Feeling trapped by financial obligations with no end in sight? Discover how filing for Chapter 13 bankruptcy in Oklahoma can give you the fresh start you deserve.
At Convenient Bankruptcy, our Oklahoma Chapter 13 bankruptcy lawyers can help you navigate the complex bankruptcy system, obtain a favorable repayment plan, and stop those incessant calls from your creditors. We fight hard for our clients because — after so much time in this field — we know how much you need someone backing you up right now.
Convenient Bankruptcy is located at 10313 Greenbriar Pkwy, Oklahoma City, OK 73159 not far off of SW 104th Street, just across the street from Panera Bread. Call us today at (405) 639-2099 or contact us online to schedule a consultation with our team.
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With a qualified bankruptcy attorney on your side, you won’t have to fumble your way through the bankruptcy process. You’ll know what’s going on at every step, enabling you to make informed decisions and moving you toward a positive outcome.
How Chapter 13 Bankruptcy Works
Chapter 13 bankruptcy is often called a “wage earner’s plan.” It allows individuals with regular income to develop a plan to repay all or part of their debts over time — typically three to five years.
Unlike Chapter 7 bankruptcy, which may require you to liquidate assets, Chapter 13 enables you to keep your property while catching up on missed payments through a court-approved repayment plan.
Here’s how the Chapter 13 process works in Oklahoma:
- Assessment of your financial situation. We’ll start by evaluating your income, debts, and assets to determine if Chapter 13 is the right option for you. This includes verifying that your secured and unsecured debts fall within the eligibility limits set by federal law.
- Filing the petition. We’ll help you prepare and file a bankruptcy petition with the Oklahoma bankruptcy court. This document outlines your financial situation in detail and initiates the bankruptcy process.
- Automatic stay goes into effect. Once your petition is filed, an automatic stay is immediately enacted. This means creditors must halt foreclosure proceedings, wage garnishments, repossessions, and collection calls, giving you breathing room to reorganize your finances.
- Creating a repayment plan. We’ll work together to develop a feasible repayment plan based on your disposable income, as well as your assets, your monthly budget, and your debts. This plan proposes how you will pay off your debts over the designated period and is submitted to the court and your creditors for approval.
- Meeting of creditors (341 meeting). You’ll attend a Zoom meeting with the bankruptcy trustee and your creditors to review and possibly negotiate the terms of your repayment plan. We’ll represent you during this meeting to address any questions or concerns. This will be approximately a month after we file your case.
- Court approval. If there are no objections, or once objections are resolved, the court will confirm your repayment plan. You’ll then make regular payments to the bankruptcy trustee, who distributes the funds to your creditors as outlined in the plan.
- Completion and discharge. After successfully making all payments over the plan period, any remaining eligible debts are discharged. This means you’re no longer legally required to pay them, and you can move forward with a clean financial slate.
Benefits of Chapter 13 Bankruptcy
Your Oklahoma City Chapter 13 bankruptcy lawyer can help you understand the unique benefits of Chapter 13 for your situation, but the following are some general benefits of Chapter 13 bankruptcy:
- Asset retention. Keep your home, car, and other important assets while you catch up on overdue payments.
- Consolidated payments. Simplify your finances by making a single monthly payment rather than juggling multiple creditors.
- Protection from creditors. Enjoy immediate relief from collection actions and legal proceedings initiated by creditors.
- Credit rehabilitation. Although bankruptcy affects your credit score initially, completing a Chapter 13 plan demonstrates financial responsibility, which can help rebuild your credit over time.
Do You Really Need a Chapter 13 Bankruptcy Attorney in Oklahoma?
While it’s legally possible to file for Chapter 13 bankruptcy on your own, the process is complex and can be overwhelming without professional guidance. Here are several reasons why hiring an experienced Oklahoma Chapter 13 bankruptcy attorney can be so helpful:
Expertise in Complex Laws
Bankruptcy laws involve intricate federal statutes and Oklahoma-specific regulations. An attorney who specializes in Chapter 13 cases understands these complexities and ensures that your filing complies with all legal requirements. Mistakes or omissions in your paperwork can lead to delays, dismissal of your case, or loss of property protections.
Customized Repayment Plan
Developing a feasible repayment plan is the cornerstone of a successful Chapter 13 bankruptcy. An attorney can help you assess your income, expenses, and debts to create a plan that the court is likely to approve. They can also negotiate with creditors to potentially lower payments or interest rates, making your financial obligations more manageable.
Representation and Advocacy
Throughout the bankruptcy process, you’ll need to communicate with the bankruptcy trustee and your creditors. An attorney acts as your representative, handling these interactions on your behalf. They can address any objections or issues that arise, advocating for your best interests at every step.
Streamlined Process
Filing for bankruptcy involves extensive documentation and strict deadlines. An attorney will manage the paperwork, ensure that all forms are correctly completed, and file them in a timely manner. This reduces the risk of procedural errors that could negatively impact your case.
Contact an Oklahoma City Chapter 13 Bankruptcy Lawyer Today
Ready to put financial stress in your past? We’re ready to help you. The Oklahoma Chapter 13 lawyers at Convenient Bankruptcy are ready to discuss your case and map out your future.
Give us a call at (405) 639-2099 or contact us online right now to get started.
