Advantages of Filing Chapter 13 Bankruptcy in Tulsa, OK

Filing Chapter 13 bankruptcy allows you the privilege of repaying debts you owe by reorganizing your payment plans. While your debt is not completely erased, certain amounts may be reduced or renegotiated to add more financial relief to your repayment plan. Chapter 13 has advantages that are not available under Chapter 7, such as:

  • Adjusting payments for outstanding taxes and stopping the government from applying tax refunds to the amount you owe
  • Reducing student-loan payments, and bringing them current
  • Lowering payments on car loans and stopping repossession process
  • Decreasing mortgage payments and preventing foreclosure on your home
  • Adjusting child-support payments
  • Reducing alimony payments

To discuss your concerns regarding foreclosure, debt liquidation, or debt repayment plans, contact our Tulsa chapter 13 bankruptcy attorneys. Call us at 918-236-8385 to arrange an initial consultation and find out what we can do for you.

Other Benefits of Filing Chapter 13 Bankruptcy

In addition, filing Chapter 13 bankruptcy also provides the following benefits:

The Colpitts Law Firm in Tulsa, OK wants to ensure your rights are protected during the bankruptcy process. If any creditors do not follow the law once you have filed Chapter 13, Greggory T. Colpitts will handle all communications to demand all attempts of collecting the debt stop immediately.

Development of a Repayment Plan

When you file for Chapter 13 bankruptcy, a trustee is assigned to handle your repayment plan. Most repayment plans are set up to repay all creditors (except for mortgage payments) within 36 to 60 months. You must demonstrate that you have the income to satisfy this agreement, and your payments are made directly to the trustee who then distributes your payments to your creditors.

Do not allow your health to be ruined by your concerns about debt; contact The Colpitts Law Firm today to discuss your options in filing either Chapter 13 bankruptcy or Chapter 7 bankruptcy. We will work with you, on your behalf, to alleviate your financial concerns, giving you a fresh start, and re-establishing the credit standing you deserve in the Tulsa, Oklahoma community.

There can be strict time limits for the taking of legal action in such cases, so do not hesitate to send us an email or call us at 918-236-8385 for a consultation.