Oklahoma consumers could utilize a bankruptcy case to eliminate their debts effectively. These opportunities allow them to choose between liquidation and a structured payment plan to settle their debts. The choice of chapter determines which structure is available to them and how the case proceeds. A bankruptcy law attorney in Tulsa OK helps the client make this choice.
Requirements for Bankruptcy
13, the individual must have an income that is larger than the
average for his or her area. The consumer must provide an income
statement that shows an income level that exceeds this value. If the
income is below this value, the consumer qualifies for Chapter 7
Plans or Liquidations
is a repayment plan. A consumer who qualifies for this chapter works
with his or her attorney to create this plan. The consumer must
define a monthly payment for each debt that reflects his or her total
income, minus monthly obligations. The consumer faces restrictions
with the disposable income as well. He or she must use this portion
of the income to pay any debt that isn’t included in the case.
allows the consumer to sell property to generate money to settle the
debt. The court sells any property or asset included in the claim. A
trustee manages the distribution of money generated from the sale to
for Filing for Bankruptcy
consumer filing a bankruptcy claim must complete a credit counselling
program. The program explains how to manage debt properly and rebuild
the consumer’s credit after bankruptcy. The consumer must provide a
certificate of completion to the court.
Foreclosure and Repossession
The automatic stay offered through bankruptcy prevents the lender from taking the consumer’s home. It lasts for the full duration of the case. For Chapter 13, the automatic stay lasts up to five years. It lasts up to six months. Oklahoma consumer could use a bankruptcy claim to settle debts. The opportunity is based on the type of claim filed. For more information contact Matthew E Riggin PLLC .