Chapter 13 allows individuals who have steady incomes to pay all or a portion of their debts under protection and supervision of the court. 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. 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. 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.
Chapter 13 bankruptcy is usually reserved for those people who make to much money to file for a chapter 7 bankruptcy. Also, chapter 13 is a great tool for saving your house if you are behind on your payments and possibly facing a foreclosure. Unlike under the Oklahoma Chapter 7 provision, a debtor is not time limited in the number of Chapter 13 petitions he or she files.
For a free consultation with our Tulsa bankruptcy lawyers regarding chapter 13 bankuptcy in oklahoma call or email us today