Introduction: Chapter 13 Bankruptcy as a Fresh Start
I’m OKC chapter 13 bankruptcy lawyer. If you’re struggling with debt, it can feel like there’s no way out. However, Chapter 13 bankruptcy offers a personal financial reorganization that can help you get back on track. In this article, we’ll dive deeper into what Chapter 13 entails and how it can benefit you.
Firstly, let’s recap what we’ve covered so far. Chapter 13 is a type of bankruptcy that allows you to propose a repayment plan to pay off your debts over a period of three to five years. Anyone who can afford to make the plan payments can qualify, even if they make too much for a Chapter 7 liquidation.
Creating a Chapter 13 Plan
Creating a Chapter 13 plan involves detailing how you’ll pay off your creditors. The plan needs to use all of your disposable income towards your creditors and pay certain debts in full, such as tax debts and child support. Secured creditors that you’re paying through the plan also need to be paid in full.
It’s important to note that any debt that pays off within the plan needs to be dealt with. However, if you have a mortgage that’s not in default and is a 30-year mortgage, you don’t necessarily have to include it in your plan.
Succeeding in Chapter 13 Bankruptcy
Once you have a confirmed plan, it’s important to succeed in your Chapter 13 bankruptcy. This involves making your plan payments on time. One of the benefits of Chapter 13 is that the payment is taken directly out of your paycheck, so you don’t have to worry about missing a payment.
If you do run into financial trouble and can’t make your payments, you can file a motion to modify or decrease your payment. In some cases, you may even be able to convert to a Chapter 7 and liquidate your assets.
Call to Action: Reach Out for Help
If you’re considering Chapter 13 bankruptcy, it’s important to work with an experienced Oklahoma bankruptcy attorney who can guide you through the process. You can reach out to me at oklahomacitybankruptcyattorney.pro. I will be glad to help you.
The Oklahoma City, Oklahoma law office of Edward R. Kelley provides bankruptcy representation throughout Oklahoma including Oklahoma County, Cleveland County, Canadian County, Guthrie County, Payne County, Grady County, Logan County, Lincoln County, McClain County, Pottawatomie County, Kingfisher County, Norman, Edmond, El Reno, Stillwater, Shawnee, Purcell, Chickasha, Guthrie, Chandler, Enid and Perry.