What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a complicated reorganization of personal finances designed to allow someone overwhelmed with debt to work out a payment plan to pay off debts rather than face foreclosure and asset liquidation.
Most often people who resort to Chapter 13 bankruptcy suffer from unforeseen financial situations such as loss of income, job loss, illness, or divorce, but still are to work out a reasonable time frame to recover their personal finances.
How Chapter 13 Bankruptcy Works
Under Chapter 13 bankruptcy protection, the debtor usually works out a 3 to 5 year timeline to pay off debts. During this time frame, the Federal Government prevents creditors from seizing any property or inflicting any more debt.
Unfortunately, bankruptcy will remain on the debtor’s credit record for ten years, but considering the alternatives, Chapter 13 bankruptcy may be the best option for many debtors.
It is important to note that the United States Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 which sets out specific guidelines for bankruptcy protection.
Filing For Chapter 13 Bankruptcy in Oklahoma
You should consult with a qualified Oklahoma bankruptcy attorney to learn more on the new rules and laws.
Bankruptcy laws are intentionally confusing and complicated, for benefit and protection of creditors.
For frequently asked questions concerning bankruptcy, visit our bankruptcy FAQ page.
An experienced bankruptcy attorney at Garrett Law Office will fight on your behalf to protect your property and assets within the power of the law.
If you are considering filing for bankruptcy in Oklahoma or are looking for a bankruptcy attorney in Oklahoma, contact us today. Call us toll-free 1-888-GARRETT (1-888-427-7388) or fill out our contact form.