Is Chapter 13 Bankruptcy in Oklahoma Right for You?
Kania Law Office: Assisting You in Attaining Financial Freedom
In recent years, more and more Americans have found themselves weighed down by significant debt. Struggling to pay bills and
For those unwilling or unable to file for Chapter 7 bankruptcy, there may still be an option to lessen the burden of your debt. Chapter 13 bankruptcy allows qualifying filers to pay back all or some of their debts over a long period of time. You are not generally required to forfeit any property, and create the debt repayment plan yourself.
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 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. Income that can be used to satisfy the repayment plan includes:
- Wages and salaries
- Commission payments
- Seasonal wages
- Self-employment wages
- Rents
- Social security benefits
- Workers’ compensation or disability benefits
- Unemployment benefits
- Public benefits
- Pension payouts
If necessary, you could also sell assets or property to make repayments or put the income of a family member towards the plan with their permission.
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. 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 valued, 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.
Kania Law Office: Tulsa Oklahoma Bankruptcy Attorneys
The Tulsa Bankruptcy Attorneys at Kania Law Office have assisted countless Oklahoma residents in filing for Chapter 13 bankruptcy. We will examine your asset/debt portfolio to assist you in making the difficult decision as to whether bankruptcy is right for you. Our attorneys strive to see every client achieve financial success. As such, we will always provide a thorough and complete assessment of your financial picture to determine whether and what kind of bankruptcy will best assist you in attaining financial freedom. Call the bankruptcy attorneys at Kania Law Office today to schedule your free consultation.
Chapter 13 Bankruptcy in Oklahoma
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