People facing financial difficulties who hope to retain the equity they've established in a home or other property most often apply for Chapter 13 bankruptcy. Those who file for Chapter 13 bankruptcy often have regular income and can pay living expenses, but can't maintain scheduled payments on debts. In some cases the co-signers on any secured debts (such as a mortgage) may be protected under Chapter 13 as well.
Under Oklahoma law, Chapter 13 bankruptcy allows you to keep most of your property and spread out the time you have to pay down your debts (unlike Chapter 7 bankruptcy, which may involve the liquidation of assets). A bankruptcy trustee will work with you to establish a payment schedule that you can maintain without losing the equity you seek to protect. The schedules typically range between three and five years.
There are specific requirements regarding the amount of secured and unsecured debts you can have to qualify for Chapter 13 bankruptcy. Call (405) 235-4000 today to speak with a legal professional in our office.
No two Chapter 13 cases are the same. Contact the Dan Davis Law Firm right away at (405) 235-4000. We always take the time to hear our clients' side of the story so that we can offer them our best guidance. There is no obligation and no fee for the initial consultation. It may be important to act before too much time passes. A delay may affect your rights to file.
What would you do if an uninsured motorist hit your vehicle in Oklahoma? Sound unlikely? There's more uninsured drivers on the road than you may realize. And that figure could be even higher due to ...
Apr 28A heavy piece of equipment falls on you while working at a construction site. Toxic fumes leave you unable to breathe right after working at a factory. Shooting pain surges through your arms after ...
Jan 14