Seeking debt relief in Oklahoma through Chapter 13 bankruptcy | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Seeking debt relief in Oklahoma through Chapter 13 bankruptcy

People in Oklahoma who have an overwhelming amount of debt often feel an extreme amount of stress. Often, their debt is the result of issues beyond their control, such as the loss of a job or a serious medical condition. In addition to having the debt, many people start to receive harassing calls from debt collectors, prompting them to seek relief. Chapter 13 bankruptcy may be the best one option to manage debt and stop harassment.

While Chapter 7 bankruptcy can eliminate debt, Chapter 13 allows a petitioner to reorganize his or her debt into a payment plan that then must be paid of in 36 to 60 months. While the debt cannot be erased in this form of bankruptcy, it can be renegotiated or reduced. The benefits of pursuing this option include adjusting payments for debts and preventing the government from applying tax refunds to the overall amount owed, halting the repossession process and reducing alimony and child support payments.

When a Chapter 13 petition is filed, a trustee is assigned to the case. In order to qualify for this type a bankruptcy, the petitioner must prove that he or she is capable of paying the debt in the specified time period. Payments are then made directly to the trustee who will distribute the funds.

Issues involving Chapter 13 bankruptcy can be both time sensitive and confusing. Fortunately, the Colpitts Law Firm has the necessary experience to guide those in Oklahoma suffering from overwhelming debt throughout the process. Our attorney can help clients with such debt seek the fresh financial start they need.

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