The federal government recently released a report outlining statistics related to the dismissal of Chapter 13 bankruptcy cases throughout 2011. According to the report, a total of 185,820 Chapter 13 bankruptcy cases were dismissed by bankruptcy courts across the United States last year, 88,645 (48%) of which were dismissed because the debtor failed to maintain payments for the plan agreed upon in their initial case. Furthermore, the report indicated that 20,089 of these Chapter 13 bankruptcy cases were refiled before the end of 2011. This government report is only one example of the difficulties American consumers are having paying back their debt, even under structured payment plans mandated by bankruptcy courts. If you are struggling with overwhelming debt and you think filing bankruptcy in Oklahoma might be a viable option for you, contact Dan Markoff and his team of skilled bankruptcy attorneys at Oklahoma Legal Center today.
Bankruptcy Cases Dismissed for Failure to Pay
The bankruptcy dismissal report was released on August 27, 2012, by the Office of Judges Programs, Statistics Division, Administrative Office of the United States Courts, and was titled the “2011 Report of Statistics Required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.” This particular report is filed on an annual basis, as required under the 2005 federal bankruptcy statute. Under Chapter 13 bankruptcy, which is often referred to as a “reorganization” of a debtor’s financial affairs, a repayment plan is developed that is intended to organize past-due balances and help debtors pay all or part of their debts based on priority. This repayment plan is based on what the debtor can afford to pay towards his or her debt each month, and a typical repayment plan is between 36 and 60 months long.
Contact Our Bankruptcy Attorneys for Legal Help
Chapter 13 bankruptcy is the best course of action for some Oklahomans struggling with debt, and can help resolve serious debt problems that Chapter 7 bankruptcy doesn’t address. Unfortunately, when the appropriate payments established by the bankruptcy court and Chapter 13 trustee aren’t met, the court has the power to dismiss the debtor’s case. At this point, creditors may proceed with collection efforts, which could include repossession of the debtor’s assets and foreclosure of loans on his or her home. If you missed one or more payments under Chapter 13 bankruptcy in Oklahoma, or if your Chapter 13 bankruptcy case has been dismissed by the court for failure to make a payment, our qualified bankruptcy lawyers at Oklahoma Legal Center can help. With our experienced bankruptcy attorneys on your side, you can protect your legal rights and receive the legal and financial guidance you need during this difficult time.