Oklahoma Bankruptcy Attorneys
Oklahoma bankruptcy attorneys are there to stand with you and help you take action against your debt.
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Regardless of how you came into debt or what type of debt you owe, the decision to file for bankruptcy may help.
Oklahoma bankruptcy laws are designed to help people with serious debt- from credit cards to medical bills to payday loans to mortgages - eliminate their debt and get a new start.
There are two main personal bankruptcy options available in the state, Chapter 7 bankruptcy and Chapter 13. Both can reform many types of debt.
What's more, both may offer strong protections for your property. This means that if you file bankruptcy, you may be able to keep your home, car and all or most of your other property. This protection, known as the "automatic stay," should begin when you file bankruptcy.
Don't wait to take action against your debt. Talk to a local Oklahoma bankruptcy attorney today by calling 877-349-1309 or filling out the free case evaluation form on this page.
Bankruptcy in Oklahoma: Talk to a Local Lawyer About Your Rights
The centerpiece for most Chapter 13 bankruptcy filings is an ordered, protected repayment plan set up by your judge.
Your repayment plan would be an agreement between you and your creditors in which your creditors agree to forgive a portion of your debts to them in exchange for your commitment to repay your reduced debts over a set period of time, typically 3-5 years.
Most plans require you to make monthly payments to the trustee - a federal official who is appointed by the court to oversee your case - who in turn makes distributions to your creditors. While you are making payments under a repayment plan, your creditors cannot take any collection actions against you, and they are required by law to abide by the terms of your repayment plan.
You may qualify for a Chapter 13 case if you can satisfy the following requirements:
- You must have a regular source of income. Because you must be able to meet the terms of your repayment plan, your income be "stable and regular".
- You must have enough disposable income. The law requires you not only to have a "regular" source of income, but also have income left over after your expenses for basic human needs each month to allow you to make your monthly payments in a timely fashion. Courts will often require you to submit a proposed budget to see if you can satisfy these requirements.
- Your secured debts must not exceed $1,010,650 and your unsecured debts may
not exceed $336,900. Unsecured debts are debts for which you have not
pledged any of your property as collateral - such as most credit card
debt, personal loans and utility bills.
Chapter 13 bankruptcy may be a good option for those who have lots of property they wish to keep. For additional bankruptcy information on how Oklahoma bankruptcy laws can impact your debt, speak with a local bankruptcy attorney.
To connect with an Oklahoma bankruptcy attorney near you, call us, toll free, at 877-349-1309 or fill out the free case evaluation form on this page.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.