In recent years, more and more Americans have found themselves weighed down by significant debt. Struggling to pay bills and living expenses, dodging harassing phone calls, and losing sleep over financial worries drives many individuals to consider bankruptcy. However, some people discover they are unable to file for Chapter 7 bankruptcy. This is because they don’t qualify under the strict means test. Even further, other would be filers are afraid to file Chapter 7 because they might lose considerable property. For those unwilling or unable to file for Chapter 7 bankruptcy there may still be an option. Chapter 13 bankruptcy attorneys can help you though the process. Chapter 13 allows qualifying filers to pay back all or some of their debts over time. You’re generally not required to forfeit any property, and your chapter 13 bankruptcy attorneys helps create the debt repayment plan.
Chapter 13 Bankruptcy Helps You:
The following is a list of questions that can help you decide whether Chapter 13 bankruptcy is right for you?
- Do you have a steady income need to file chapter 13 bankruptcy in Oklahoma?
- Chapter 13 bankruptcy in Oklahoma will require that you make regular monthly payments over an extended period of time, usually three to five years. Accordingly, you should have a steady job or a friend or relative able to assist you in the event you were unable to make a payment.
- Do you have disposable income needed to file chapter 13 bankruptcy in Oklahoma?
- You must have sufficient income left over each month after paying your necessities to put towards the repayment plan. For example, income that can be used to satisfy the repayment plan includes:
- Wages and salaries
- Commission payments
- Seasonal wages
- Self-employment wages
- Social security benefits
- Workers’ compensation or disability benefits
- Unemployment benefits
- Public benefits
- Pension payouts
Other Considerations Regarding Your Debt:
- Do you hold substantial non-exempt property?
One of the benefits of filing for Chapter 13 bankruptcy is that you will not lose any property. If you stand to lose substantial property in a Chapter 7 bankruptcy, then Chapter 13 may be the right option for you. An important However, if you have little non-exempt property and not much income subject to garnishment, Chapter 7 may represent the better option as it allows for the discharge of your unsecured debts. Your attorney will assist you in completing a full cost-benefit analysis of each type of bankruptcy.
- Can you survive on a tight budget after you file chapter 13 bankruptcy in Oklahoma?
To succeed in a Chapter 13 bankruptcy, you must create and adhere to a strict budget for an extended period of time, generally three to five years. You should take an honest assessment of whether you will be able to live with a stringent budget for this amount of time.
- Are you underwater on a second mortgage?
If you owe more on your first mortgage than the home is worth, you may be able to strip or eliminate your second mortgage in a Chapter 13 bankruptcy. This is a valuable tool for many potential filers and one you should consider.
Chapter 13 Bankruptcy Attorneys That Care:
The best chapter 13 bankruptcy attorneys can help you get out of debt. We’ll examine your asset/debt portfolio to help you decide if bankruptcy is right for you. Our attorneys strive to see every client achieve financial success. Therefore, we will always provide a thorough and complete assessment of your financial picture.