Chapter 13 Bankruptcy Attorneys

Tulsa Chapter 13 Bankruptcy Attorneys

The bankruptcy attorneys at South Tulsa Bankruptcy Law Office have helped several Oklahomans utilize chapter 13 bankruptcy debt relief solutions to provide them with a fresh financial start. When you retain a debt relief attorney from Tulsa Bankruptcy Law Office, he or she will work diligently to help you eradicate your debts while preserving your lifestyle. Call (918)739-8984 or fill out this form to speak with a bankruptcy attorney today.

Chapter 13 Bankruptcy Debt Relief

Under Oklahoma State and federal law, unsecured and secured debts can be discharged under chapter 13 bankruptcy.

Unsecured debts are debts that are not linked to property. Such debts may consist of the following: medical bills. credit card debts, utility bills, collection agency accounts, student loans (only in a limited circumstances), business debts, tax penalties and unpaid taxes, unsecured loans, most judgments, and balances on repossessed property.

Secured debts are debts that are linked to property in which you own (collateral property). Thus, if you default on a loan, a creditor can seize the collateral property. Such debts may consist of the following: home mortgage, car loans, store charges which contain a security agreement, and personal loans from finance companies in which you pledged personal property or real property in order to secure the loan.

Oklahoma Chapter 13 Eligibility Criteria

There are several steps you must take to properly have your debts discharged under chapter 13 bankruptcy in Oklahoma. During your initial consultation with our bankruptcy attorney, the attorney will determine whether you are eligible for the discharge of your debts under chapter 13 bankruptcy.

First, the bankruptcy attorney will ask you whether or not you have filed for chapter 13 within the past 2 years. If you have, you will have to wait until this time period elapses.

If you have yet to file chapter 13, our attorney will then determine whether or not you meet the monetary threshold to file for bankruptcy relief. In Oklahoma, you are eligible to file for chapter 13 relief as long as your unsecured debts are less than $360,475 and secured debts are less than $1,081,400.

It your debts meet this monetary threshold, you will have to take the “means test” to see if you have enough disposable income for a chapter 13 repayment plan.

The chapter 13 Bankruptcy means test requires you to calculate your current monthly disposable income. If your monthly disposable income is less than Oklahoma’s monthly median income for your specific family size, then your repayment plan will be for a 3 year period. If your monthly disposable income is greater than the median monthly income in Oklahoma, then your repayment plan will be for a 5 year period.

Prior to your bankruptcy petition being filed, you will have to attend a credit counseling course. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, all consumers who file for chapter 13 must take a credit counseling course within six months BEFORE filing a petition.

You must take a course that is approved by the Department of Justice U.S. Trustee Program. You can take the course online, by phone, or in person. The course will review your current financial situation, alternate debt relief options besides bankruptcy, and a personal budget plan. Upon completing the course, a Certificate of Completion will be presented to you which must be filed with your bankruptcy petition.

Oklahoma Chapter 13 Bankruptcy Process

Upon determining that you qualify to file for chapter 13 bankruptcy in Oklahoma, our attorney will begin to prepare your bankruptcy petition.

Our attorney will collect all of your financial information relevant to your petition such as a credit report, monthly bill statements, and bank account statements. Once your petition is filed, an automatic stay will be enacted. The automatic stay protects you from creditors collecting pre-existing debts from you. It also prohibits creditor harassment, wage garnishments, and possible foreclosure during your declaration of bankruptcy.

Filing for chapter 13 bankruptcy will temporarily postpone the foreclosure process. It will provide you with more time to pay any mortgage arrears owed before your home is foreclosed on. You will lose your home if you fail to make your required mortgage payments that come due after the chapter 13 filing.

Once The Chapter 13 Bankruptcy is Filed, Whats Next

After your petition is filed, you will be appointed to a bankruptcy trustee that will oversee your case. The trustee’s main goal is to ensure your creditors are paid as much as possible prior to the discharge of your debts.

Your trustee will administer a “341 Meeting of Creditors” in which the trustee will ask you a variety of questions pertaining to your assets and debts. The trustee may take possession of non-exempt assets you own and sell them to pay your creditors.

After your creditor’s meeting, you, the chapter 13 trustee, and your creditors will come to court for a hearing regarding your repayment plan. You will be required to submit a repayment plan to the Bankruptcy Court for approval.

Once your plan is approved, you will make fixed payments to the bankruptcy trustee over a designated period of time. The trustee will distribute the payment to your creditors according to your plan. Your debts will be discharged upon the completion of all payments under your plan.

Contact Oklahoma Chapter 7 Bankruptcy Attorney

For more information on whether or not you should file for chapter 13 in Oklahoma, contact our law office. Call (918)739-8984 or fill out this form to speak with a bankruptcy attorney today.

Chapter 13 Bankruptcy Attorneys

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