Retain a Tulsa bankruptcy lawyer of Total Bankruptcy.
A sponsoring Tulsa bankruptcy lawyer may be just the break you need to turn around your finances and discharge your unsecured debts. You think you can manage your debts, but suddenly your debts have grown past the point where you can afford to ever repay them. If this is your situation, then you really should talk to a sponsoring Tulsa bankruptcy lawyer about filing for protection from your creditors.
Whether you file under Chapter 7 or Chapter 13 depends in part on the types of debts you have. If you have secured debts such as a home mortgage or a car, a sponsoring Tulsa bankruptcy lawyer may recommend filing a Chapter 13 repayment plan. Your Tulsa bankruptcy lawyer can help you set up a repayment plan.
|
Tulsa
3315 E. 39th St. Tulsa, OK 74135 Map | Directions | Case Evaluation |
||
|
||
» Back to Locations Map |
||
Your Oklahoma bankruptcy lawyer, with the help of the court, should be able to draft a repayment plan as a positive agreement between you and your creditors. Your creditors may agree to forgive a portion of your debts to them in exchange for your commitment to repay your reduced debts over time. Most plans require you to make monthly payments to the bankruptcy trustee, a federal official who is appointed by the court to oversee your case. The trustee makes the distributions to your creditors.
A typical repayment plans lasts from three to five years. 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.
To qualify for a Chapter 13 petition, you must satisfy three requirements:
One - You must have a regular source of income that is considered to be "stable and regular." This assures the court that you would be able to meet the terms of your repayment plan. Two - You must have enough disposable income. The law requires you must have enough income left over after your expenses 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. Three - Your debts cannot not be too high. If your secured debts exceed $922,975, you are not eligible for a Chapter 13. Also, your unsecured debts may not exceed $307,675.
To qualify for a Chapter 7 petition
You must have unsecured debts, which are the only kind that can be discharged by the court. These include credit card bills, personal loans and medical bills. When you discharge your debts under Chapter 7, the court liquidates your assets, minus the Oklahoma exemptions, and uses the proceeds to pay off as much of your debt as possible. The court will discharge the rest of your dischargeable debts, and you basically get a fresh start. But you cannot discharge your child support payments, alimony, student loans and taxes.
For sound advice from an experienced legal professional, call us toll free at 1 (877) 349-1309 or use our online case evaluation form.
Click Here For a Free Bankruptcy Evaluation
The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.