Chapter 13 Bankruptcy Lawyers in Tulsa
What is Chapter 13 Bankruptcy?
Chapter 13 is a reorganization type of bankruptcy. Reorganization means
that we can change how your creditors are paid – it is as simple
as that. Before filing your bankruptcy, our goal is to make you aware
of any property that you may lose in the bankruptcy so that you can make
an informed decision prior to filing.
Chapter 13 can offer relief for debts such as:
Mortgage: If you are behind on your mortgage loan, we can use Chapter 13 to save
your home from foreclosure and bring your mortgage current over as many
as 5 years.
Car payments: If you are behind on your car payments, if you have a high-interest rate,
or if you owe more than your vehicle is worth, we can lower the interest
rate, spread the amount out over 5 years, and in many cases lower the
amount of the debt down to the value of the vehicle.
Taxes: If you owe taxes, we may be able to obtain a better payment plan through
Chapter 13 than the taxing authorities are offering.
In some instances, you can pay credit cards, medical bills, and signature
loans little or nothing.
If you think chapter 13 bankruptcy may be right for you,
knowledgeable attorneys in Tulsa today. We are ready to answer your questions and get you started
on the right path. Call
(918) 302-2662 now.
How is Chapter 13 Bankruptcy Different from Chapter 7 Bankruptcy?
If you make too much to qualify for a
Chapter 7 bankruptcy, a Chapter 13 bankruptcy may allow you to reduce your monthly debt obligation
and get you out of debt in 5 years. Through a Chapter 13 bankruptcy, you
pay what you can afford to pay.
Chapter 13 has advantages that are not available under Chapter 7, such as:
- Lowering payments on car loans and stopping repossession process
Preventing foreclosure on your home and bringing your mortgage loan current
- Giving you time to bring your child support and/or alimony payments current
- Discharging non-support obligations under a Divorce Decree
Developing a Repayment Plan
When you file a 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 must
be made directly to the trustee who then distributes them to your creditors.
The Colpitts Law Firm can work with you to alleviate your financial concerns, giving you a fresh
start and re-establishing the credit standing you deserve.
There can be strict time limits for taking legal action in bankruptcy cases,
so do not hesitate to call an experienced
bankruptcy lawyer in Oklahoma at
for a consultation.
Chapter 13 Bankruptcy Timeline
The idea of filing a Chapter 13 bankruptcy can be intimidating to many
people, especially because it lasts anywhere from 3 to 5 years and entails
a monthly payment. If you’re considering filing a Chapter 13 bankruptcy,
you might be dreading the uncertainty of what lies ahead in the days,
weeks, and months to follow. To help you better understand what this process
entails, here is a brief and highly-simplified Chapter 13 bankruptcy timeline.