Norman Chapter 13 Bankruptcy Lawyer

Are you behind on your house payments in Central Oklahoma? Have you received a foreclosure notice, or do you know that your financial situation is unworkable and it is only a matter of time before you do? Do you have other debt burdens that are causing you extreme stress and worry about the future?

For many people in situations like yours, Chapter 13 bankruptcy is the best available solution. I can offer you clear, conscientious legal counsel focused on helping you save your home, reduce or eliminate some debts and gain time to catch up on other obligations. Practicing as a bankruptcy lawyer since 1998, I have helped many people across the cultural spectrum make sound decisions about bankruptcy and get their lives back on track.

Do You Need An Oklahoma City Area Foreclosure Defense Attorney? Worried That You Make Too Much To Get Any Legal Debt Relief?

Chapter 13 bankruptcy — sometimes called “reorganization” bankruptcy — involves forming a three- to five-year plan to catch up on debts and making payments to a federal trustee who has reviewed and approved that plan. This is a powerful solution for people who are, for example:

• Facing the threat or reality of home foreclosure and want to pursue all viable options for saving the home
• Laboring under overwhelming debts, but earning income that is too high to qualify for Chapter 7 “debt liquidation” bankruptcy

Many of the most important benefits achievable through Chapter 7 are also available through Chapter 13 — such as an automatic stay to stop creditor harassment, garnishments, lawsuits and repossessions. Chapter 13 is sometimes the only path available if you want to keep certain valuable property such as a home or vehicles.

Frequently Asked Questions About Chapter 13 Bankruptcy

Many people find bankruptcy less intimidating when they have a better understanding of it. Here are the answers to some key questions:

How long does a Chapter 13 bankruptcy plan last?

Once an individual is given a Chapter 13 bankruptcy repayment plan, they typically have three to five years to repay all or part of their debts. The length of a Chapter 13 repayment plan generally depends on a filer’s income and whether they qualify for a three-year or five-year plan.

A Chapter 13 repayment plan period is determined by comparing a filer’s monthly earnings to the median family income in Oklahoma. If a filer earns less than the median income, then their repayment plan may last for a maximum of five years. If a filer earns more than the median income, they may have a choice of a three- or five-year repayment plan.

A five-year repayment plan offers a lower monthly payment, which can be more financially comfortable. However, many filers do not want the process to continue for five years and would rather have a three-year repayment plan.

How will Chapter 13 bankruptcy affect my credit score?

After filing for Chapter 13 bankruptcy, a filer’s credit score will temporarily drop – but how far often depends on whether a filer has made regular payments or has experienced repossession or foreclosure. A filer with an already poor credit profile and low credit score, typically, will not see their credit score drop very low. However, filers who have a high credit score can see their score drop by up to 200 points.

However, credit scores often improve faster when an individual files for Chapter 13 bankruptcy because it ends ongoing issues with late and missed payments. Furthermore, regular payments on a Chapter 13 repayment plan can have less of an impact on an individual’s credit, giving them more opportunities to build their credit in the future.

Can I modify my Chapter 13 plan if my financial situation changes?

Yes, if the situation warrants it. If, for example, a filer loses their job or has unusual increases in their necessary expenses, a motion (with documentation) can be filed with the bankruptcy court to adjust the payments. If the judge agrees, the plan can then be revised.

Schedule A Free Consultation To Discuss Chapter 13 And Other Alternatives

I am Todd Nalagan, a proven Norman Chapter 13 bankruptcy attorney dedicated to helping each client understand what this and other debt relief options can accomplish. You can count on straight talk and helpful information, without any “hard sell” or added pressure, when you meet with me face to face. Call 405-253-4904 or send me an email inquiry today.

I am a debt relief agent. I help people file for bankruptcy relief under the Bankruptcy Code.