Tulsa Oklahoma Chapter 13 Bankruptcy:
Chapter 13 Bankruptcy in Oklahoma allows individuals who have steady incomes to pay all or a portion of their debts under protection and supervision of the court. Generally people who file a chapter 13 do so because their income is to high to qualify for a chapter 7. Another reason may be that they have certain assets in their possession that are not considered exempt assets in a chapter 7. Under Chapter 13, you file a bankruptcy petition and a proposed payment plan with the U.S. Bankruptcy Court. Payment plans provide for payment of debts over 3 to 5 years. The amount of the payment is determined after reviewing your monthly disposable income. An important feature of Chapter 13 is that you will be permitted to keep all your assets while the plan is in effect and after you have successfully completed it you will receive a bankruptcy discharge. One of the most important aspects to a plan being approved by the court is its feasibility of success. That is, if the repayment schedule is one which the debtor is unlikely to be able to meet, the court will not approve it.
Unlike under the Chapter 7 provision, a debtor is not time limited in the number of Chapter 13 petitions he or she files.
For a free chapter 13 bankruptcy consultation with an Oklahoma bankruptcy lawyer in Tulsa 918-637-1546 call or click to contact a lawyer