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Tulsa Chapter 13 Bankruptcy Attorney

Are you currently experiencing financial problems, filing for Chapter 13 bankruptcy might be the the right solution.  Contact us today to discuss your financial situation with our Chapter 13 bankruptcy expert attorneys to learn more about your options. 

Tulsa Chapter 13 Bankruptcy Lawyer 

If you are unable to repay your debts you may choose to seek relief by filing for Chapter 13 bankruptcy. With Chapter 13 you won’t lose your assets, but you will be required to repay some or all of your debts.

Chapter 13 bankruptcy may be a solution to your financial troubles, but it’s the not the right choice for anyone. If you struggle to pay your debts, seek our legal representation at Irons Law Firm. We will discuss your financial situation and put together a plan if we determine that filing for Chapter 13 bankruptcy is the right choice for you.

Chapter 13 Bankruptcy FAQ

What Is Chapter 13 Bankruptcy?

Filing for Chapter 13 bankruptcy requires that you will need to present the court and your creditors with a repayment plan. This plan outlines how you will repay your debts. Your creditors along with a court-appointed trustee will review and possibly object to the terms of the repayment plan. If objections occur you will need to amend your plan to suit the changes required.

Some of the requirements for the court to approve you plan:

  • You have enough income to make the payments proposed in the plan.
  • You are acting in good faith, which means you are not trying to fraudulently take advantage of the bankruptcy court.
  • The terms of the plan comply with federal and state bankruptcy laws.

Chapter 13 repayment plans are typically designed to be completed in three to five years. In most cases, the debtor will not repay all of their debt. Instead, the repayment plan usually allows the debtor to settle their debts with their creditors for less than what they owe.

Once Chapter 13 repayment plan is accepted, creditors and debt collectors are legally prohibited from contacting you about your debts during this time period. When the repayment plan finishes, the remaining balance on debts will be eliminated.

Should I File for Chapter 13 Bankruptcy?

We recommend Chapter 13 bankruptcy at Irons Law Firm if you are in debt and you meet one or more of the conditions listed:

  • You have assets that are valuable and you would like to protect them.
  • Your current income is too high and you do not qualify for Chapter 7 bankruptcy.
  • Your current situation is has affected your finances, but you are not ready to get back on track.

Your financial situation is unique. If you are have questions about financial relief, contact Irons Law Firm today to discuss your options.

Do I Qualify for Chapter 13 Bankruptcy?

In Oklahoma you must meet certain requirements in order to qualify for Chapter 13 bankruptcy. These requirements include:

  • Adjusted annually, your debt cannot exceed the maximum limit.
  • You currently must prove that you have a steady income
  • Your financial situation must show that you must have enough disposable income for required regular payments
  • You are filing as an individual not a business

Most people that file for Chapter 13 bankruptcy do so after they determine that they don’t meet the requirements for Chapter 7 bankruptcy. If you meet the conditions listed you will have the ability to file for Chapter 13 bankruptcy.

Debts Required Repaid with Chapter 13 Bankruptcy

Typically the type of debts determine the what is to be repaid. There debts, referred to as priority debts, must be paid in full in Chapter 13 bankruptcy. Included in these debts are child support, alimony, and unpaid taxes.

Also there are some unsecured debts. These debts include credit card balances, medical bills, and personal loans. These are required to be included in your repayment plan. These debts are not required to be paid in full. At the end of the repayment plan, these balances will be discharged.

Secured debt is also included. These debts are those that are secured by collateral such as a car, home, or other personal property. With secured debt, you must continue to make the agreed-upon payments to the lender or you could lose the collateral. If you are behind on payments, you will need to include these back payments in your repayment plan.

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