|
Bankruptcy
Need Debt Relief? We are a Debt Relief Agency & we proudly help people file for relief under the Bankruptcy Code in all of Eastern Oklahoma including Tulsa and the surrounding areas.
Unfortunately, sometimes people find themselves in difficult financial situations and have to consider bankruptcy as an option. There are different types of bankruptcies that you should be aware of. The most common types of consumer bankruptcies are Chapter 7 and Chapter 13.
Chapter 7
Chapter 7 is known as a “Liquidation” or a “Fresh Start” bankruptcy. In most cases it is possible for an individual in a Chapter 7 to keep a house and car they owe money on as long as they are current and can remain current on the payments.
Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under Chapter 7. If your income is less than the median income for your state of residence and family size you are probably eligible to file a Chapter 7. Otherwise, you may have to consider filing a Chapter 13.
Under Chapter 7, you may claim some of your property as exempt under governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors. You should schedule a free consultation with one of our attorneys to determine what property you may claim as exempt.
The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts. Some particular debts are not discharged under the law such as some taxes, student loans, domestic support obligations, most fines, and criminal restitution obligations. However, most credit card debts and medical debts ARE dischargeable.
Chapter 13
Chapter 13 is known as a “Debt Consolidation” bankruptcy and allows an individual with regular income to repay all or part of their debts. A Chapter 13 also allows an individual who has fallen behind on their mortgage to stop a Foreclosure proceeding and cure the arrearage within a three to five year plan term.
Chapter 13 is designed for individuals with regular income who would like to pay all or a portion of their debts in installments over a period of time. You are only eligible for Chapter 13 if your unsecured debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.
Under Chapter 13 you must file with the Court a plan to repay your creditors all or part of the money that you owe them using your future earnings. The period allowed by the Court to repay your debts may be three or five years, depending upon your income and other factors. The Court must approve your plan before it can take effect.
After completing the payments under your plan, your debts are generally discharged.
To schedule a FREE consultation to speak with one of our attorneys call us today at 918-744-7100
Payment Plans Available
| 
Processing ....