your creditors don’t challenge the discharge of debt, you have successfully filed for Chapter 13 bankruptcy.

Contact an Oklahoma Bankruptcy Attorney for Help

If you have decided that filing bankruptcy is necessary, contact an experienced Oklahoma bankruptcy attorney for help. Because filing bankruptcy in Oklahoma can sometimes be a complicated process, enlisting the help of a qualified bankruptcy attorney could be extremely beneficial to you. Unfortunately, there is a negative stigma attached to bankruptcy these days, causing many debtors to feel shame or embarrassment when they make the decision to file for bankruptcy. Here at Oklahoma Legal Center however, we understand that bankruptcy is sometimes the only way for people to escape mounting debt, and we support this decision 100% without judgment. With the help of a skilled Oklahoma bankruptcy lawyer, debtors can successfully file Chapter 7 or Chapter 13 bankruptcy and finally find relief from their overwhelming debt.

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