Oklahoma Bankruptcy Lawyers Help Plot a Plan to Recovery
When people face the prospect of owing more on their bills than they can afford to pay every month, it doesn’t take long before feelings of desperation and extreme angst begin to take hold. Fortunately for those with a regular source of income, there are several options available to them that will allow them to move past this troubled time and regain the peace of mind they deserve.
One of those options involves filing for bankruptcy protection under Chapter 13 of the United States Bankruptcy Code. Below you’ll find information regarding the basic nature of this type of bankruptcy, alternatives to filing for bankruptcy protection, issues that deal with any remaining debt after a Chapter 13 bankruptcy, what constitutes a ‘wage earner’s plan,’ ways to go about rebuilding credit after filing for bankruptcy protection and finally how you should proceed if you need help getting past this situation.
Overview of Chapter 13 Bankruptcy
A filing for bankruptcy protection under Chapter 13 of the United States Bankruptcy Code involves several specific steps in order to both get started on such a process and to complete it successfully. What this type of bankruptcy accomplishes is to basically allow for a debtor, or person filing for protection, to pay at least part of the debt he or she owes while continuing to earn income.
There are several potential advantages to choosing a Chapter 13 option that will be discussed below. In the meantime, the process involved with a Chapter 13 filing begins with the filing of schedules of assets and debts that include the debtor’s income. These foundational variables are used to put together a payment plan that is to be presented to the court for approval by the creditors. If the creditors approve this plan, the debtor allows the court to disburse the payments to the creditors every month throughout the duration of the plan. When the plan is complete, the case is considered closed and the debts are basically wiped away for the debtor, providing him or her with the fresh start that’s needed.
Hiring an Oklahoma City Bankruptcy Lawyers
If you are struggling with debts and simply cannot keep up with your obligations, you owe it to yourself to obtain a fresh start. Contact the Oklahoma City bankruptcy attorneys at the law firm of Oklahoma Legal Center today to schedule an initial consultation so you can begin the process of regaining control of your finances.