Filing for bankruptcy protection under Chapter 13 of the United States Bankruptcy Code is more complicated than a Chapter 7 filing, as the essence of this approach involves more detailed planning and strategy based on the nature of these cases. The initial steps in a Chapter 13 filing are similar to those involved with a Chapter 7 case, as the debtor needs to include an accurate picture of his or her financial situation.
However, beyond that first step, the debtor must also formulate and propose an ongoing payment plan that’s designed to allow the debtor to retain his or her property and assets while simultaneously paying the existing creditors in a manner and an amount that’s as fair and equitable as possible. These payment plans are closely scrutinized by both the Bankruptcy Court and the existing creditors, and challenges to the proposed plan can create delays and stress until such time as the plan is ultimately approved. Working with an Oklahoma bankruptcy attorney will allow you the peace of mind that these complicated financial proposals are being handled properly and that any challenge or objection to your plan will be dealt with skillfully so that you can proceed to the completion of your case as quickly as possible.