Filing Chapter 13 Bankruptcy in Tulsa, Oklahoma

Most people think of bankruptcy as the downfall of their financial prosperity, but the truth is that filing for bankruptcy is sometimes the savviest choice individuals, families or companies confronted with great or insurmountable debt can make for self-preservation. Prior to pursuing this option, however, we suggest conducting quite a bit of research, and going through all the options available to you. A seasoned bankruptcy lawyer in Tulsa, Oklahoma will definitely be able to help with this. Certainly, filing for bankruptcy is the last thing one may want to do, but there are benefits to the process you may have glossed over in the past.

What is Chapter 13 Bankruptcy Really About?

According to America’s Debt Help Organization “Chapter 13 allows those with enough income to repay all or part of their debts an alternative to liquidation. It’s bankruptcy for those whose biggest problem is dealing with creditors’ demands for immediate payment, not lack of income.” While  Chapter 7 bankruptcy, also the most common chapters filed in the U.S. is known to offer support and protections to those who simply do not have the income to make regular monthly payments, Chapter 13 bankruptcy allows debtors, to come up with a payment plan with the help of the court appointed trustee.

The Nitty Gritty of Chapter 13

So, that’s what chapter 13 is supposed to do, but how does it really work? Well, chapter 13 bankruptcy which is also commonly known as the “wage earner’s plan”, according to Credit Karma “provide[s] filers the chance to restructure debt into a repayment plan that lasts up to five years.” They also mention that “[d]ebtors can set their own repayment plans in Chapter 13 – with the approval of the court. […Debt will fall into three categories, priority debt, secured debt and payments toward unsecured debt.”

Now, Onto Actually Filing Chapter 13

To file chapter 13, one must carefully follow these crucial steps. First, the applicant needs to complete credit counseling 180 days before filing (this is so they are aware of the risks and know exactly what will be happening with their assets and finances). Next, filers should consult a Chapter 13 bankruptcy attorney who will ensure all the paperwork is completed and filed correctly. Then, the petition is file and a repayment plan is submitted and followed through, meet with creditors and attend a confirmation hearing and wait for the court to discharge the approved debts.

Hopefully this information will be useful as you get ready to make some of the most important decisions about your financial future. Think about meeting with a knowledgeable and experienced bankruptcy attorney like those at the Henson Law Firm to determine whether filing Chapter 13 bankruptcy is right for you after all.

The Henson Law Firm, PLLC is located at:

601 S. Boulder, Suite 600

Tulsa, OK 74119

Phone: 918-551-8995

Website: www.myoklahomadefenselawyer.com

*We are a debt relief law firm in Tulsa, Oklahoma.

*We help people file for bankruptcy relief under the Bankruptcy Code.